As consumers continue to pull away from check writing and become more reliant on the ubiquity and ease of using their credit and debit cards for all transactions, billers face a tough decision between two difficult choices. They can charge a fee for emergency payments – especially card-funded transactions – and possibly risk customer dissatisfaction, or they can offer card-funded payments for free and absorb transaction costs that can negatively affect the bottom line.
A new transactional research study conducted by Fiserv found that when emergency and card-funded bill payments are offered for free, the volume of costly credit card payments can increase by at least one hundred percent. By taking a thorough look at their business policies and transactional data, as well as considering best practices and recommendations from experts, billers can intelligently weigh the pros and cons and develop a solution that meets the needs of both the business and its convenience-minded customers. Read our White Paper to learn more.