By Nicole Haskins, Vice President of Sales
If you asked a thousand people to define payments in two words, I bet many would say “necessary evil”. It’s understandable. Paying a bill is far less fun than say, buying a shirt or paying for a nice dinner, but there’s a reason the people of Paymentus get up and go to work in the morning:
We’re passionate about payments and making it simpler and more satisfying for people to pay their bills and manage their financial obligations.
As we enter 2025, I’d like to share a few reasons why Paymentus is more committed than ever to putting our passion for payments to work for your organization.
Consumers Deserve the Best in Billing & Payments
The U.S. Bureau of Labor Statistics shows that spending on food, housing, personal care products and services, personal insurance, and pensions increased for all income groups in 2023. This is due in large part to rising inflation, which hit a 40-year high in 2022.
According to Bankrate.com:
U.S. adults have enough savings to cover 3-5 months of living expenses
U.S. adults have no emergency savings
What’s more, credit usage continues to grow. According to LendingTree, credit card balances have risen by $372 billion since 2021, adding up to a collective debt of $1.14 trillion.
The people represented in these stats are our family, our friends, and our neighbors. Financial pressures are impacting us all, which makes it more important than ever for companies to produce solutions that make it easy for the everyday consumer to pay their bills and manage their financial obligations.
In our ideal world, consumers never have to pay late fees or reconnection costs. Proactive reminders, flexible payment options, and in-store cash capabilities are all ways we can simplify the act of paying a bill on time for those who are already under a world of financial stress. This is why we do what we do, and we never forget that.
Organizations Need Trusted Partners
Internal Paymentus data shows that the average American pays at least 10 bills per month, placing your organization’s bill amongst many that are eager to be paid. We all know that payments are the lifeblood of any organization. This elevates the need for solutions that can promote more on-time payments.
But organizations are also up against the financial realities of their customers–and “pay me or else” only really seems to work on The Sopranos.
The solution lies in a trusted billing and payment partner that understands the reality your organization is currently facing. At a time when the cost of doing business continues to rise, it is imperative that you accommodate the needs of your customers, especially those who are unbanked or underbanked and may rely on cash.
of U.S. Consumers are Underbanked*
of Underbanked Consumers Use Cash**
YOY Increase in Consumers Using Cash (2022 vs. 2023)***
*Federal Reserve, Consumer Payments Report Supplement, April 2021
**Federal Reserve, Bank of Cleveland Underbanked in America
***Federal Reserve, Economic Wellbeing Report
A fully inclusive billing and payment solution allows you to leverage an important emotion not often associated with payments: empathy. Payments are far from just transactions. Instead, think of them as bridges that connect you, your customer and your service. It is our mission to make this bridge seamless, sturdy and above all, simple. At the end of the day, we want your customers to feel that you are firmly on their side. And that’s why we will always be firmly on your side.
