A lot of the focus these days — and rightfully so — is making sure that collection operations are communicating with consumers via the channels that the consumers prefer. It improves right-party contact rates, and makes it more likely that the consumer will pay off the debt. But how is the consumer going to pay off the debt? That is the next question that collection operations need to ask themselves, and there is data to indicate just want consumers prefer in that area, too.
For example — operations that think offering a variety of payment options is a “premium” feature that isn’t required “have the wrong idea,” according to a report which analyzed the results of a consumer survey about bill payment. Multiple payment options and autopay are a requirement, not an option, in today’s world.
More collection operations are starting to allow consumers to make payments via apps like Venmo and PayPal, and that is something that consumers want, too. More than half of the consumers surveyed are at least “somewhat” interested in switching to an one-stop solution for paying their bills. For those who want such convenience, 54% said simplified tracking and ease of use top the wish list if they were to use such a service. Convenience is the next most popular driver that will spur consumers to use such a solution.
More than 90% of billing companies reported that customers complain about billing services, and 34% said consumers are dissatisfied with the number and variety of payment options.
Overall, while 80% of bill payers are happy with how they currently pay their bills, that number is only going to go down if companies do not keep up with the changing times and expand how consumers can make payments and offer more robust features.
Topics like these will be front-and-center at ARMTech, a technology conference coming to Nashville in January. Learn more about the great line-up of speakers and see all of the how-to sessions that are on the agenda by visiting www.ARMTech.live
