For anyone who owns a business or manages payments of any sort on a regular basis, one thing is very clear: e-billing is the future of the industry, and will soon be ubiquitous when it comes to all sorts of bills. But, many people will remain dedicated to the old system — after all, it is hard not to stay faithful to something that’s served you well for so long. For those who remain unconvinced, check out these reasons why it is best to switch over to the electronic billing system today:
Ease of Tracking Past Activity
Every business person knows how important it is to have records of bills received and paid — for the reputation of the business, for accurate tracking of returns or in the event of charge-backs, and for general record keeping and profit analytics. Once, this was all done manually, and filed on paper, but with today’s technology, such archaic systems are actually cost prohibitive and just plain inefficient. With the ability to search, sort, and electronically file with a utility billing service, your entire operation will be infinitely smoother.
By outsourcing your billing, you can speed up your receivables by one to three days. That much is certain, but have you ever considered the ethical side of the equation? Indeed, by eliminating the paper trail associated with bills, confirmations, returns, and follow up correspondence, you are making a serious dent in paper waste in general. There is simply no question that electronic billing services are better for the environment than traditional paper billing. If 20% of American households switched to using electronic rather than traditional paper billing, the annual savings would include 151 million pounds of paper.
Privacy and Security
As the technology has improved, so too has the threat from predators on the web and in the world of print mail in general. With E-bills, the added security is very important to keeping as much information as safe as possible.
It won’t be long before all payments will be made through electronic billing services — and it is best to modernize your billing system now.