A newly-released survey reveals that when it comes to paying bills, consumers are all about the S-factors — speed, security and satisfaction. Is your business meeting their expectations?
According to Fiserv’s Eighth Annual Billing Household Survey, consumers want a bill payment experience that is as easy, convenient and intuitive as a push of the button. “In today’s on-demand economy, consumers have the entire world at their fingertips. With so much available, consumers have been conditioned to expect real-time service in every aspect of life — including billing and bill payments,” said Jim Lester, senior vice president, Product Management, Biller Solutions, Fiserv, in a prepared statement. “Consumers expect all billers, regardless of size and industry, to offer a range of convenient, secure, high-quality billing and bill payment options — any time, any channel, any payment type. Wherever and whenever transactions are now the norm, and billers must keep pace to meet customer expectations and drive satisfaction, or fall behind.”
Other insights from the survey, released in mid-April, include:
- Speed and convenience drive payment channel choice. This “need for speed” extends to not only payment processing itself, but to payment interaction as well. For example, a quarter of the households surveyed reporting having used the non-registered “guest checkout option” on biller sites to avoid entering passwords.
- Bill payers are more concerned about security than they were just one year ago. Consumers’ perceptions of the most secure ways to receive and pay bills rank bank bill pay and biller direct options at 32 and 33 percent respectively, followed by mail (25 percent), email (8 percent) and nonbanking sites (2 percent). More than half of those surveyed considered credit, debit or prepaid cards to be more secure options than ACH.
- The link between payment options and customer satisfaction has strengthened significantly in the past twelve months. More options means greater satisfaction, with paperless electronic bills emerging as a top contender with two-thirds of the respondents. Thirty-six percent said that the availability of paperless electronic bills would make them less likely to switch to a competitor.
TransFirst® offers numerous payment processing solutions to keep your customers satisfied. For online businesses, our electronic payment gateway Transaction Express® delivers a hosted payment button feature that lets merchants and organizations create Pay Now buttons on their websites that streamline the checkout process and protect sensitive payment account data. Visitors can use the buttons to purchase items, pay invoices or make donations.
There is also an automated recurring payments option through Transaction Express that enables merchants to securely store payment information for future use. Once specific payment terms are agreed upon between the merchant and customer, the customer’s payment card is billed and a receipt is emailed directly to them. The process is efficient, convenient, and can help business owners build and manage their growth.
Healthcare providers can also benefit from our experience and superior technology when they activate the payment solution that’s built into their healthcare software and powered by TransFirst to process patient payments and set up scheduled payments. Thousands of medical practices already trust the management of their payments authorization to us, resulting in payment assurance, patient satisfaction and practice efficiency.
For more information about payment processing solutions from TransFirst, complete the form on this page or call us directly at the toll free number provided.