Generation Y leads the paperless billing movement
Today, more businesses are offering electronic or mobile bill payment options to their customers. Between 2012 and 2013, the number of mobile transactions doubled from 8 million to 16 million transactions, research from Fiserv found.
Largely led by Generation Y, adults who are born between 1982-1993, these users prefer having multiple bill payment options. The days of writing and mailing a check may be on the decline, but to tailor to other age groups, it is equally as valuable to keep these methods available, according to the ABA Banking Journal.
“Many consumers continue to use established methods of paying bills like checks, phone, or in-person payments, and two out of three believe it is important for billers to offer multiple ways to pay bills,” Journal contributor John Ginovsky wrote.
Businesses that have yet to expand their online payment options may be getting behind the competition: Fiserv’s survey also found customers prefer paying bills from their smartphones or the internet because it saves time (49 percent of participants) and is convenient (70 percent).
Nowadays, companies that offer mobile or electronic payment services and paperless billing are doing more than offering online payment options, they are using the power of email and push notifications to their benefit. Customers who receive reminders about their statement are more likely to pay their bill — about 80 percent of users visit websites just to do so.
“Billers who do not provide an easy, direct, and clear way for consumers to find billing and payment information and options risk abandonment and the use of higher cost channels to pay bills,” Ginovsky added.
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