Ebilling Retains Customers, Increases Profits
According to a new study with Qwest Communications, Fiserv and Aspen Analytics , electronic billing clearly benefits that bottom line. By analyzing the customer bill payment
Habits of more than 8 million people over an 18-month time period, the study revealed that how customers receive and pay bills has a big effect on churn and profitability.
Findings from the study are that customers that use ebilling are:
- 12.5% less likely to leave the provider
- 35% more likely to pay promptly and completely
- purchase 20% more services than those who don’t use ebilling
Automatic, recurring payment users are:
- 14% less likely to leave the provider.
- 86% more likely to pay bills on time.
Consumers who use both e-bill and recurring payments are more loyal and more profitable than other customer segments. Companies should deliver ebilling both via from company websites and also through financial institution bill payment portals that allow consumers to log on and pay bills through online banking.
Interested in increasing your profits with electronic payment processing?
Contact firstname.lastname@example.org today