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Automated Bill Payments

Want to feel good about offering your customers your automated bill payment service?

The latest study by Payment Systems, Inc. in Tampa, found that banks save an average of 12 cents on each bill paid automatically.

Corporations save 7 cents.

But consumers save an incredible 35 cents on each transaction.

In electronic payments, consumers authorize their institution to deduct money each month from their accounts and forward their bill payments through the Automated Clearing House system.

Customers can pay mortgages, consumer loan payments, credit card payments, utility payments, and even charitable contributions this way.

Right now 32% of U.S. households use some automated bill payment program. This leaves plenty of opportunity to do some "cross-selling."

When the postage increase goes through next February, the automatic bill payment option will become even more inviting to our customers.

And its a nice feeling to be able to offer our customers something that will not only save them money, but will also make money for us!

Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 5, 5/90

First published on 05/01/1990

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