The recently released 2013 Fiserv Billing Household Survey highlights some interesting findings that correlate with what we’re seeing in the billing industry today.
- The number one reason why customers visit a biller’s site (your agency’s site, in this case) is to make a payment. This speaks to the importance of providing customers with an intuitive, user-friendly payment experience that lets customers quickly pay their bill without confusion or frustration. A bad user experience significantly decreases the chances of a customer coming back to pay that way again.
- 75% of consumers say multiple billing and payment options is important or very important, and 1 in 5 actually change the way they pay their bills each month based on availability of funds, due dates, and amounts owed. Offering customers multiple channels (at the counter, online, by phone, or on-the-go with a mobile device) and payment types (cash, ACH, debit and credit cards) help satisfy customer needs by providing options that are consistent with the way they live.
- 55% of consumers do not (or rarely) use their checkbook. The move to more electronic payments continues to gain momentum. There will always be a segment of the population that resists change, but the need to accept debit/credit cards is clear.
The findings from this year’s survey reinforce our “7 Truths of Customer Usefulness,” particularly around the importance of providing a billing and payment system that is quick, easy, and convenient for customers to use.