Electronic billing (e-billing) is gaining momentum across business industries with more billers expected to come online in 2011 and 2012 – with the ‘tipping point’ likely to happen in 2016, according to a study conducted by NACHA, the electronic payments association.
The study in January 2011 has quantified the size of the e-billing market, indicating that a total of 5.1 billion e-bills were delivered in 2010 alone. However, some consumers are moving to adopt e-bills more slowly than anticipated.
“After easily converting the ‘early adopters’ to e-bills, billers are realising that the second and third tiers of consumers will take more time to convince,” said Ed Bachelder, director of research for Blueflame Consulting. “However, billers across a broadening range of markets and sizes see e-bill adoption as an important programme for their companies, and have shown commitment to continuing to try to convert their customers.”
Nine of 10 of the companies surveyed rate e-bill adoption to be a significant opportunity for their organisations. Cost-savings serves as a major driver for companies, with projected savings falling between 40-50 cents per bill. Another motivating factor, billers also said e-bill customers are more satisfied customers and are easier to retain. Collectively, participants in the study distribute 735 million bills in a typical month, which is approximately 25% of all bills nationwide.
“E-bills have not reached their full potential, but they’re gaining momentum,” said Janet Estep, president and chief executive officer (CEO) of NACHA. “With companies’ long-term commitment to converting their customers to e-bill presentment, we see adoption gaining momentum.”
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