Jan. 29, 2015


  • This research is not surprising. I used to think that Bill Payers were divided into two categories: Organizers: these payers are more likely to use bank bill pay services or PFM services such as Quicken or Quickbooks. They want everything neat and tidy in one place, along with reports and other detailed information. This represents @20% of payers. Transactors: these payers like to use the payee website or account to account transfers rather than a bill pay tool. Some just want to “git ‘er done” quickly with a minimum of effort and lag time in payment float. Some pay all their bills using a single credit card to rack up loyalty rewards, etc. Some use P2P services. They’re not interested in spending time to set up bill pay through their bank or credit union. They don’t need reports or other details. This represents 80% of payers. I still believe these two categories exist, but now there is a hybrid somewhere in the middle- put there by the penetration of smart devices in the marketplace. Not sure what to call them- maybe “on-the-go”- but I’m one of them. I have Bill Pay set up in my online services, but also make payments directly through my mobile device. I like the choice. Here’s what we’re doing at TDECU to support this category of payers: • Bill Pay is available through our apps for iOS and Android devices (user still has to set up Bill Pay in Online Banking, but they can do that on their phone if they like). We introduced this feature in 2014. • eBills are available through the service • members can set up payment (and other) alerts through the service • members can set up and make P2P payments through the service • members can pay their TDECU consumer loans at our public website (although they have to register the first time around, they do not have to enroll in OLB or Bill Pay to use). • We are exploring other payment services such as Apple Pay to expand available payment choices down the road
    paul o'malley, TDECU