The second trend that applies across the board is the use of dynamic messaging. With the right technology and data sets, you can personalize the messages in your statements. These messages are often marketing-related. In terms of streamlining bill payments, sections could provide information about where they can remit payment and any opportunities, such as the customer activating auto-pay to reduce the bill. This is a popular option for mobile carriers.
Color and personalization can spark engagement, but what about other specific elements?
Define the Options Clearly
Do your customers know all the ways they can pay? Is it clear to them on the statement? Statements can often be clunky and hard to follow for some. By boxing out critical messages, like how to make payments, could make a difference. Make this area stand out with color and design so that the options are immediately visible.
Allow Payers to Remit Fast and Securely with QR Codes
QR codes aren’t new, but they did have a resurgence during the pandemic as a contactless way to access online information. They can also direct customers to personal landing pages where they can easily remit payment. Some options allow users to make a one-time payment without going through registration, which can cause friction.
It’s easy to add these QR codes to your statements in the dynamic sections. To gauge its effectiveness, look at the data on on-time payments and sources after you deploy.
Integrate Digital Wallets with Your Statements
The rise in digital wallet adoption is another byproduct of the pandemic. A report by a procurement intelligence company reported that the mobile wallet adoption rate in the U.S. is currently at 22-25%. Those using them the most are millennials and high-income households.
Digital wallet providers, like Apple Pay and Google Pay, do enable statement management for both you and your customers. This process can streamline bill pay because these apps are native to the devices, requiring no additional downloads. Users also appreciate the near real-time information about their account that’s easy to access.
Support Cash Payers with Unique Barcodes
According to the FDIC (Federal Deposit Insurance Corporation), at least 5.4% of U.S. households (approximately 7.1 million) are unbanked, meaning they do not have an account with any financial institution. They are cash payers but still must make payments on various accounts. Paying with cash isn’t easy and requires physically visiting your location to receive such a remittance. This is inconvenient for customers and may impact their ability to pay on time.
There is a simple solution called cash barcodes. It allows users to turn cash payments into digital transactions at participating retailers like convenience, drug, or grocery stores. You receive the digital payment instantly.
Are You Optimizing Your Statements to Streamline Bill Payments?
By leveraging these ideas and opportunities, you could see a stabilization around bill pay remittance. Providing information and options for your customers is critical, so you’ll need a well-designed statement and a transactional print partner with the right equipment and technology to execute. PCI Group is here to help. With decades of experience and the most advanced technology, you can optimize your statements to improve cash flow. Learn more about working with us today.