Chris Trainor, Vice President of Growth and Strategic Partnerships, Paymentus
Why do customers abandon bill payments during the payment process?
In a previous article, we noted that 80% of bill payments are abandoned at the point of login. The inability to remember user names and passwords continues to stand as one of the biggest barriers in bills being paid on time.
Extrapolating from the world of eCommerce provides us with additional insights into cart abandonment. A few of the most common reasons for cart abandonment are as follows:
- Mandatory account creation – Not all consumers prefer having online accounts, hence the necessity of Guest pay. Beyond not wanting to save and store payment information on a third-party site, these consumers are also removing the need to remember login information.
- Long checkout process – Think of every click within your bill payment experience as a debit on your consumers’ patience meters. Each click gives them one more chance to give up and move onto something else.
- Lack of payment options – Inflexibility is stifling to the everyday consumer, who likely has 1-2 preferred payment methods and simply wants to use them. This is especially inconvenient when payment options offer different experiences, e.g., saved cards online versus manually input cards over the phone.
How BillWallet® solves the bill-pay abandonment problem
BillWallet® is purpose-built to overcome the most common challenges organizations face in terms of experiencing on-time payments. And it all starts with the login (or lack thereof).
BillWallet® features a one-time registration where customers sign up using only an email. There are no account numbers or passwords required. Paymentus verifies the user identity and issues a BillWallet® ID, which becomes their single, secure login across all channels (web, mobile, IVR, and voice).
From there, consumers link bill data (organization, account number, payment method, etc.) that is then securely stored for future use. Each month, consumers need only to confirm their BillWallet ID and they’re set to pay each of their linked bills in a single click.
What are the unique benefits of a digital bill wallet?
While speed and convenience are undeniable benefits of BillWallet®, there are several additional benefits to the fast-pass digital bill payment experience offered by BillWallet®.
Want to learn more about the transformative impacts BillWallet® can offer your organization and its customers? Let’s talk! Our team of innovation experts can provide an exclusive demo showcasing the simplicity and possibilities offered by BillWallet®.
