Unsatisfied customers with the paycheck-to-paycheck billing systems report to PYMNTS and Mastercard. They asked customers and Executives about their experience with the bill payment system, and shocking stats came out.
The companies’ capability only satisfies 30% of their bill payment executives. The percentage rises as they go down to small firms and businesses. According to the report, 44% of the companies with revenue under $100 million reported the same impression.
One of the biggest pain for big companies was automatic paycheck-to-paycheck payments decline and reconciliation due to bad card credentials. The top three reasons include the service calls and the misunderstanding of customers with their bills.
This problem can easily elevate dissatisfaction. Customers in all sectors need fast and easy transitions. These are the most suited parameters for the bill payment industry.
Reports suggest 44% of the customers put ease and convenience in transactions above all else in the billing process. Most of them are willing to switch to different providers according to their paycheck-to-paycheck billing convenience.
Customers’ highest votes (23%) go too fast for digital payouts as their top priority when choosing a payment operator. The most concerning factor of the report is that the customers are willing to switch their providers if they don’t provide frictionless payments.
44% of customers, among those who deeply want to improve their transitional quality, are willing to switch their insurance provider. On the other hand, 48% are willing to switch to other auto loan providers if competitors offer better services.
The customer demands improved services for free without any extra service charge. The report suggests that even high taxes are demanding explicit transactional services at zero cost fees. These requests are piling up pressure on existing billing companies.
The reports suggest that 77% of the executives are willing to collaborate and unify their services to provide better customer service. Consumers and executives agree on the need to improve the billing platform. Brands need to upgrade services to be competitive in the market.