InvoiceCloud, an EngageSmart solution for online bill payment services, released its State of Online Payments report, showcasing what we believe are vital insights into customer payment preferences, payment trends, and general behaviors around digital payments. We see this annual report as an important resource for enterprise businesses across sectors including financial services, utilities, and local governments that, just like consumer companies, are more dependent than ever on providing satisfactory payment experiences to meet revenue goals in increasingly uncertain times for collection departments.
“The payment experience is one of the most frequent and important opportunities for businesses of all sizes to build great relationships with their customers”
According to our 2022 survey, mobile payment channels have overtaken online portals as the most used and the most preferred payment channel for the first time since we started issuing these annual reports. In the past year, 67% of respondents report making a bill payment via mobile device compared to 63% of respondents who say they made a bill payment through an online portal. We believe these results highlight the importance of optimizing the mobile experience to remain competitive and retain customers.
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Key findings from InvoiceCloud’s State of Online Payments report include:
- Enrollment in automatic payments is 5% higher than in previous years
- 53% of respondents prefer using Apple Pay over other digital wallet options
- Common issues with digital bill payment heading into 2023 are contacting customer service (29%), less secure personal information (28%), payments taking too long to process (23%), and lack of payment reminders (21%)
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“The payment experience is one of the most frequent and important opportunities for businesses of all sizes to build great relationships with their customers,” said EngageSmart President of Enterprise Solutions Kevin O’Brien. “This data emphasizes that the payment experience billing organizations provide must be on par with what customers already expect from e-commerce and mobile-first consumer brands.”
The State of Online Payments is based on a survey that resulted in over 2,100 qualified responses in October 2022 from respondents who paid at least one bill online in the prior 12 months. This annual InvoiceCloud survey allows InvoiceCloud to directly compare how certain payment habits have diverged or stayed consistent between this Report and our Reports in prior years.
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