Study Finds Consumer Interest in Consolidated Bill Pay Solutions

Every month, the typical United States bill-payer must track and pay a staggering number of bills, dealing with numerous accounts and billers, each with varying due dates and payment process requirements. This scattershot approach to bill payments has been the status quo for many years, and tired consumers want a reboot. A recent PYMNTS survey finds that 57% of U.S. bill-payers are open to switching to a centralized, consolidated digital portal, or a “one-stop shop,” for managing and paying all their bills.

The “One-Stop Bill Pay Report: Beyond The Billing Status Quo,” a PYMNTS and Mastercard collaboration, examines the state of play for consumer bill payment and the gap between what services providers think their customers want versus what payors actually value. Based on the responses of 2,099 U.S. bill-paying consumers and 400 billing and collections executives, the study highlights the pain points bill-payers encounter and how billers can tailor the user experience to bolster customer loyalty and retention.

Key findings include:

• Consumers say they are content with the status quo, but 91% of billing companies receive complaints about the inconvenience of their services’ inconvenience.

Bill-payers accept the current state of affairs as normal, and 80% said they are happy with how they currently pay their bills. However, 91% of billers reported that their customers complain about billing services, and 34% said that these consumers feel dissatisfied with their payments choice.

• Thirty-eight percent of U.S. bill-payers want a one-stop bill payment solution that can simplify their bill payments and reduce the related hassles.

Fifty-seven percent of bill payors indicated being at least somewhat interested in switching to a one-stop solution, and more than one-third would be very or extremely interested. Simplified tracking and ease of use top the wish list of features for 54% of bill payors who say they would switch to a one-stop-shop solution. Convenience follows closely, at 52%.

• Consumers do not “want” multiple payment options and autopay — they expect them.

Billers who think that customers consider a variety of payment options to be an optional, premium feature have the wrong idea. Consumers expect to be able to pay with the payment method of their choice, and this has become basic table stakes for the industry. PYMNTS data shows that just 4.3% of bill-payers consider payment choice to be the most important payment feature.

To learn more, download the report.