No one wants to pay a bill late, but unfortunately, it’s a common occurrence. Research indicates that nearly half of consumers (48%) have paid a bill late in the past 12 months. Of those, 35% paid a bill late within just the past six months. Nearly half of the late payers in the past year were late on just one or two bills. And when late, 68% said their bills were typically only overdue by a few days, while 24% were overdue by a week or more.¹
Those numbers show that late payments are not always the result of a customer being unwilling or unable to pay. Sometimes, the issue is much simpler. The bill was missed. The next step was unclear. Or the customer could not easily access the information they needed at the right time.
That’s why companies need to make billing communications simple, clear and easy to act on. In fact, 60% of consumers say managing and paying bills should be easier.² Customers want less work, fewer steps and clear direction.
Late payments cause issues for both consumers and businesses. For consumers, missing a payment can lead to stress, late fees, interest charges or service interruptions. For businesses, delayed payments can affect cash flow, increase customer service volume and add unnecessary operational work.
There are several steps businesses can take to make the billing experience simpler. One place to start is with clarity. Bills and statements should make the most important information easy to find, including the amount due, due date, account details and next step. Customers should not have to search for basic information or piece together what action they need to take.
Businesses should also review billing tools and processes to make sure the experience is user friendly. One area to consider is how many fields are already filled in so the customer does not have to re-enter information. Eighty percent of consumers say payment details should be pre-populated to reduce effort.²
Delivery preferences matter too. Offering multiple bill presentment options lets customers choose what works best for them. Options could include print, email and text notifications so customers can easily review important billing information. While digital usage continues to grow, more than half of consumers still prefer to receive bills and statements by mail.³ Printed statements should remain a transactional communications staple unless the customer opts out.
Finally, make sure customers have easy access to billing statements on their schedule. Secure online account access or a customer portal can help. Businesses can also add QR codes, personalized URLs or clear web links to printed statements to create an easy connection between online and offline connection.
A customer can receive a printed bill, scan a code or click a link, review account details and link directly to available payment options.
Improving the billing experience and minimizing payment delays is a win-win for consumers and businesses. Clearer statements, well-placed reminders, accurate customer preferences and simple calls to action can help customers respond sooner. They can also reduce confusion, support customer satisfaction and create a better overall experience.
Matrix Imaging Solutions has the experience and solutions to help support your customers’ billing preferences. We provide flexible, convenient bill presentment options that allow customers to receive bills by mail or email and access billing information online or on mobile devices. Customers can also retrieve and view bills, link directly to payment options, receive text notifications and see real-time account activity.
Transactional print and e-solutions from Matrix are valuable marketing and customer retention opportunities as well. Bills and statements are high-value customer touchpoints, making them ideal for clear messaging, helpful reminders and targeted information customers are likely to read.
Late payments hurt customers and businesses. Better billing communications can help reduce confusion, improve the customer experience and support more timely action. Contact us today to get started.
