Billing statement processing systems, are an integral part of the business world today. Billing processing systems help to ensure companies that they are being paid on time. These systems also help companies complete transactions properly while consumers depend on them for budgeting. While some businesses have stuck to printing statements and stuffing envelopes, many owners and managers are finding that switching to electronic systems streamlines the process and benefits both parties involved within the transactions.
Paper billing not only clutters desks and makes it difficult for busy workers to stay organized, but it can be costly. In fact, businesses can save an average of 11.5 cents per billing statement if they upgrade to electronic billing services and take paper out of the equation. That might not sound like much, but companies who sent out thousands of statements every month, like utility providers, could see massive savings by converting to electronic billing. Money saved could be allocated to other areas that allow businesses to improve the buying experience.
Switching to electronic statement processing also allows companies to reduce the amount of time it takes for them to collect money and complete transactions. In fact, one study found that customers who used electronic billing systems were able to complete payments before the paper bill would have even arrived in the mail. Speedy transactions help businesses manage cash flow and improving efficiency is good for businesses in every industry.
For an even greater reduction in time spent managing transactions and collecting money, online automatic payments can be set up that allow consumers to make payments without even having to click a button. They are perfect for a wide range of companies that collect money every month, and consumers who don’t want to make bill paying easier. While there might be some concern about security and making sure there is enough money in the accounts being withdrawn from, automatic payments are highly convenient.
Though converting to electronic statement processing and billing is highly convenient, it is also inexpensive. In some cases, there is little initial investment needed to install the new billing system process. As a result, your future billing transitions are smooth and effective, saving your firm time and money. This ultimately frees up other business resources and improves customer relationships.