Consumers interested in digital bill payment

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We can get a sense of satisfaction out of it, but no one really likes paying their bills. This is especially true if the bill-paying experience is outdated, old-fashioned, and out of step with expectations.

Consumers want to simplify their monthly bill payment obligations more than ever and see digital channels as the most efficient, smartest and fastest way to do so, as 85% of consumers are already using digital bill payment. Many are even willing to pay a small convenience fee for the service.

For the PYMNTS Streamlining Bill Payment: How Frictionless Experiences Drive Customer Engagement study, we surveyed nearly 3,000 U.S. consumers about bill payment preferences and the appeal of digital billing to millions of people, with a view to improve existing bill payment options.

Get your copy: Streamlining Bill Pay: How Seamless Experiences Drive Customer Engagement

graphic, reasons consumers choose digital bill payment

  • 41% of consumers cite ease and convenience and 23% cite faster and instant payments as the main reason for choosing a digital channel

Ease, convenience and speed are winning when it comes to paying bills, and that means digital. Those who aren’t using it yet want to, and those who already pay digitally want it done better.

According to the study, “Consumers value the convenience when paying recurring monthly bills, which most likely drives satisfaction levels with different payment methods. Nearly half (41%) of consumers cite the ease and convenience and 23% cite faster, instant payments as the top reason for choosing a digital channel.”

graph, difficulties in the dispute resolution process

  • 33% of consumers express their dissatisfaction with the slow processing of disputes

According to PYMNTS research, 40% of respondents say they are “very” or “extremely” interested in an improved billing experience, and dispute resolution is a key area.

It comes down to customer satisfaction, and “how a service provider resolves billing disputes affects customer satisfaction. Mobile phone bills (9%) are the most disputed services, followed by cable television and Internet services (7% for both).

“Satisfaction with dispute resolution is high,” the study says, “yet 33% of respondents say they are dissatisfied with the slow pace of dispute resolution. Almost a quarter complained about the lack of transparency and lack of early notification. »

graph, consumer billing experience51% of consumers who are “very” or “extremely” interested in a digital bill payment option are willing to pay for the service.

Consumers don’t like the convenience fees added to digital bill payment features that they say should be free, but a surprisingly high percentage will pay a fee for simplified bill payment certainty.

According to the study, “Willingness to pay a fee for an enhanced billing offering increases to 51% among consumers who are ‘very’ or ‘extremely’ interested and therefore see value in such a service. Highly interested consumers who pay recurring bills for consumer loans (54%) and cable TV (51%) are the most likely to say they are willing to pay for a better billing experience. »

Mobile phone users (46%) and home Internet users (49%) are the most willing to pay such a fee. Consumer credit (64%) and cable TV (53%) users are the most likely to want it for free.

Get your copy: Streamlining Bill Pay: How Seamless Experiences Drive Customer Engagement

Download the report on streamlining bill payment

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