Converting to paperless transactions

Environmental ImpactConverting to paperless transactions has both environmental benefits and a positive impact to your profitability. In the aggregate, the amount of paper used by modern industrial societies is staggering. The financial and insurance industries represent a significant percentage of that paper use. Though we often take it for granted the lifecycle cost of paper – including production, transportation, and disposal – has a tremendous impact on the environment, and on your bottom line.

The environmental impact of reducing paper consumption for electronic billing, statements, & payments

If just 20% of American households switched from paper to electronic bills, statements and payments each year, the collective impact would:

  • Save 146,930,912 pounds of paper
  • Save 542,669,898 pounds of wood
  • Prevent producing 689,437,189 pounds (312,709 tons) of greenhouse gases, which is the equivalent of:
    • Driving 700,798,252 fewer miles
    • Taking 60,939 cars off the road
    • The emissions avoided by not consuming 35.2 million gallons of gasoline
    • Planting 8.7 million tree seedlings and allowing them to grow for 10 years
    • Preserving 1,069 acres of forest from deforestation
    • Creating 1,632,318,487 fewer gallons of wastewater (enough to wastewater to fill 2,472 Olympic-size swimming pools)
    • Avoiding filling 7,011,224 household garbage bags (5,008 garbage trucks) with waste
    • Using 14,936,853 fewer gallons of gasoline to mail bills, statements, and payments

Common questions about companies going green

What should companies do to make their payment systems more environmentally friendly?
How does going green benefit my company?
I am a small business owner – do these measures make sense for me?
How is using a fax machine to process virtual payments still green for the environment?