Payment Portals Simplify Consumer Bill Payments

Payment Portals Simplify Consumer Bill Payments

Mastercard - The One-Stop Bill Pay Playbook: Friction Within the Bill Pay Experience - February 2023 - Discover what consumers view as the top frictions in the bill payment process and how companies can reduce these frictions to improve customer satisfaction

PYMNTS’ hottest exploration exhibits that most invoice-shelling out consumers in the United States confront challenges in the monthly bill payment procedure. In the final 90 days, more than 50 {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} faced at the very least 1 pain position, these types of as a absence of payment alternatives or security problems.

The 1-Halt Monthly bill Pay out Playbook: Friction In the Invoice Payment Experience,” a PYMNTS and Mastercard collaboration, explores what invoice pay out platforms should know about consumer tastes. We surveyed 2,099 bill-paying out individuals to decide their degrees of gratification with the bill payment practical experience, identify the essential results in of friction in the course of action and gauge how they come to feel about 3rd-occasion bill shell out portals.

Essential insights in-depth in the playbook incorporate the pursuing:

Bill-payers prioritize security previously mentioned all other options of the invoice payment experience.

Fifty-two {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} of U.S. monthly bill-payers rank stability as a major function in the electronic bill payment system, and 20{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} rank it as the most vital aspect. The potential to watch and pay out payments from a solitary on the internet system was ranked upcoming, with 38{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} ranking this as critical and 13{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} stating it is the most essential feature.

Extra than fifty percent of U.S. invoice-payers not too long ago professional friction when paying bills.

Fifty-two p.c of invoice-payers encountered at least a single ache point when paying out payments in the earlier 90 times, with 29{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} encountering multiple issues. 20-two p.c pointed out a deficiency of options, and 15{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} a lack of payment possibilities. Individuals who shell out their costs through non-electronic channels are even far more probably to encounter ache points.

Most monthly bill-payers are open up to employing a person-halt invoice payment portals.

Fifty-nine percent of monthly bill-payers are open to making use of a single monthly bill payment platform or a “one-cease store.” Various causes push their curiosity in these platforms: 54{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} consider a 1-quit shop would make it easier to track costs, 52{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} stated it would make it less complicated and far more hassle-free to pay back expenses and 50{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} stated it would help a lot quicker payments.

To study much more about the best frictions in the monthly bill payment method and how providers can decrease these frictions to improve shopper fulfillment, download the report.