Removing Barriers to Your Online Bill Payment Service

Removing barriers and improving members' understanding of online bill pay is essential to winning over members to your bill pay service. The more barriers you eliminate, the more likely a member is to adopt your service and stick with it.

 
 

Removing barriers and improving members' understanding of online bill pay is essential to winning over members to your bill pay service. The more barriers you eliminate, the more likely a member is to adopt your service and stick with it.

Some solutions are obvious. First, make sure members can easily sign-up and set up their accounts. Second, make sure your members understand the benefits of switching from mailing their bills to paying bills online. If your members don't perceive that online bill pay is either cheaper or faster, there's no logical reason for them to adopt your service. Third, provide plenty of information on the specific features of your service. Clearly explaining the features of your bill pay service is crucial to their understanding how your bill pay service meets their needs. Yahoo.com does a good example of this with their bill pay service.

Survey data from over 15,500 members found a number of other ways to convince members to adopt your bill pay service. Members hold the security of online bill pay service as one of the most important factors in adopting online bill pay. Effectively communicating the security features of your site and offering guarantees against errors will go a long way to persuading members to rely on your online bill pay services.

Callahan's found that members are concerned with the amount of time it takes to process their payments. Lowering the number of days will enable your credit union to be more competitive with other electronic payment options. Many credit unions are striving to have no more than two days processing time for electronic payments.

Finally, members also desire increased numbers of companies participating in electronic payments. Periodically reviewing your BP vendors' payee list to make sure that companies requested by your members are reflected in your payee options will go a long way to boosting the convenience of your bill pay service.

In the end, it all comes down to communication-- making sure your members understand the advantages to using online bill payment.

 

 

 

Oct. 13, 2003


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Comments

 
 
 
  • It's not all price!
    Anonymous
     
     
     
  • It is price, but not just price. If you want to sell it, you have to give it away.
    Anonymous
     
     
     
  • I think this is great information, we are in the process of bringing Bill Pay to our members. thanks
    Anonymous
     
     
     
  • Would like to see a survey of how many cu's accross the country do not charge for bill pay.
    Anonymous
     
     
     
  • the future is now and we are making it
    Anonymous
     
     
     
  • Very interesting. Some excellent ideas and concerns.
    Anonymous
     
     
     
  • Very interesting. Some excellent ideas and concerns.
    Anonymous