Consumers are increasingly aware in recent years of the importance of preserving the environment and now pay close attention to Green issues or what they can do to reduce their overall carbon footprint.
It has also become an expectation that the companies with whom consumers do business will implement Green initiatives. Replacing a paper bill with electronic bill delivery directly contributes to saving paper/trees and on a cumulative basis makes a significant impact on the environment.
The Benefits of electronic billing and payment (EBPP)
Today, convenience and immediate gratification are not only expected, they are demanded by consumers. Business solutions - including bill payment - should be quick, easy, secure and user-friendly. By offering this solution, which allows customers the flexibility to pay at any time with the click of a button, companies improve customer satisfaction and retention. There is also the cost consideration. By utilising electronic payment options, both the merchant and the consumer realise cost and time savings.
For the biller, there is the reduction of printing and postage costs, as well as the time spent extracting payments from envelopes, entering payment data, and physically making deposits. There is also the issue of costly customer support calls that come in - most often billing-related.
The PaySwyft solution enables customers to have access to their account and billing information online, allowing them to obtain answers to most of their questions without making a call.
Summary Merchant Benefits of the PaySwyft EBPP solution:
- Reduced time and costs of printing and distributing paper bills
- Reduced cost of postage/franking
- Reduced undeliverable mail (cost and time wastage/inconvenience)
- Reduced need for paper-based storage and retrieval
- Reduced paper/payment handling and related staffing costs
- Increased Green credentials and/or perceived awareness
- Increased security/certainty of delivery
Summary of Consumer Benefits of the PaySwyft EBPP solution:
- Reduced time reviewing/paying bills
- Reduced cost of bill payment processes
- Reduced time spent making sense of different bills (and capacity to pay them)
- Increased ease of on-line query
- Increased ease of reviewing past records
- Increased certainty that payments have been made (no lost/late cheques)