Paper checks, mailed payments, and manually processed payments all serve as revenue leaks. AutoPay removes the costs of manual, one-time, and paper-based payments, which can range from $2-4 per check. AutoPay users are also likely to adopt paperless eBills, which can add thousands in savings per month.
A NerdWallet survey found 37% of Americans have been charged a late fee on their bills over the past 12 months. Why? For many, it’s because they simply forgot to pay the bill. AutoPay removes the need to remember bill due dates and payment information. Not only does this set-it-and-forget-it convenience ensure on-time payments, it reduces any potential dissatisfaction customers may feel when charged a late fee.
Research shows that customers using AutoPay are less likely to churn than those making one-time payments. AutoPay enrollment signals a commitment from the customer to your organization. And once they enroll in AutoPay, they are very unlikely to return to one-time payments. This means on-time payments for the life of the relationship.
AutoPay may be the most powerful offering within your billing and payment platform. From cost savings to customer loyalty, there’s no end to the benefits your organization can experience from AutoPay adoption. Join Paymentus CAST experts to learn:
The top organizational and customer benefits offered by AutoPay
How peers have driven AutoPay adoption to exceed their payment goals
Ways CAST can help you create and deliver effective AutoPay marketing campaigns at no cost to you
