The Ugly Truth AND the Good News About Association Payment Processing
To create, send, & process each billing transaction, organizations spend an average of $8 (between $3-$9 per check),1 assuming that you’re dealing with a “good” check that doesn’t bounce.
With paper billing, it takes about 56 days from invoicing to payment receipt. With E-invoicing and recurring payments, that speeds up the process by around six weeks.2
It only makes sense that 80% of companies are transitioning from paper checks to electronic payments.3
Your Carbon Footprint:
Paper billing contributes to:
- energy use
- greenhouse gases
- wastewater discharged into lakes, streams, and rivers
- solid waste via filled garbage bags
- fuel consumption
Members want convenience with security and peace of mind. Unlike cash or checks, e-billing uses PCI-compliant payment security to ensure data is encrypted and protected. This results in a decreased risk of checks being intercepted and sensitive banking information being stolen.
Cashless payments are growing at an explosive rate. 80% of consumer transactions are cashless.4
Based on current trends, by 2025, most people will replace their wallet or purse with a smart-phone based, virtual wallet.5
Bonus: Events are easier and more successful when guests can pay at the door.
Young professionals currently age 18-34 (Millennials) make up the largest share of the U.S. workforce. Anything you can do to tap into this lucrative demographic is almost certain to pay off.
- are a “cashless” generation. They are the most active debit card users.
- are used to electronic solutions and fast payment speeds.
- expect environmentally-friendly billing.
Imagine how efficient your Association staff could be with a painless, paper-free accounting system. Go paperless. Be happy.
Read more about paperless billing in The Great Association Time Waster
1National Automated Clearing House Association (NACHA), 2taulia.com, 3Association of Financial Professionals, 4Mastercard, 5Information Age