Online Bill Payments Boon to Post Office

It may seem far-fetched, but shifting from check writing to point and click to make bill payments could actually generate revenue for the Post Office. That’s the position Canada Post is taking with its epost electronic payment option.

The migration towards digital bill payments continues to expand every year. Each individual that shifts toward paying his or her bills with the click of a mouse could remove at least half a dozen pieces of mail monthly from the system. If these same individuals also shift to paperless statements, that number can easily double.

In an effort to continue generating revenue from a source that has been a part of the mail system for generations, Canada Post worked with financial institutions, retailers, utility companies and other businesses to offer its customers access to a complete electronic bill payment package.

Customers pay nothing for the electronic service that allows them to pay bills online, store statements for up to seven years, receive notifications and tax statements from their employers and more. The cost of the service is paid entirely by the businesses that sign up for it. Businesses that choose to partner with Canada Post to offer these services pay substantially less compared to traditional means.

Canada Post currently has over six million subscribers of its online payment service and has all major Canadian banks integrated into its system. In a world leaning ever further toward digital solutions, Canada Post is doing what it can to keep up with the times.

Do you think epost will generate enough revenue to offset the loss in First-Class Mail revenue?

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