In our current economic climate, businesses and consumers are both feeling the pinch. Glider's recent research found that six-in-ten (63%) Australians are having difficulty paying their bills on time due to cost-of-living pressures. That poses real issues for service providers reliant on timely customer payments to maintain business stability and is especially pressing amid rising costs of operations.
On top of that, the billing and payments landscape has evolved significantly over the past two decades, in tandem with the seismic rise of e-commerce. Traditional ways of paying your bills — like at a post office or over the phone — are giving way to a preference for flexible, frictionless payment experiences that can be completed whenever and wherever consumers are.
Fewer than three-in-five consumers report high satisfaction with billing experiences. Satisfaction is lowest among Gen Z consumers, with 78% citing friction within the payment process as the most likely reason for a poor bill payment experience.
Streamline Your Digital Billing Experience
61% of bill payers agree that it's important that service providers offer mobile-optimised payments.
Invest in user-friendly digital payment platforms to streamline the payment process for consumers, making it quick, convenient and intuitive. One-click bill payments let customers pay with their preferred payment method with a single click on an email or SMS. Over half (53%) of Australian bill payers want one-click bill payments, signalling a clear opportunity to improve the customer experience.
Offer Flexible Payment Options
51% of late bill payers say that more flexible payment options, including instalments, would increase on-time payments.
Not all consumers want to pay the same way. Cater to these diverse expectations by offering a variety of payment options, including online payments, automatic direct debit payments, instalment plans, and mobile payment solutions. By providing flexibility, businesses empower customers to choose the payment method that best suits their needs.
Optimise Customer Support
63% of bill payers would consider switching service providers in the future, with 55% citing poor product or service experiences as a reason.
Efficient and responsive customer support channels are essential to resolving payment-related issues promptly. Ensure your customer service teams are able to offer easy and secure payment options through multiple channels including phone, email and webchat.
Provide Timely Reminders
42% of late bill payers say that well-timed text and other reminders would help them pay bills on time.
When it comes to balancing consumer expectations with getting paid on time, payments communication is key. Engaging customers with timely reminders, easy payment options and quality customer support improves the overall bill payment experience. By proactively communicating payment deadlines and amounts, businesses can reduce the likelihood of late payments, improve collections and create a better customer experience.
Establishing a clear and effective payments communication solution requires expertise. That's where Glider comes in. Glider is an enterprise-grade payments communications platform that helps you optimise your bill payment processes from your contact centre to your billing and credit teams.
Get in contact to find out more about how we can help.
