How to Save Thousands by Checking Your Online Bill Paying for Crucial Mistakes
Online bills that include auto-pay are even easier to skim through, and sometimes don’t get examined at all. Here, you don’t even have to enter in payment information; it comes out automatically. There’s even less of an incentive to review and approve auto-pay bills because you know they’re already taken care of. Simply put, the less time you spend reviewing and thinking about your regular monthly bill, the less of a chance there is that you will find a mistake.
That’s one reason we believe many vendors are pushing their customers to switch to online and automatic billing. In fact, they’re even willing to give their customers a discount to switch. Some vendors offer up to 5% discounts for customers who eliminate paper statements and billing. Sure, some of that incentive is because it costs money to have paper statements created, mailed, and processed. But we believe vendors also know there’s a greater chance that errors—and generally they are errors in the vendors’ favor—will be missed or ignored. They’ll make enough money off of those errors to “pay” for the 5% discount they give their customers.
As a property manager, your time is extremely valuable and is already split up among many competing priorities every single day. The last thing you need is to go through a complicated monthly bill, skimming line by line to look for mistakes. Add in the time spent trying to figure out whether you are getting the best deal from your utility company or even paying for the correct level of services for one of your facilities, which might be different from a different property you manage. All of these hours spent chasing down a $50 mistake on one of your units just doesn’t make sense, or does it?
Imagine for a minute that the $50 mistake you found is repeated in each of the ten buildings you manage, every single month. That small mistake quickly turns into $500, and if you allow that error to stay unnoticed on your bills for five years you are now looking at upward of $30,000. Not such a small mistake after all.