The days of receiving mortgage, utility or telephone bill statements by mail are dwindling as technology has allowed for faster and more convenient alternatives. While some consumers inevitably will remain resistant to change, the majority already prefer to receive their statements by digital and mobile means, according to the ACI Speedpay® Pulse, a consumer billing and payment trends and behaviors survey of at least 3,000 U.S. adults responsible for two or more household payments a month. In fact, just 28 percent of consumers prefer to receive paper statements.
However, in addition to the quarter of consumers who still receive paper bills only, there is also a large group receiving both paper and digital bills – an unnecessary redundancy given all of today’s digital options. Below, we outline the reasons why companies should focus on migrating these groups to digital bill presentment options.
#1. It’s Simpler, Faster and More Convenient for Consumers
Switching from paper to digital bill statements has major benefits for consumers. First, it’s simple. With just a few clicks, consumers can view their statement via mobile, email or web; pay their bill online or on their mobile device; and receive confirmation that their bill has been paid.
Digital billing is also much faster than paper. When a bill is paid by mail, it may take several days for the payment to arrive to the billing company and additional days for a check payment to clear and be posted to the account. Digital payments may be instant.
Lastly, digital billing is convenient for today’s consumers who are always on-the-go. It gives busy consumers the ability to pay their bill 24/7/365, anytime and anywhere.
#2. It’s More Cost Efficient
Many customers are already receiving bill statements by digital means and it’s cost prohibitive to issue, print and mail a paper bill in addition to their electronic statement. By switching more consumers over to paperless, companies will inevitably see a cost savings and can reallocate employee time and budget to more important matters, like providing exceptional customer service.
#3. It Encourages On-Time Payments
When a consumer opts into electronic bill statements, they will receive their statement by email or a mobile app push notification. This is beneficial as emails or mobile notifications can also serve as a reminder when a consumer’s bill statement is available or past due. This may encourage more consumers to pay their bill on time.
With only a quarter of consumers still relying solely on paper billing and most consumers preferring digital options, companies are in an ideal position to migrate consumers over to electronic presentment and payment options, resulting in cost savings and benefits for consumers and companies alike. Now that you’re in the know why about the benefits of migrating customers to digital billing, our next blog post will explore tips for helping customers actually make the switch.
To learn more about ACI Speedpay bill presentment solutions, click here.