6 Questions to Ask Before Offering Paperless Billing

By | July 22, 2014

Conventional wisdom is that paperless adoption reduces the costs of printing, postage, and payment compared to paper bills by approximately 65%.  Studies show customer satisfaction scores are also positively impacted.  JD Powers found satisfaction among customers who receive an electronic bill was 36 index points higher compared to those receiving a paper bill.

Those statistics are compelling at face value, but consider these six questions to find out how much it could be costing your business in hard and soft dollars not to offer a paperless solution to your customers:

    1. How many FTEs (Full Time Equivalent employees) does it require to receive, process, and deposit your customers’ payments via check?
    2. If customers could receive bills electronically and pay from their bank account via the ACH (Automated Clearing House network), would that reduce the number of FTEs required?
    3. Would receiving cleared funds from a customer-initiated direct payment via the ACH reduce the fees you pay to process credit card payments, while minimizing the resources you spend managing an exception queue and eliminate the costs of chasing bad debt?
    4. If customers paid faster, how much would shaving a few days from your billing cycle benefit your bottom line?
    5. If billing questions and errors account for a majority of customer care calls and escalations, would mitigating billing and processing errors via electronic billing and payment, along with providing self-service options to your customers, save you money?
    6. If your company has deployed an ECM solution (Electronic Content Management), are you leveraging that investment beyond your four walls to send documents to your customers electronically?

Improving customer satisfaction and reducing costs are important to any business for sure, but after doing the math on how many resources your company is spending on paper bills, would going paperless make a bigger impact on your bottom line than you thought?

Companies of all sizes, representing a variety of industries use doxo to increase customer interaction, boost paperless adoption, and get paid faster.  Please get in touch if we can help.

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