How Digital Adoption in Payments Can Protect Your Business in a Critical Time
Publisher: OSG
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In 2021, the U.S. Postal Service handled over 13 billion paper bills, with nearly half related to credit cards, insurance, mortgages, banks, and healthcare. However, mail payments have drastically declined from 44% in 2011 to 19% in 2021, while online payments surged from 51% to 79%. The shift indicates consumer preference for flexible payment methods. Yet, industries reliant on paper billing face rising costs, with a 45% increase in paper prices over the last year and an expected 32% hike in the near future due to supply chain issues. This trend could impact the US economy and various sectors, notably financial services and healthcare, resulting in higher costs for consumers and longer payment cycles. Businesses in these sectors are urged to reconsider their billing strategies, incorporating digital channels to offer diverse payment options. By adapting to digital solutions while maintaining paper as one among many choices, organizations can save costs and satisfy consumer preferences for varied payment methods.
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