A new study from Fiserv, Boosting Satisfaction and Loyalty With Billing and Payments, reveals that billing and payments have become key drivers of customer satisfaction and engagement, and to remain competitive, billers should optimize their billing and payment offerings to meet the different needs and changing circumstances of their customers.
The study found that the majority of US households use multiple methods to pay monthly bills, and they frequently shift payment channels. These “bill pay omnivores” use an average of 3 different payment methods each month. As new channels emerge however, traditional payment methods, such as checks and walk-in payments have remained popular.
Different payment methods offer different value propositions to different consumers. Understanding these dynamics is important, since 43% of consumers surveyed by Fiserv said that the availability of multiple billing and payment options has a positive impact on their satisfaction with a biller.
At the same time, consumers will be loyal to providers that make receiving and paying bills easier, faster and more convenient. For billers, this means offering payment services, such as automatic payments, payment alerts, emergency payment options and mobile bill presentment and payments – as well as options for making card, ACH debit, check and cash payments.