Online billing is considered the wave of the future, but is it good for business? Most customers would probably say yes given the convenience they get when they can pay bills anywhere and anytime. However, businesses that utilize online billing services also see plenty of advantages with this resource. No longer do they have to worry about assessing late fees, handling an excess of calls from customers, or slower cash flow. Electronic billing speeds up accounts receivable by as many as one to three days — maybe even more — and customers are able to use the online portal for simple self service activities, such as bill pay, address changes, and more. Businesses can even save on paper and postage when customers opt out of traditional statement processing.
How will your customers react to your addition of online billing services? Ideally, they should see the convenience of this service immediately. Here are three major advantages that online billing can have for your customers that you may not have known about before:
1. Customers can make payments from anywhere at any time. One of the best things about paying bills online is that customers can do this anywhere they have an internet connection. There’s no more worrying about buying postage or having to send in late payments, either. The convenience factor is big for many people, who prefer to pay bills online so as to not interrupt their busy lifestyles. Some services will even allow customers to schedule automatic billing, so they don’t even have to think about making a payment.
2. Customers will have a higher opinion of your company. When you offer your customers the chance to pay their bills online, this can improve their opinion of your company. Because this feature adds convenience to customers’ lives, they may be more likely to recommend your business to friends and family. The more you offer your customers, the more they may want to spend on what you have to give them.
3. Online billing is used by just about all industries. There’s no limit to the types of businesses that can take advantage of online billing services. This means that customers can pay for everything online, from their rent and utilities to their medical and cable bills. So if you think that your business can’t use online billing, think again!
Have more questions about whether electronic billing services are right for your business? Leave a comment below.