Electronic bill presentment is just one in a long line of technological advances that have revolutionized the way companies of all kinds do business. What used to be a long,tedious process involving multiple employees spending hours printing and folding bills;attaching address labels;and mailing paper bills is now a simple matter of an automated email. By using the customer records stored electronically,a billing service can instantly prepare and send an electronic bill to every customer on a company’s books.
How It Works
Since most customers have used online payment methods already,they are familiar with the process of sending bank or credit card information electronically. Electronic bill presentment uses this technology to replace the old paper system,saving both time and money. A simple email in the customer’s inbox contains either the bill itself or a link to a secure company website where the bill can be viewed. The customer selects a payment option,and within minutes the company receives the payment.
How It Saves Money
Paper,envelopes,printer ink,and postage stamps all cost money. Electronic bills require none of them,freeing up those funds for other purposes. By outsourcing presentment to an electronic billing service,a company can even get back the time that its employees used to spend preparing bills every month. The time saved by switching to an electronic system also gets payments in more quickly than a mail-based system.
Advantages For Customers
Business owners aren’t the only ones who benefit. Customers who can keep their billing process on their computer along with their budget appreciate the added convenience of online bills. Their financial information is more secure,as it is transmitted directly to the company without passing through the postal system. They also save on postage and checks by simply making an easy online payment.
Electronic bill presentment is sure to quickly become the standard method for businesses to receive payment from customers. The savings are great,and security and convenience just add to the benefits.