The new year is right around the corner, which means it’s almost time to put those 2017 business strategies into practice. Most businesses want to focus on methods that will allow them to decrease company costs, increase deliverables, and offer better security measures to make their central message even more appealing to customers. One of the best ways to tick off all those boxes is by switching to an electronic billing system. By utilizing electronic invoice presentment, you’ll raise your revenue and improve your relationship with your customers.
Want to learn more? Here are just a few reasons why your business should think about making the switch to electronic invoicing in 2017:
You’ll have better cash flow
One of the main reasons businesses love electronic invoices is that they allow for faster payments and a steadier cash flow. In fact, one study showed that 50% of customers paid an electronic bill before the paper version would have even arrived in their mailbox. Not only that, but nearly one-fifth of those customers paid their bills the same day they were received.
When customers receive invoices right in their email inbox, they’ll be much more likely to pay their bills on time or even early. And because you can easily send reminders about payments that are due (or overdue), you’ll be much less likely to have to deal with late payments.
You’ll have better security
These days, even small businesses need to make security measures a priority. Surprisingly, the majority of identity theft and other fraud-related crimes are still committed using information taken from sources like paper bills or physical documents, not from web-based forms or invoices. Your customers will appreciate the fact that your company is implementing practices that offer better protection for sensitive financial information. Combined with the ease of electronic payments, your customers will definitely be on board.
You’ll have less waste and fewer errors
It can be difficult for companies to catch errors on printed documents, especially if they opt for outsourced billing. But with electronic billing, it’s easier to identify and fix those errors before valuable resources are wasted. Not only will you be saving time and money that was formerly allocated for print-related expenses, but you’ll also be in a much better position to correct errors when they do occur. It’s far easier and cost-effective to send out an email that alerts customers to an error than it is to print an entirely new document and send it out to hundreds, thousands, or millions of customers!
You’ll decrease your carbon footprint
Business owners are realizing that it pays to make an environmental effort. Because more consumers are concerned about protecting our planet, they’ll often be more likely to choose a business that’s environmentally responsible. By reducing your need for paper and choosing an electronic option instead, you’ll have a positive impact on our environment, and that alone will be appealing to your customers.
Want to find out more about how electronic billing can help your business in 2017? Contact us today!