A deep disconnect exists between holistic bill payment solutions providers and billers on the value a holistic billing platform can offer. Providers tout the benefits of an improved customer experience, while billers express concern about the difficulty of integration or that it would not really be that convenient for customers.
While adoption can present costs and challenges, billers must weigh those against the possibility of losing customers and revenue to competitors that offer bill payment experiences with fewer frictions.
In “Decision Guide: Holistic Bill Pay Wins Over Users — But Holdouts Remain,” a collaboration with Paymentus, we surveyed 2,099 consumers and 400 executives from firms in the consumer finance, utilities, insurance, telecommunications, governmental services and healthcare industries. We cross-referenced both surveys to reveal actionable insights into how one-stop payment systems can benefit billers’ bottom lines.
Most billers that use holistic bill payment systems like what they see. A convenient payment experience will likely to result in lower churn and more completed customer transactions, positively impacting revenues. Eighty-three percent of billers report that using a holistic payment platform gave customers access to more payment methods and options.
Not all billers are on board. We found that 26% of billers are not interested in providing these platforms. Among these billers, 43% worry it would be too complicated to integrate, and 47% do not think holistic options provide more convenience for customers. This data demonstrates a disconnect between what billers believe and what consumers want.
The level of billing friction that customers experience determines their level of satisfaction with the biller. The more bill payment frictions a consumer experiences, the more likely they are to switch providers. For example, 43% of consumers say they would be highly likely to switch providers after experiencing one or two bill payment frictions.
“Decision Guide: Holistic Bill Pay Wins Over Users — But Holdouts Remain” explores the impacts one-stop bill payment platforms can have on billers’ user experiences and compares it with billers’ sentiments and concerns about switching from legacy solutions. Download the report to learn more about how having one spot to pay all bills can influence biller and customer experience.