Do you offer your customers choices in how they can pay their bill? According to the 2012 Fiserv Billing Household Survey, 76% of American consumers use more than one method to pay their bills each month.
The infographic below is from the survey and highlights several key trends. Clicking on the infographic will open a larger version from the Fiserv website.
Let’s examine some of the key points illustrated by the infographic.
Customers use multiple payment methods
As mentioned above, 76% of consumers use more than one method to pay monthly bills. This could be due to personal preference or, more likely, to the unavailability of being able to pay some bills online.
More surprisingly, 20% vary how they pay bills each month, based primarily on availability of funds and due dates.
Online payments outpace check payments
For the last 11 years, check payments have steadily declined while online payments have more than quadrupled. 50% of bills are now paid online, split equally between using online banking and paying at the biller’s website.
As this trend continues, you can expect to see more payments being made at your website (if you offer online bill pay) and through online banking. If you aren’t receiving online banking checks electronically, your cash flow will suffer as more and more customers migrate from writing checks to paying bills through online banking.
Want more visitors to your website?
The number one reason given by consumers for visiting a biller’s website is to pay a bill online. If you’re not offering online bill pay, you’re missing out on this website traffic.
When was the last time you reviewed your payment options?
If you have questions about your existing payment options or would like assistance in exploring additional payment methods, please give me a call at 919-232-2320 or e-mail me at firstname.lastname@example.org.
© 2013 Gary Sanders