By Sarah Bounaim, CAST Team Lead, Paymentus
In the world of billing and payments, most discussions around digitization are related to the increasing move away from cash. But while cashless payments can help organizations drive savings and achieve efficiencies, one of the most important moves from paper is that of billing and marketing.
Recently, we discussed the cost of postage and how organizations can drive the adoption of digital, more cost-effective payments and billing. At the time of that article, U.S. postage was at a record high of $.68 per stamp. That has since increased to $.78. Put simply, mailing bills is costing you more now than it ever has before, and again, shows no sign of stopping.
As a Paymentus client, you have the widest array of billing and payment options available to your customers to help mitigate the impacts of these costs. While this can account for massive savings, there’s still a large opportunity to be found in streamlining your marketing materials, as well.
How Paper is Weighing Down Your Marketing
Cost
Let’s start with the cost. Most clients that CAST works with typically send print materials as bill inserts, meaning they are included in the price of sending a paper bill from a postage perspective. What’s not included is the price to print these materials. Depending on your vendor and parameters (e.g., thickness, finish, size, etc.), this can cost up to a dollar or so per insert. Added to the cost of postage, your organization could be paying several dollars per bill on collections and marketing.
Timeliness
Time-sensitive information such as promotional offers or go-live announcements have a short shelf life, which makes them a limited resource. Once the deadline has passed or what’s new is no longer new, all print collateral becomes a completely sunk cost.
As an example, consider your everyday roadside billboard. How many times do you see a printed billboard advertising an event that has already happened, like driving past an advert on July 1 promoting a concert that occurred on June 15?
Digitization is a way to avoid sinking money into materials with a short lifespan. This can be done in several ways. For starters, many of our clients have replaced lobby posters with digital monitors. Much like digital billboards, these monitors can be updated at any time, and feature a number of different messages. They’re also a one-time, fixed cost.
Another consideration to address those who still prefer paper statements is to omit printing an additional bill insert and instead create a statement ad or offer a QR code that can drive to a digital experience.
Delivery
One of the most challenging aspects of mailing physical materials is that once they are out of your hands, they are really out of your hands. Your organization has become completely reliant on a third party to ensure your bills and marketing reach the appropriate places within a reasonable timeframe.
Recently, we’ve heard from more than one client that their local post office is understaffed and unable to ensure timely delivery. We’ve also heard from others that delivery times can vary greatly, especially during bad weather seasons.
The good news is that digital channels such as email and social media are not impacted by outside parties. Your website is another perfect avenue for messaging that cannot be lost or delayed. Each of these channels is less risky and cheaper than mailing physical print.
Let CAST Help
Paper may be tried and true but aspiring to going completely paperless has a world of advantages from a cost, time, and usability standpoint. CAST has helped numerous clients drive paperless billing adoption, while also providing a variety of digital marketing campaigns that can be turned off or edited as needs arise, without added costs.
Contact us today to speak with an adoption specialist who can address your needs and show how CAST can help reduce your paper burdens.
