More and more consumers are opting into paperless electronic billing (eBilling).  Nearly 66 percent of consumers reported using online bill pay in 2011, showing a 2 percent increase from 2010.

The National Automated Clearing House Association (NACHA) reported the top three reasons why people opt to go paperless when it comes to receiving and paying their bills:

• It’s easy to access my statements online – 62%
• To reduce clutter – 50%
• To help the environment by reducing paper waste – 49%

Consumers are sending in less paper checks and opting to pay online through banking websites, credit card websites and third party websites.  With the majority of consumers now paying their bills electronically, billers need to rethink the way they bill consumers.

Questions Billers Need to Consider

• Due to the declining volume of consumers paying paper checks, has the model of doing in-house paper remittances changed to where there is no advantage to companies keeping the process in-house?
• Is the company doing a disservice by processing paper remittances in-house, by missing out on technology advances that improve payment processing or customer service?
• If your company is already outsourcing, how “future proofed” is your provider in terms of technology and scale?
• Has your company incorporated online payment options into its website? With the increasing number of payment platform options, and providers available, any biller can offer online payments.

Looking to the Experts – Payment Automation Solution Providers

There are a number of solutions and tools available to facilitate the automation of one-time and recurring consumer bill payments via the web, phone and mobile devices.  PayStream is currently gearing up for a Q2 2013 report on Electronic Billing and Remittance Payments, to provide insights into current and emerging consumer payment trends.  The report will also feature profiles of leading providers in the space who have strong capabilities and product strategies to meet the needs of organizations remittance payment management efforts.

This upcoming Q2 report will work to increase corporate and collection mangers’ ability to distinguish between Electronic Billing and Remittance Payments and payment automation solution providers and the various solutions they offer.  The report will provide answers and insight into today’s changing payment landscape and how companies can benefit from these changes.