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Customers are offered rewards by banks in an effort to push paperless billing
[12:00:00 AM Wednesday, January 26, 2011]
As more and more customers have opted for online billing, there are still many whom prefer paper bills as well as statements. This has prompt card issuers to offer incentives to customers to opt for paperless billing.
While approximately 50% of customers use online services to pay up bills, only 15% have actually opted out of getting paper statements and bills, states Josh Wendroff, of 31 Infotech, whom provides the payment processing services. Hence, companies are forced to manage both online billing as well as paper billing and thereby depleting on their revenues by spending on postage.
Issuers and lenders are offering sweepstakes and other features to get customers to realize the value of going paperless by using the electronic system. Some companies however, has tried charging customers who wish to receive paper bills. As of now, negative incentives have not really taken off in most industries, which also include those of the financial services. But it is more likely to be the norm if a majority of the consumers opt for online billing.
In order to get consumers to go paperless billing, companies are luring customers by offering other features like e-mail alerts which will help them manage their money better. These features work well with some customers who require visual reminders to let them know that their bill is due. Financial incentives have gone down very well with customers since the recession.
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