Isn’t it strange to think that electronic billing has been around since the 1990’s? It seems like it was just yesterday that we started recognizing the “Go-Paperless” spiels on our monthly billing statements.
The truth is, many people still pay their bills traditionally today – receiving their statements in the mail and sending their payments back in the mail via check or debit/credit card information. Research shows that roughly 56% of all bills were paid online in 2016. As awesome as that is, that means nearly 50% of consumers continue to utilize paper billing.
Whichever method you personally prefer, it’s important to know how the switch to paperless could benefit you as a consumer:
First and foremost, handling billing electronically takes far less time than it does to send/receive paper statements. Weeks could go by before you remember to open your bill, making it even more stressful to send your payment so it is received on time. Rather than rushing to send your payment out several days prior to the due date, you can often pay your bill online the day it is due, if not, the day before.
Everything digital is in real time, meaning it is instant. Online bill pay also means online receipts and documentation of payment. Handling your billing electronically is super easy!
Paper billing statements often require printing and mailing of sensitive account information to their customers. That information makes its way through numerous postal service departments and employees before arriving in your hands. This lengthy process increases the chance of human error; meaning paper statements can easily get lost or delivered to the wrong person.
On the contrary, electronic billing cuts the middle man out and allows businesses to communicate personal information directly to you – reducing the risk of mail fraud and lost statements. From an insurance standpoint, paper billing statements are always susceptible to destruction. Whether your dog eats your bill, you spill piping hot coffee all over it or you fall victim to a house fire – paper is perishable.
Some people are hesitant to handle billing online because of the horror stories they hear regarding data breaches and identity theft, but the nice thing about digital is that everything you do is traceable. If something were to go wrong, your computer and search history can reveal it all! One way to protect your information is to ensure you never handle billing on public Wi-Fi. Also, avoid clicking through to a website through an email – it is safer to type the URL directly into your browser.
Reduced Carbon Footprint
Everyone has heard of the impact that paper products have on our environment - nearly 4 billion trees are felled around the world every year for the paper industry. By transitioning from paper to electronic statements, you can help the world take a step towards greater environmental sustainability! You can also help to reduce unwanted clutter and paper waste in your home and/or office.
Electronic billing statements not only save the planet, they offer convenience and added layers of security. Ask your local Rockford Mutual Insurance Agent about switching to paperless billing today!