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While checks are still the most common way monthly bills are paid,
check writing has steadily declined over the last decade as consumers
find that other forms of payments, such as electronic methods, are more convenient.
Consider these facts about the dynamic bill payment environment:
- Payment cards (including credit and debit cards) are now more accepted
in more “every day spending” categories.1
- 27 of the largest 30 bill payment merchants in insurance, telecommunications
and cable accept payment cards in at least some of their markets.2
- Acceptance of payment cards for bill payment has increased 300% over the
past two years.3
- In general, offering automatic bill payment is likely to strengthen the
relationship between the customer and the merchant.4
Sources
1. Visa Payment Panel Study, 2003; Visa Statistics 2001-2003
2. Automatic Bill Payment Usage Research, March 2003
3. Automatic Bill Payment Value Assessment Research, 2003
4. Automatic Bill Payment Usage Research, March 2003; Visa U.S.A. Panel Study, 2003
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