Royal Mail Increases Stamp Prices by 14%

Posted 30th October 2023

 

The price of a Royal Mail first-class stamp has risen by 14% in October, the third price increase in 18 months. With the cost of a stamp now officially doubling that of 2012, what used to appear to be a low-cost, low-fuss method of sending letters could now significantly impact your business expenditure.

Royal Mail Stamp Prices Increase in October:

  • First-class – Standard £1.10 to £1.25
  • First-class – Large £1.60 to £1.95
  • Second-class – Standard £1.15 up to £1.55

Royal Mail have stated that the rise in price is due to increasing cost pressures and a challenging economic environment. They also blame the Universal Service Obligation, a service which requires the Royal Mail to deliver letters six days a week to all addresses in the UK for the same price, no matter where they are going.

It’s no surprise that in recent years, notably since the pandemic, the popularity of sending physical letters and documents has reduced dramatically. The way we work and live is moving increasingly online and paper-based processes are no longer the most efficient way of carrying out business. With letter volumes down more than 60% from 2004, without a total reform of the postal service to reflect the current climate, high stamp prices are set to stay and increase even further.

Despite the surge in digital solutions, many businesses haven’t made the switch yet. At E-Sign, we believe that every business should have an eSignature solution in its digital toolbox. Legally binding and secure, equal to the validity of pen and paper signature, an eSignature indicates the signer’s intent to agree to the contents of the document or a set of data to which the eSignature relates.

If your business signs and collects signatures as part of your daily operations, let’s look at how you could benefit from eSignatures:

Improve Efficiency

Switching between printing, scanning, and posting is time-consuming and adds unnecessary steps into your workflow. By adopting an electronic signature, you can easily create, sign, and send out digital documents in just a few clicks, saving time on managing documents and signature collection. If staff work from home, a digital signature provides the software your employees need to sign and generate digital documents, allowing them to continue working effectively from any location.

Save Money

The cost of collecting signatures and processing paper documents can all add up, and as we have explored, costs associated with sending letters in the post are on the rise. By utilising digital documents and electronic signatures, you can eliminate spending on paper, envelopes, stationery, and postage, as well as the money spent on printer ink, toner, and the maintenance costs of this equipment.

Boost Document Security

Sending out sensitive contracts and documents containing personal data in the post isn’t 100% secure. An advanced or qualified eSignature will allow you to collect signatures whilst managing the risk of fraud by providing a full audit history documenting the author, signers, devices used, IP addresses, time and date stamps for traceability and transparency. Most providers will also offer expert cybersecurity, as well as extra protective measures, to ensure your documents don’t fall into the wrong hands.

Enhance Customer Experience

Using electronic signatures and digital documents will not only be beneficial to your business but also to your clients. Paper-based processes can be time-consuming for your signers; if it’s not an editable document they’ll have to print, sign and either scan or post the document. Keeping everything digital ultimately makes their lives easier, enabling them to view, eSign and return your documents in just a few clicks.

A digital solution will also allow you to add other time-saving technology into your processes such as automation and integration. In this sense, electronic signatures and digital documents can help form the foundation for future digitisation.

Are You Looking for an Electronic Signature?

If you’re looking to adopt an eSignature, find out more about E-Sign. Try our eSignature and document management platform for free. With no payment details, downloads, or software to install, you can start benefiting from an eSignature today.

 

E-Sign is a leading provider of digital transaction management solutions, supplying professional services including Electronic Signatures, Web Forms, ID Checker, Verification Tools, Personalised Emails, API and Payment Processing to businesses of all sizes across the UK.

To find out more about our E-Sign solutions and how they could transform your business, get in touch with us today.

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