Can switching to paperless billing for a credit card, bank statement and even utility bills help save the environment?
According to consumer education association PayItGreen, households reducing paper billing can have a significant impact on the environment.
But PayItGreen really extols the impact that businesses can have on the environment and their own carbon footprint by giving employees access to direct deposit.
The benefits to society and the environment are impressive, says PayItGreen. The organization, a coalition of financial services companies, estimates that 22 million employed Americans do not have access to direct deposit to receive their pay electronically.
If they did, says the group, nearly 9 million pounds of paper would be saved and 25 million pounds of greenhouse gases would not be released into the environment.
"What large and small companies don’t realize is that by offering direct deposit and maximizing participation, they not only are helping to save the environment, they are also saving their companies significant money," said Angela Ceccarelli, PayItGreen spokesperson and vice president of marketing for HSBC Payments and Cash Management in New York.
A 2009 study by PayItGreen shows that businesses save well over $6.5 billion over the last 10 years by switching employee payment to direct deposit.
Because Earth Day is coming up at the end of the month, now is the opportune time for companies to study environmental best practices and try to make small or large-scale changes to save the environment and save money, advocates the group.
In addition to the eco-friendly reasons for going paperless, PayItGreen says that direct deposit and other electronic payment methods reduces clutter, saves time and improves security.
