When your organization offers online bill payment, you can save tens of thousands of dollars each year-far more than it costs to get set up with the system. And the more customers you have using the online payment method, the greater your savings will be.
Some organizations see an immediate return on investment, because they replace the higher costs of paper bill processing with the lower costs of online billing.
1. Better Cash Management
“The check is in the mail” a familiar statement referring to the mail float when a check is trapped in the postal system. Those managing cash for your organization understand that a dollar today can earn you interest up until the time the future dollar is received. With Xpress Bill Pay most transaction have a next day settlement. – that means you collect interest on your money for many days before a check in the postal system.
2. Reduce Administrative Overhead
Our online bill payment system eliminates the need to process payments manually. When your customers pay online, you don't have to deal with paper checks, paper eChecks from banks or enter credit card information by hand. It's done automatically, so you don't have to hire more staff to handle customer payments.
According to the Bureau of Labor Statistics, the average annual salary for a full-time staff member to handle billing and collection of payments is $28,790. Add in benefits, overhead and equipment for that person, and the cost can top $40,000 a year.
For growing cities that have to keep adding billing staff to handle the volume of new customers, this can be a large expense. And with Xpress Bill Pay's online bill payment system, it's now an unnecessary expense.
3. Mail Fewer Paper Bills
If you're like most organizations, you outsource the mailing of paper bills to a mailing house or a company that specializes in sending bills. With online bill payment, you can reduce the need to mail paper bills. Of course, not all your customers will sign up for this option. But for each who does, the savings to you adds up.
4. Reduce The Number of Delinquent Accounts
Late payments are always a problem because they reduce your immediate revenue and force you to start the collection process. While Xpress Bill Pay can't completely eliminate this problem, our online bill payment system can drastically cut down on late payments.
First, customers who don't have ready cash on hand can use online bill payment to pay with credit cards or electronic funds transfer. And you're not waiting days for payment from someone who put a check in the mail at the last minute.
Second, if you're calling people on your collection list, this gives you a quick and easy tool to take a payment from the customer over the phone, which is more convenient for both you and your customers.
Best of all, it allows the customer to pay right away, so you have fewer late payments and you get the money into your account quicker.