Displaying 1 - 10 of 57 Bill Pay blog posts
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Age Matters: Generational Preferences in Bill Payments
Tuesday, August 11, 2020 Steve Mountz to Bill PayDigitalization has taken the mainstage in the payments industry due to changing consumer preferences and now, in the midst of the COVID-19 pandemic, necessity. According to the 2020 ACI Speedpay Pulse report, one in four consumers has increased their usage of the biller’s website to pay bills, while one in five has decreased the number of payments they send by mail or make in person at a physical location. In addition, more consumers prefer digital statements (48.2%) to paper statements (25%), while around a quarter prefer to receive both digital and paper (26.8%).
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Bringing the Utilities Industry into a New Era of Bill Payments
Thursday, July 30, 2020 Dan Bolger to Bill PayIn the age of customer-centricity, aided by the ubiquity of connected devices, consumer preferences around billing and payment methods – as well as channels – are changing at pace. And based on the newly released ACI Speedpay Pulse study of consumer billing and payment trends, consumers are adopting new technologies when it comes to billing and payment for utilities.
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Changes in Consumer Search Behavior in the Wake of COVID-19
Monday, July 20, 2020 Autumn Flora to Bill PayIt’s been several months since COVID-19 became a widespread pandemic and a central focus of every aspect of our lives. Businesses are evolving to meet demands and consumers are thinking about their personal finances very differently, especially when it comes to paying bills. Consumer search behavior has drastically changed during COVID and will continue to do so, especially as 1 in 4 consumers who pay a monthly bill have contacted their biller(s) for payment arrangements or deferrals during this time.
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Going Digital at the Deadline: America’s Electronic Tax Revolution
Tuesday, July 14, 2020 Steve Mountz to Bill PayThe Beatles once famously sang, "I'm the taxman, and you’re working for no one but me.” Though the sentiment may be true, governments looking to drive more on-time collections must also accommodate shifting citizen tax and bill payment preferences.
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The Digital Transformation of Tax Filing and Payment and Why Some Communications Still Require Paper
Tuesday, July 07, 2020 Dan Anniuk to Bill PayWith the extended 2019 income tax filing deadline approaching, Americans now have more options than ever to submit their returns and pay taxes using digital methods. While Form 1040 has been around for more than 100 years, digitally filing income tax returns started off slowly in the mid-1980s.
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Digital Disbursements: The Future of Insurance Customer Relations
Wednesday, July 01, 2020 Mahala Johnson to Bill PayIn the insurance industry, where the cost of acquiring a new customer is 7 to 9 times more expensive than retaining an old one, strong customer relationships are vital to success. And, in the wake of the COVID-19 pandemic, adapting to customers’ needs is more critical than ever. To remain competitive, providers must continually evolve to meet the growing expectations of today’s insurance policyholder. Despite advancements in payment technology, more than a third of business-to-consumer disbursement payments are still made by check. This can be an expensive and slow process for insurers, especially in comparison to faster payment methods available. Many consumers now expect far more direct and advanced payment processes.
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Billing and Payments in 2020: Ten Best Practices to Drive Digital Adoption and Engagement, Help Customers and Reduce Your Costs
Friday, May 15, 2020 Andrew Sajeski to Bill PayIn today’s changing times, both consumers and billers are experiencing more stress in managing bills and payments. Consumers may need to make payment arrangements or adjust how they pay their bills if they no longer can pay in person. Meanwhile, billers are scrambling to adjust to taking calls and receiving payments remotely and securely. ACI Worldwide has focused on meeting changing billing and payment needs since 1975, and we’ve compiled a list of best practices to help billers help their customers manage their bills and payments.
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Higher Education Payments: Creating a Better Billing Experience for Students, Families and the Institution
Thursday, April 02, 2020 Michael Grillo to Bill PayFor students and their families alike, paying for college may be one of the most stressful situations they can face. According to The Princeton Review’s 2020 College Hopes & Worries Survey Report, more than half of parents expect their child’s college degree—four years of tuition, room & board, fees, books and other expenses—to cost $100,000. Such a large and important cost deserves a corresponding payment system that matches up.
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Rise of the Subscription Billing Economy: Trends, Challenges and Solutions
Tuesday, March 24, 2020 Mike Rogers to Bill PayOwnership is a thing of the past. In fact, today’s consumers are less concerned with physical possessions and more interested in experiences. More than half of adults wish they could own less stuff and 70 percent say that subscribing to products and services releases people from the burden of ownership (e.g., maintenance, clutter, declining value).
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Gen Z Has Arrived. Is Your Business Ready for the Next Generation’s Billing and Payment Preferences?
Thursday, March 12, 2020 Tessa Douglas to Bill PayMove over Millennials, Gen Z has arrived. They’re entering the workforce… and they too have bills to pay.
The largest of any generation, Gen Z is the first to grow up entirely surrounded by the technology that defines today’s world, from smartphones and social media to ubiquitous high-speed internet. This digital exposure has given Gen Zers – the oldest of whom are 22 – distinct digital preferences and, not unlike Millennials, the need for instant gratification.