Companies that offer electronic billing
options to their customers are more likely to receive their
payments on time than those who only offer paper billing, a study
by Fiserv found.
Using Con Edison, a subsidiary of energy
company Consolidated Edison, as a case study, Fiserv found that
customers who received e-billing via online banking were 22% more
likely to pay their bills on time compared to paper billing
recipients and those that used the ConEd website were 6% more
likely to do so.
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The president of Biller Solutions at Fiserv,
Jardon Bouska said: “E-bills deliver strong business benefits that
extend beyond cost savings, and this study reinforces e-billing as
a strategic function worthy of C-level attention.”
“Whether they are delivered to bank websites
or the company website, e-bills drive value for businesses and
consumers,” he added.
The study also found that allowing customers
to pay online led to enhanced cash flow and reduced customer
service costs as customers receiving e-billing via their bank’s
website were 64% less likely to call customer service help
lines.
Conducted by AccuData on behalf of Fiserv, the
study analysed two million customer records. The findings by
AccuData are consistent with reports on e-billing from other
industries.
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