Sick of having to deal with stacks of paper bills that keep flooding into your mailbox every month? It may be time to look into changing that paper billing statement into an electronic billing statement.
There are many benefits to electronic billing, besides the obvious less desktop clutter. For example, an electronic billing system allows a depositor to send money from their demand account to a creditor or department store to be credited against a certain account. E-billing also presents a faster, more efficient way for consumers to interact with billers, as well as making it easier to track expenses — therefore saving the individual money in the long run.
Yet how does one go from a paper billing statement to electronic?
Initial steps: It is best to consult with one’s law firm in order to determine which electronic invoice system they recommend. There may be some systems that are easier to manage than others. It would be wise to request a list of the top five vendors and go from there. Ask questions such as how easy is the system setup? Are there training options available? How long do they take?
Determine function: Be sure to compare each e-billing service. How does it approve the bill, analyze it, audit it, and report it to the system? The system should be able to handle various different bill formats, such as LEDES and non-LEDES in case a creditor or department store has a different electronic billing system.
Billing overseas: Traveling abroad, banking with an international bank, or working with a company that has offices overseas means that you may receive bills from outside the U.S. The e-billing service should be able to transfer money and deal with currency exchange rates quickly and efficiently.
Security: Any electronic billing statement should be secure, but it is always best to find out whether the data will be combined with other companies’ vendor databases or handled directly by the vendor. It is best to deal directly with the vendor in order to avoid mishaps and possible security breaches.
Cost: Figure out how the price of the electronic billing will be. Always ask if there will be any additional charges and make sure you are purchasing the right package for your needs. Read the fine print so you are not surprised to see a larger-than-expected price. Inquire about whether or not there will be any additional costs in the future, or if the price is fixed.
Still not convinced about electronic billing services? At least know that e-billing is significantly better for the environment (not just your wallet) than traditional paper billing.