Paperless billing and payment have been available to consumers for years. However, many people continue to receive hard copies via mail and avoid direct deposit whenever possible. While paper documents seem to feel safer and more reliable forms of receiving financial information and providing proof of payment, it amounts to little more than a false sense of security. The truth is there is little to no risk of going paperless. Moreover, paperless billing and payment systems come with many advantages.
The following are several benefits of going paperless:
Many people avoid going paperless because they think it means not having proof to back up their financial activity. However, this is simply not true. For one, most banks, credit card companies, and subscription services will send email confirmations when bills are due and payments are made. Furthermore, online accounts almost always allow users to examine a log of activity. If this isn’t enough, consumers can use a save webpage tool to essentially screenshot the billing amounts, bank statements, payment confirmations, and other online information relevant to their personal finances. These digital documents can then be kept in organized files in the cloud and on local drives.
Traditional paper documents mailed once every month add up fast. It isn’t long before there’s a huge pile of paper accumulating in your house. Unless you’re constantly filing them away into labeled folders, you’re struggling to locate pay stubs and other documents in the rare situations where they’re needed. You eventually end up throwing most of these documents away. All of this can be avoided by going paperless; records kept online can be stored indefinitely without taking up physical space. You don’t have to keep years worth of documents in order to have access to information from years ago. It’s less clutter without compromising your ability to keep records.
It’s no surprise that companies and financial institutions have an incentive for clients and consumers to go paperless. They save a lot of money on printing and mailing costs. Many of these companies and institutions are willing to pass some of the savings onto you if you opt for paperless billing and payment. This can save someone hundreds over the course of a year, depending on how many companies and institutions they’re doing business with on a monthly basis.
When bills and payments are processed via paper, days are spent with the paper being mailed back and forth. With paperless systems, financial transactions can occur right away. You get the bill and make a payment within an hour. This saves huge amounts of time in the long run, both for consumers and the companies and institutions with which they do business.
While it might not make a difference to your personal bottom line, the positive environmental impact of going paperless is a significant benefit of making the switch. You’re helping reduce the number of trees which need to be processed by paper mills. It also contributes to the reduction of carbon emissions related to the milling, printing, and mailing processes.
While it’s been possible to go paperless for years, many people still prefer to send and receive hard copies of financial statements and transactions. This is ultimately not in their best interest. The truth is there are multiple benefits to paperless billing and payment, ranging from convenience to saving money to saving the planet