Executive Report: Consumer Bill Payment Trends by Channel and Method
This research report provides new data on the payment channels and methods Americans use to pay the 29 most common bill categories including loans, insurance and tuition.
U.S. consumers paid approximately 14.7 billion bills per year, spending roughly US$3.9 trillion.
What was once a relatively simple task has become more complex involving many different payment methods and channels.
Download this report to learn how:
- Customer demographics and behaviors are shifting with bill payment behaviors and methods varying greatly across generations and various bill payment categories.
- A long-term view and dedicated resources to digital channels are required as many consumers are slow to change, and many still pay bills through the mail, in person, and by check.
- You will benefit from a shorter and easier payment process as consumers are far more likely to complete such processes via automated channels.
- While consumer ACH bill payments already account for over 46% of total bill payments, innovative payment solutions are needed that take advantage of same-day processing.
The 85-page research report will be of interest to payment executives who are interested in keeping tabs on U.S. consumer bill pay trends as well as to the vendor community servicing the electronic bill payment and presentment market.