Sign In  |  Register  |  About Sunnyvale  |  Contact Us

Sunnyvale, CA
September 01, 2020 10:10am
7-Day Forecast | Traffic
  • Search Hotels in Sunnyvale

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

InvoiceCloud Releases New Payments Report Revealing Key Insights Into Digitally Reluctant Bill Payers

InvoiceCloud, a leading solution for digital bill payment services, has released a new online payments report in conjunction with a third-party research firm, offering key insights into digitally reluctant bill payers’ payment preferences and behaviors. The survey focused on four distinct populations: those who are aged 55+, non-English speakers, those who primarily write checks, and the unbanked. The report is an important resource for organizations within the financial services, tax, utilities, and insurance sectors to help them better understand, engage with, and serve personas historically resistant to online payments.

Key themes and findings from the report include:

  • Opportunities to embrace convenient mobile pay options
    • While the majority (78%) of survey respondents aged 55+ prefer to pay bills digitally, mobile wallets like Apple and Google Pay are underutilized. The door is open for increased mobile wallet usage: 43% of respondents use a mobile wallet for other purchases, and of that group, 72% said they would consider using a mobile wallet to pay a bill.
    • 58% of unbanked survey respondents have used PayPal, a prominent mobile wallet, to make a purchase, and of those, 84% said they would consider using PayPal to pay a bill.
    • 83% of the non-English speakers have used a mobile wallet to make a purchase, and of those, 95% relayed that they would consider using a mobile wallet to pay a bill.
  • The power of “Remind Me” notifications
    • When it comes to challenges to paying bills online, 27% of both non-English speakers and check writers say the fear of forgetting to pay on time prevents them from making online payments.
    • All four populations identified payment reminders as a lever to increase the likelihood that they would pay online. Specifically, 36% of non-English speakers and 34% of those 55+, as well as 24% of the unbanked and 29% of the check writers, all relayed the importance of payment reminders.
  • Unlocking the “why” motivators for using digital payments
    • In terms of what might motivate people to pay online or pay more online, 41% of unbanked respondents and 57% of non-English speakers said an easy-to-use platform would encourage them most; while 41% of check writers and 42% of those 55+ prioritized security assurances.
    • The promise of “no additional fees” was less motivating, with 26% of the unbanked and 29% check writers, as well as 32% of non-English speakers and 42% of adults aged 55+ suggesting fees were a deterrent.

“We work with our customers to drive the highest levels of online payment adoption and finding ways to make digital payments more accessible to everyone is key,” said Kevin O’Brien, CEO of InvoiceCloud. “Gaining insights into the barriers and preferences of some historically non-digital populations is a top priority for our teams as we build a superior payer experience for all.”

This survey, conducted online between February-March 2024, collected responses from 800 US adults (200 who are aged 55 and older; 200 who are non-English speaking and whose primary language is Spanish; 200 who are primarily check writers to pay their bills; and 200 who do not have a bank account). For additional details on the report’s findings, as well as strategies for converting digitally adverse customers to online payments, read more here.

About InvoiceCloud

InvoiceCloud provides modern digital payment, customer engagement, and outbound disbursement solutions. The company services more than 3,200 customers across the utility, government and insurance industries and is a leader in the electronic bill presentment and payment (EBPP) space. InvoiceCloud's SaaS platform enables continuous enhancements to the customer experience resulting in higher digital payment, autopay, and paperless adoption rates. By switching to InvoiceCloud, clients can improve customer engagement and satisfaction while lowering costs, accelerating payments, and reducing staff workloads. To learn more, visit www.InvoiceCloud.com.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Sunnyvale.com & California Media Partners, LLC. All rights reserved.