Inflation is rampant. Keeping within the household budget means keeping track of expenses — and keeping track of expenses can be a tough task, with so many varying due dates and payment options.
The study “One Stop Bill Pay Report,” a PYMNTS and Mastercard collaboration, found that consumers must navigate a slew of different payment channels, spanning everything from digital payment prompts to paper checks to interactive voice response (IVR).
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Call it bill fatigue.
And the data shows that there’s a significant awareness that things need not be this complicated. Most consumers based in the United States — 57% of them — would be interested in switching to a centralized, consolidated digital portal, or “one-stop shop,” for managing and paying all their bills.
Drill down a bit, and a one-stop bill pay platform can help prevent customers from switching providers as they grow tired of navigating myriad pain points. Fifty-nine percent of those willing to switch would do so because of a lack of payment options. Security also drives willingness to switch, as 82% of bill-payers who are among the most willing to move to one-stop options cited security issues as a key reason.
There’s further evidence that consumers are just about ready to make the leap. As many as 27% of bill-payer respondents who encountered no problems when paying bills through their current payment channels are willing to embrace the proverbial one-stop shops, which shows that momentum may be building for a different, digitally-focused bill payments experience — no matter what.
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