Payments used to be just transactions between consumers and businesses. If the process was slow, inflexible or required manual work, that was part of the deal. Now, however, payments are a central focal point in the customer experience.
Businesses that rely on recurring payments know there are often a stack of related costs that can cut into profits. Billers may factor it in as part of doing business—but many underlying causes that drive up costs are preventable.
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Bill payment is now predominantly digital; typically limited to the traditional options of ACH or card payments. Yet many consumers still prefer to pay in cash. How can lenders and billers better serve those customers, and why is it important?
Payment options are rapidly evolving for many consumer experiences. Unfortunately, bill pay lags behind this evolution. As lenders and billers try to catch up to offer more modern options, they often end up with a patchwork of payment platforms that is complicated and costly to manage.
Consumers have come to expect personalized experiences in nearly every business interaction—from ordering a pizza to ordering a rideshare. This demand and desire for an easy and seamless payment experience has become increasingly important for lenders who want to attract and retain customers. And it’s not just about meeting customer demand; it can also impact their bottom-line.