The average household that replaces traditional payments with online bill payments could save more than $50 per year on postage and five hours of time writing checks and stuffing envelopes. Reducing the need to purchase checks, envelopes and gas to drive to and from the post office provides additional cost savings.
âConsumers who manage their day-to-day finances online not only save time and money, they also help the environment,â said Geoff Knapp, vice president of consumer marketing and analytics, Electronic Banking Services, Fiserv. âFiserv is working alongside financial institutions and organizations such as the Arbor Day Foundation to encourage consumers to replace paper bills and statements with electronic versions.â
In addition to delivering savings and convenience, the environmental benefits of paying bills online can be substantial. According to the PayItGreenâ¢ Alliance, a coalition of financial services companies that includes Fiserv as a founding member, each U.S. household that switches to electronic bills, statements and payments could save 6.6 pounds of paper and conserve 4.5 gallons of gasoline used to transport these documents each year. If every household chose paperless bills and statements it could save an estimated 18.5 million trees and eliminate the production of 2.1 million tons of greenhouse gases.
âBy switching to online bill payment, consumers can reduce the environmental impact of producing and mailing traditional bills,â said Kevin Sander, director of corporate partnerships, the Arbor Day Foundation. âMost financial institutions in the U.S. offer electronic billing and payment capabilities, and we hope that this is the beginning of a successful year in which more consumers then ever before switch to online payments.â