Smitty Two wrote:

What would be the advantage to a coil of 10,000 stamps, over a postage
meter? I assumed all high volume mailers had the meters.

If the letters are identical weight, the cheapest way to pay postage is
with a permit imprint. Postage meters are handy for flats and packages.

It's all about image. Someone who works out of his home, sending no more
than a handful of business letters a day, may use a postage meter to
give the impression to his correspondents that he employs a large staff.
On the other hand, an impersonal marketing campaign makes the envelopes
more personal by using stamps. The additional expense of applying stamps
works (not to mention that you've probably paid for postage well in
advance of the mailing) because it gets a few more potential customers
to open the envelope.

Nothing says "bulk rate" and therefore "junk mail" like a permit imprint.

Permit imprint mailings have another advantage: If you really want to
pay for postage at the last minute, you can do it as late as the time
you present the mailing. Although permit users often use advance deposit
accounts.

Postage meter companies make more money by taking money in advance than
in meter rental fees. They also charge customers fees to give them their
money in advance! Those postage-by-phone and by-Internet recharges
are also profitable.