Traditional financial account statements are either acquired directly from a bank or delivered by the postal service. Some businesses still prefer this model for various reasons, but generally, you should migrate to eStatements.
According to FrandsenFinancial.com, eStatements place a business in a strategic standpoint where it can freely manage the cost associated with generating its statements. So if you’re not yet linked to any online account, you may be experiencing a harder time doing your business.
The Origin of the eStatement Approach
In 2001, credit unions from all over the country faced an industry-threatening dilemma regarding their financial statement logistics. During that time, the U.S. Postal Service announced that it was taking “drastic actions” to compensate its workers, which meant an unprecedented 20% increase in postage costs. To fend off the multiplier effect of this extreme service surcharge, banks and credit institution established a new form of financial statement delivery — now referred to as eStatements.
Cost Control of Levied Charges via Digital Medium
One of the advantages of eStatements is it directly combats the expounded postage cost. They help save businesses and individual clientele by:
- Increasing cost saving means by going paperless
- Having no rate increase despite postage surcharges
- Saving credit with higher eStatement adoption rate
All the mentioned factors are critical when you’re shopping for a financial institution that provides eStatements. If one of those isn’t included in the service agreement, it’s best to find alternatives.
Business Opportunities from eStatements
As every digital marketer would say, anything online can generate revenue for you if you just know how it works. Since online eStatements also give you access to other online services, such as a mailing list, you can generate an e-mail marketing plan tied up to your digital statements.
The more customized and targeted your eStatements are, the better offers and options you’ll get. Increase your credit power in a cost effective manner and generate business leads at the same time — all while saving on traditional postage costs.