Electronic invoicing has gone through many changes as technology has continued to advance, responding to shifting demographics and increasing demands for quality service matched with speed. Electronic bill payment is the most common feature of online banking, which allows people to deposit or send money at their own convenience. Everything from billing statement processing to invoice printing services have become the industry standard and no business today feels complete without it. Below I’ll list the benefits of electronic invoicing, which include saving your business money, creating less frustration and cultivating a more loyal and happy customer base.
Customer Statistics And Trends
Your customers deserve the convenience of being able to receive, view, archive or pay their bills online without wait times or a complicated billing process. A survey found that a quarter of customers felt a stronger relationship with their billing service after they switched to electronic billing, compared to those that did not or were still going through the process of switching. Customers are also more likely to pay an electronic bill on time compared to the paper route, citing reduced frustration, speed and less phone calls as their primary motivation. A recent study saw half of all customers paying an electronic bill before the paper version would’ve arrived at their home, with a fifth paying within the same day.
How Will Your Business Benefit?
Electronic billing services can reduce or even eliminate common business expenditures like toners, inks, maintenance and updating equipment. The average organization will save an estimated 11.5 cents per billing statement by eliminating the need for paper and ink and will have a digital archival system that is more accurate and efficient than traditional methods. E-billing also makes it easier to track payments, cutting down on missed payments and collection times with a constantly updated information tracking system. Electronic invoicing is the solution for any business that wants to stay afloat in a demanding and crowded market and has been proven to make both customers and businesses more satisfied in the long run.