Billers Overlook What Drives Customers Away

AI summary of the source article

A report by PYMNTS Intelligence and Paymentus surveyed 2,566 U.S. consumers and 240 billing decision-makers, uncovering significant discrepancies between provider self-assessments and consumer experiences. While 58% of consumers stated that billing and payment experiences affect their judgment of overall service quality, only about 5% of providers viewed billing as a major driver of loyalty. Additionally, wide gaps exist between payment preferences and usage: 55% preferred paying with credit cards and 41% with digital wallets, yet only 18% and 10% used them most commonly. Consumers likely to switch providers gave an average billing performance score 20 points lower than those planning to stay.

Why it matters

Billing experiences directly impact customer retention, yet many service providers overlook payment satisfaction and fail to support preferred digital payment options.

Key facts

• 58% of consumers said their billing and payment experience affected how they judged overall service quality, but only about 5% of providers considered billing a major loyalty driver.
• 41% of consumers preferred paying recurring bills with digital wallets, but only 10% used them most commonly.
• Consumers likely to switch providers scored the billing experience at an average of 56 out of 100, compared to 76 for consumers planning to stay.