InvoiceCloud Releases Annual State of Online Payments Report
The survey data found forgotten passwords cause issues, mobile is the most preferred channel, due dates determine bill priority, and more
BOSTON—November 28, 2023—InvoiceCloud, an EngageSmart (NYSE: ESMT) solution for online bill payment services, released its annual State of Online Payments report in conjunction with Regina Corso Consulting, offering key insights into customer payment preferences and behaviors. This is the fourth year InvoiceCloud has released this report to help enterprise businesses within the financial services, tax, utilities, and insurance sectors keep ahead of important payment preferences and trends by using the survey data to improve customer satisfaction and drive their organization’s bottom line.
The 2023 survey revealed several key takeaways, including:
- The growth of self-service adoption has become relatively stagnant, with 30% of 2023 respondents enrolled in paperless billing for all bills compared to 29% in 2022, and 17% of 2023 respondents enrolled in AutoPay for all their bills compared to 15% in 2022.
- While survey respondents preferred mobile payments overall, fewer respondents are paying healthcare and personal loan bills via digital channels. In 2023, 35% of respondents paid a healthcare bill online compared to 42% in 2022.
- Personal loan bill payments saw a similar decrease with 34% of respondents paying online in 2023 compared to 42% in 2022.
- Forgetting username and password is the top issue with digital payments, with 23% of respondents citing this as their biggest challenge when paying bills online.
- Nearly three in four respondents (73%) prefer insurance claim payments be deposited directly into their bank account.
“The InvoiceCloud team believes that payments—as the most frequent and sensitive customer touchpoint—provide a unique opportunity for businesses to build a trusting, positive relationship with their customers,” said EngageSmart President, Enterprise Solutions Kevin O’Brien. “We are always finetuning our solution to better serve our customers and end-users, and the State of Online Payments report is just one way we keep our fingers on the pulse of the digital payments landscape and ensure our solution satisfies the convenient, varied, and intuitive payment preferences of today.”
This survey, conducted online between October 4th and 10th, 2023, collected responses from 2,001 US adults who are broadly representative of the US population based on age, gender, region, household income, and education according to US Census data and who have paid at least one bill online in the past 12 months.
To download the full report, click here.
InvoiceCloud, an EngageSmart solution, is a leading provider of online bill payment services. Founded in 2009, the company has grown to be one of the leading disruptors in the cloud-based electronic bill presentment and payment (EBPP) space, helping institutions put customer experience first. By switching to InvoiceCloud, clients can improve customer engagement, loyalty, and efficiency while reducing churn and missed payments in the process. To learn more, visit www.InvoiceCloud.com.
EngageSmart is a leading provider of vertically tailored customer engagement software and integrated payments solutions. At EngageSmart, our mission is to simplify customer
and client engagement to allow our customers to focus resources on initiatives that improve their businesses and better serve their communities. EngageSmart offers single
instance, multi-tenant, true Software-as-a-Service (“SaaS”) vertical solutions, including SimplePractice, InvoiceCloud, and DonorDrive, that are designed to simplify our customers’
engagement with their clients by driving digital adoption and self-service. As of September 30, 2023, EngageSmart serves 116,200 customers in the SMB Solutions segment and
3,400 customers in the Enterprise Solutions segment across several core verticals: Health & Wellness, Government, Utilities, Financial Services, and Giving. For more information,
visit www.engagesmart.com and follow us on LinkedIn.
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