One-Stop Bill Pay Playbook: Executive Views on Third-Party Bill Payment Solutions found that 30% of bill payment executives are only moderately satisfied with their companies’ billing capabilities. 44% of organizations with annual revenues under $100 million reported holding this opinion, which was more prevalent among smaller businesses.
Manual reconciliation and automated payments being refused because of insufficient card credentials were the two main issues for firms of all sizes. The final three were service calls from customers who misread their invoices.
Customers may get dissatisfied with these problems given that they want transactions to be simple across all industries.
This is particularly true for the area of bill payments. The simplicity and comfort of using a digital channel to pay recurring payments were listed as the top two considerations by 41% of respondents.
Faster payments were the second-most important reason for using a digital payment channel, according to 23% of respondents.
The fact that customers would be inclined to switch providers if their expectations for a more seamless experience are not satisfied is perhaps the one that worries billing executives the most.
Over 44% of customers who were very interested in better billing experiences indicated they would transfer insurance companies if a rival offered a better system, and 48% said they would switch auto loan companies if a rival offered a better system.