Displaying 1 - 10 of 64 Bill Pay blog posts
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12 Ways Americans Changed How They Pay in 2020
Monday, December 21, 2020 Steve Mountz to Bill PayACI experts recently shared their predictions and industry expectations for billing and payments in 2021 and beyond. As we close out 2020, let us look back at just how much billing and payments have changed this year:
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Billing Experts Predict Consumers Will Be Driving Force Behind Payments Industry Changes in 2021
Wednesday, December 09, 2020 Michael Grillo to Bill PayAs we near the end of 2020, the pandemic and its resulting economic fallout continue to wreak havoc: COVID-19 cases are increasing, raising concerns about an economic recession and instilling uncertainty among consumers about their financial security. In fact, 15 percent of consumers who responded to a recent ACI Speedpay Pulse survey reported that the pandemic was a direct factor in missing a bill payment. And of those consumers who currently have past-due payments, more than a third believe it will take them at least six months to catch up on late bills.
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Customer Experience: A Key Ingredient for Biller Success
Tuesday, December 01, 2020 Autumn Flora to Bill PayToday’s consumers are looking for fast and seamless experiences across the board, including when it comes to making bill payments. Understandably, slow and inconvenient experiences lead to lost loyalty and likely attrition – especially with consumers paying up to 10 bills per month, according to recent findings from the ACI Speedpay Pulse.
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Filling the Gaps: How Higher Ed Institutions Can Put Money Back into Their Budgets
Monday, November 09, 2020 Peter Drew to Bill PayAt a time when budgets at colleges and universities are tighter than a snare drum, where can schools turn to find the funds for their finance and IT departments? Sure, donors and alums may be tempting sources, but one answer to this funding issue is actually quite simple:
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How Billers Can Adapt to a Changing Payments Security Landscape
Wednesday, October 28, 2020 Raj Vaidyanathan to Bill PayMore and more consumers are adopting digital channels like websites and mobile apps to pay their bills; but at the same time, hackers are becoming more sophisticated and cyberattacks are increasing in frequency. In fact, nearly 20 percent of consumers have fallen victim to online identity theft, according to our most recent ACI Speedpay Pulse, pointing to an opportunity for billers to up the ante when it comes to security measures.
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Cut Your Losses – It’s Time to Digitize Medical Loss Ratio Rebate Payments
Wednesday, September 23, 2020 David Young to Bill PayThe deadline to issue medical loss ratio (MLR) rebates for 2020 is next week, yet many health insurers are meeting the requirement by sending paper checks in the mail. Meanwhile, only seven percent of health care premium payments are paid by check, according to the 2020 ACI Speedpay Pulse survey on billing and payment preferences. Policyholders receiving these checks may not understand why they are receiving them – if they even open the envelope in the first place.
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Recurring Success: Exploring Subscription Payment Trends
Thursday, September 03, 2020 Mike Rogers to Bill PayWhen you think of recurring monthly expenses, there are certain obvious bills that come to mind: mortgage or rent, utilities and phone bill, among others. But today, monthly recurring expenses increasingly include things like online streaming services (music and entertainment), meal kits, pet treats, video games and clothing. It seems there’s a subscription service for everything these days — and consumers are taking full advantage.
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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.