Paper statements versus e-billing: Which one’s for you?

In today's digital world, most of our day-to-day activities take place on the Internet. Unfortunately, many people are still hesitant about doing their financial transactions online . Even when it comes to their statements of account (SOA), customers do not necessarily subscribe to the paperless or electronic version.

Some still prefer a tangible piece of paper delivered to their doorstep instead of paperless statements.

However, you might be missing on the benefits of having electronic SOA (eSOA) for your credit cards or bank accounts:

• Learning curve. One of the major disadvantages of e-billing is that you need to create an online account, which includes establishing another password to remember and a system to understand.
• Restricted access to past statements. When shifting to paperless statements, keep in mind that you will only be given access to statements up to a certain period such as 12 months back.
• Possibility to miss out payments. If you lose track of the date, you may miss out on payment deadlines because you didn't receive a physical reminder in the mail.

Now that we have discussed the disadvantages of e-billing, let's move on to the pros of paperless statements.

• Security. Paperless statements are delivered securely to your registered email address. They are encrypted and password-protected, which helps prevent fraud and identity theft. This may not be the case for paper statements as they can be stolen from your mailbox. On top of that, receiving paper statements from couriers could pose health risks given the pandemic situation we’re in.
• Going green. By opting for a paperless banking system, you make small but helpful steps in lowering the demand for paper and lessening air pollution from paper production. Having eSOA also means you don't have to sort, store, shred, or burn any mail and paper in your home.
• On-the-Go convenience. Paperless statements can make life more efficient for you. You can view and pay them anywhere and anytime with just a few clicks or taps on your phone. As they arrive instantaneously in your email inbox, you don't need to wait for the physical mail to reach you before you can view the information in your statement. These especially benefit those who frequently travel and need 24/7 access to financial information when they're not at home.
• No to late fees- Once you get used to the routine of a paperless banking system, you can have your bills paid automatically each month, which means you will never have to incur late fees. You can skip the long lines in the bank to pay for your monthly dues and do it in the safety and comfort of your home.

Should you make the switch to paperless statements?

At the end of the day, the choice depends on your bill-paying habits and access to the Internet. But if you're looking for convenience, speed, and a way to reduce your carbon footprint, paperless statements are the better option.

In the Philippines, paperless statements or electronic billing has been an option presented by most banks. With Metrobank Online, you can keep track of your card finances and view your recent transactions, statement summary, or enroll your utility bills and pay for them online alongside credit card payments. These features are just some of the benefits you can enjoy to help you stay on top of your expenses.

Want to learn more about Metrobank Online? Visit https://www.metrobank.com.ph/mbo-how-to.