For decades, something has been broken in the bill pay industry. Loans and recurring billable services serve consumers of all ages who have a wide range of needs, preferences and circumstances. Yet typically, the model for paying those bills has been the same for everyone.
Choosing a new bill payment platform is a major strategic decision. It requires building alignment across numerous stakeholders to support competing priorities and your overall vision for company growth.
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.
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.