The need for speed and consumer expectations for payments

first_imgConsumers expect most aspects of their daily lives to move forward at the push of a button or the swipe of a finger. The Eighth Annual Fiserv Billing Household Survey from Fiserv finds consumers’ expectations for anytime, anywhere access and speed includes their billing and bill payment options.Here’s what billers need to know to navigate consumers’ changing expectations:Consumers don’t take the issue of payment processing timing lightly. Gone are the days of timing transactions in business days. Today’s consumers expect their bill payment transactions to be finalized in a matter of minutes, if not sooner. In fact, nearly a quarter of people expect instant credit for bill payments – a figure that rises to 70 percent when including those who expect same-day credit. A full 90 percent expect credit no later than the following day. Real-time – or at least same-day – bill payment processing is more important than ever before. Billers need to understand that industry initiatives for faster bill payments are already underway, and same-day bill payment credit availability will soon be the norm. continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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