Evaluating and balancing the benefits and costs of emergency and card-funded bill payments, a new transactional research study conducted by Fiserv found the volume of costly credit card payments can increase by at least one hundred percent.
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.