The money system has been changing from eras as per the convenience and requirements of a man. From the sculptures and painting, it can be presumed that early man used to pay each other with the flesh of animals and other food items. Then, came the more civilized barter system. Systems kept on changing with time, and money became the only source to buy your belongings and happiness.
The new era of digital billing had changed the lives of many people. How easy it is to make transactions without carrying a lot of cash with you! Easy applications and software had made billing so simple and flexible. Want to know how? Here is some important information regarding digital billing that you should know before opting it for your institution or organization!
What is Digital Billing?
Digital Billing also recognized as e-billing is a flexible method through which a customer can easily pay his bills electronically via internet services to the respective entity or organization. The method involves sending bills to the customers via the internet and collecting electronic payments on behalf of it.
This integrated multiple system involves an organized billing system, and efficient banking system and an online interface that adjoins both of them.
For instance, a company charges power bills to a customer every month. Despite sending a paper bill, the company can initiate to send a Digital bill, explaining all his consumption, charges and offering an online payment option. Isn’t it easy and better?
What are e-bills?
As the name suggests, e-bills are the electronic bills that are paperless solutions for sending bills to a customer or consumer. They can be presented as an electronic document in the form of PDF that provides all the information regarding the utility and consumption of the concerned service or product. Additionally, companies can add a payment method along with the e-bill and customers have the option to set up automated payment options for hassle-free payment every time.
Benefits of digital Billing:
These modes of digital payment are a win-win offer for the business as well as for the customers. Here are some chief benefits of digital billing:
1. Convenient for both customer and company:
Isn’t it convenient to pay all your bills through a single financial institution? Means you don’t have to look here and there, login from one website to another and remember a lot of passwords. Most of the providers include some beneficial options through which you can pre-schedule payments as respective to their due dates so that you don’t have to pay late payment charges. The scheduled payments are further monitored by the respective banking institution that pays the companies either electronically or by sending them a paper check. On the other hand, companies find it convenient to use an electronic platform to send all bill invoices without hustling to send it from one postal address to another.
2. Secured Payment Method:
E-billing is 100% secure payment method. Well-efficient security protocols are used by the entities to keep transactions safe and protected through frauds and hackers. Several methods such as usernames, passwords, security codes, etc. are opted by the companies to keep your information secured. Encryption process offered by companies keep the data hidden while the automatic signoff option logs you out from the system if the session remains idle for the prolonged time duration.
3. An Ecological way:
It is small but a significant initiative to save trees by avoiding usage of paper bills. All the bills are sent via mails means no wastage of paper for printing bills and eliminating the extra cost of envelopes and postage.
4. Saves time:
A lot of time can be saved by institutions by avoiding posting bills to different consumers as they can send them an e-bill within few seconds. Moreover, the customers can review the bills directly from their mails and can make payment with just a few clicks.
5. Keeps everything organized all the way long:
It is quite common to lose focus and forget about the company’s finances. Ebills helps you to avoid such circumstances by helping you organize all the record. You can organize all the bills and reschedule the payments and can quickly know if you have missed any of them.
Conclusion: Digital banking is one of the safest and fastest modes of payment that have been opted by a lot of institutions and establishments. Due to such amazing benefits, it’s quite understood why people are shifting towards digital billing systems, leaving behind their traditional paper billing system. Various software provides flexible billing options via applications like Whatsapp, Emails, and SMS.