Busting Two More Top Holistic Bill Payment Myths
Last year, we took a look at two of the top holistic bill payment myths to showcase why billing organizations should overcome their hesitations and seek out an inclusive billing and payment solution. In this updated article, we’ll look at two new myths to show why holistic bill payment experiences will continue to win the payment platform war.
Myth 1: Younger Consumers Aren’t Interested In Holistic Bill Payment Portals
The percentage of young consumers (Gen X and younger) occupying your bill paying base continues to grow, with digital natives now beginning to make their presence felt to a large degree across the bill pay spectrum. Given their preference for digital payment methods, it might seem as though meeting their payment preferences is simply a matter of offering digital wallets or credit card options.
The truth is that across all demographics, Baby Boomers were the only ones to express little interest in a theoretical holistic bill payment portal. And younger generations aren’t just interested, they’re very interested.
As you can see, the interest grows as the demographic gets younger. There are two reasons for this. First, younger consumers likely have less ingrained behaviors, making them more adaptable to new experiences. Second, younger consumers likely have more bills to pay, which raises the profile of anything that makes their monthly payments more convenient.
The clear trend shows that preferences for holistic bill payment portals will only increase. BIlling organizations that can get ahead of this preference are well positioned to ensure more on-time payments and greater loyalty from those who have a lifetime of bill payments ahead of them.
Myth 2: Ease and Convenience are Secondary Benefits
When asked to rate the most important reasons consumers would be interested in a holistic bill payment portal, payment options, customer experience and even security took a backseat to ease and convenience.
According to our latest How Americans Pay Their Bills industry report, the number of bills paid in 2023 is up 16% from 2010. Considering this, it’s no wonder that consumers from all financial walks of life are interested in simply making their bill pay experience as easy as possible. This is especially interesting when you consider that ease and convenience are more than twice as attractive to consumers as security.
Of course, no one would ever recommend sacrificing security for convenience. But it’s clear that your innovation strategy must prioritize simplifying and streamlining the bill pay experience. That is the foundation that all other elements must support. If your security solution introduces friction at every turn, it’s ultimately undermining the top customer satisfaction driver. Keep customer-centricity in mind and always challenge your billing and payment partner to do the same.
Want to see more of what consumers want and billers need from a billing and payment solution? Download the full holistic report for expanded insights and data. And if you are ready to put this into practice, let’s talk! Our team would love to showcase how the Paymentus billing and payment solution can set your organization up for success.
