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White Paper: Consumer Payments Automation: Capitalizing on Changing Consumer Preferences
Summary: Consumer billers such as utilities and insurance companies must keep pace with their customers evolving payment preferences or face the consequenceslower customer satisfaction and retention rates, impaired marketing effectiveness, slower collection times, and higher processing costs.The question is how they can do this while minimizing the cost and effort required to offer, support, and integrate additional payment options. This report addresses these questions by:Providing an overview of current consumer payment behavior;Highlighting trends that are altering the payment landscape;Providing an overview of the role of technology in addressing collections payments;Offering a five-step framework that corporate managers can use to optimize their payment strategies.
Introduction........................................................................................................1
Introduction
Current State of Consumer Payments............................................................ 1
What Payment Methods Do Consumers Use Today? ..................... 1
Trends in the Consumer Payments Market.................................................... 2
Consumers Crave Convenience and Control .................................. 3
Bill Frequency and Complexity Drive Payment Behavior ............... 3
EBPPAn Emerging Need ............................................................ 4
Role of Technology ...........................................................................................6
Addressing Collections Payments...................................................................6
Designing an Optimal Payments Strategy...................................................7
Identify Gaps In Your Current Payment Strategy .......................................... 7
Set Ambitious But Realistic Goals.................................................................. 7
Establish Quantifiable Success Metrics........................................................... 8
Design a Watertight Payment Program.......................................................... 8
Follow Best Practices to Ensure Successful Roll-Out...................................... 9
About PayStream Advisors............................................................................9
