If you’re still receiving your monthly merchant statement by mail, you’re doing yourself (and the environment) a disservice. Technological advancements have improved the transfer of information, yet so many business owners still opt for paper merchant statements.
We understand why business owners may prefer paper. A tangible item can sometimes feel more official than, say, an email or a push notification to your phone. But have you considered the benefits of opting for online statements?
3 Reasons You Should Get Online Statements
- They’re environmentally friendly.
Like paper receipts, paper statements pose an environmental cost that can be eliminated with the switch to online statements. Nearly 4 billion trees worldwide are cut down each year for paper, and the process of making paper is a major source of air, water and land pollution.
Where does the paper end up most of the time? In long-term storage (where it is rarely looked at again),thrown out to end up as litter on the street, part of a landfill or (ideally) recycled to be used again. While recycled paper is used often, it hasn’t eliminated the need to produce paper from scratch. If you need to reference an old statement, it means visiting your storage unit and sifting through boxes. Searching online is far more convenient.
- You’ll save money.
Some Merchant Service Providers charge money for paper statements because it costs them money to provide them. Luckily, most offer a digital alternative because it’s cheaper and, let’s be honest, easier for everyone.
If you run a large or multi-location business, you may keep your statements on file in an offsite storage location that carries a monthly fee. Opting for online statements eliminates this cost as well. If you use supplemental storage to house receipts and monthly accounting paperwork like credit card batches and bank deposit reports, you’re in luck, there are digital options for those as well.
- They offer a streamlined monthly close out.
Online statements arrive sooner than mailed ones, so your month-end close out can be streamlined and not carried into the first, or even second, week of the next month. When they are paired with digital deposit reports, your accounting staff will be able to reconcile your accounts within minutes.
Because online statements are automatically stored in the cloud, you can quickly reference them. There’s no need to sift through filing cabinets or boxes to backtrack on past months.
If eliminating the headache of having to deal with paper statements every month isn’t enough, the cost savings and environmental benefits of going paperless with your merchant statements should seal the deal. Speak with your Merchant Service Provider today about opting out of paper statements and start using online statements only — your wallet and the environment will thank you.
Do you currently pay a fee to have merchant statements mailed to you? Will you switch to online statements after reading the benefits? Tell us below!