Infographic: Creative Strategies to Increase Autopay Adoption
Articles
August 18, 2023
High autopay adoption is the gold standard for ensuring high acceptance and lower delinquency rates. Yet many billers still struggle with adoption. For example, only 16% of nonprime auto borrowers are currently enrolled in autopay.
In PayNearMe’s consumer research efforts, we identified that there were a variety of reasons that customers didn’t sign up for autopay. These fears include:
- Lack of control over payment dates
- Enrollment is a hassle
- Forgetting about an automatic payment and incurring an overdraft fee
- Reservations about storing payment information online
- Procrastination
While there are always going to be customers who avoid autopay, incremental increases in adoption can make a big impact for billers—especially in an economic climate that is driving up delinquency rates and defaults.
Learn more in our new infographic, “Creative Strategies to Increase Autopay Adoption“.
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