In 2021, the U.S. Postal Service sent more than 13 billion paper bills and statements. While this is certainly a vast amount of print billing, payments by mail have actually plummeted significantly in the last decade. In the last year alone, 79% of payments were made electronically, with just 19% paid by mail—a sign that consumers are craving more flexibility in how and when they pay.
If you’re in financial services, utilities or healthcare, you must rethink your bill presentment and payment strategies so you rely less on an increasingly costly, unreliable resource. By adding digital channels to your bill presentment and payment toolbox, you can keep paper as one, not the only, option. This way, you’ll not only save costs but also give consumers what they want: the ability to pay their way, via whichever method or channel works for them, in the moment.
In this whitepaper, we’ll discuss
- The Macroeconomic factors affecting paper
- How US consumers are paying bills today
- Three ways your business can combat the paper shortage and convert more customers to digital