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
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“.