Posted by Alison Arthur on 25 Oct 2018
Part 1 and Part 2 of our three-part series revealed how Orbipay® EBPP users funded their bill payments in 2017 (ACH, debit cards, and credit cards), and the options they chose when paying them (One Time, AutoPay, and Recurring payments).
Part 3 is dedicated to the channels (Web Portal, Guest Payments, Agent, and Interactive Voice Response) that users gravitated toward when making payments. Last year’s transaction data also reveals the days of the week that users were most likely to make their bill payments. Read five key takeaways from our analysis.
Takeaway #1: Web Portal transactions accounted for 53% of total volume in 2017
Orbipay EBPP users were most likely to log in to the Web Portal with a User ID and Password to make their bill payments. This was followed by Agent-assisted payments at 21%, Guest Payments (online payments that didn’t require a login) at 14%, and Interactive Voice Response (IVR) at 11%.
Takeaway #2: Web Portal was used most often across all transaction amounts
No matter the transaction amount, Web Portal was the payment channel of choice. Its usage only continued to grow after transaction values exceeded $100. Simple Web reached its highest usage for transactions under $10 at 25%.
Takeaway #3: Orbipay EBPP clients in the Manufacturing & Distribution sector were most likely to receive customer payments via Web Portal
There were four industries that recorded Web Portal payments in excess of 50% in 2017. They included Manufacturing & Distribution (68%), Insurance (65%), Government (55%), and Utilities (55%).
Takeaway #4: Orbipay EBPP clients in the Healthcare and Real Estate & Construction sectors were most likely to receive Agent-assisted payments from their customers
Customer payments were made most often via the Agent channel in both the Healthcare and Real Estate & Construction industries at 52%. The Education sector was close behind at 51%.
Takeaway #5: And the most popular day for Orbipay EBPP users to make their bill payments was…
In a landslide victory, Friday was the most popular day for Orbipay EBPP users to make their bill payments in 2017. Seven of the top ten most popular times (measured in hourly increments) were on Friday, with Monday holding the other three spots.
Stay tuned for facts and figures from our 2018 Orbipay EBPP transaction data, which we’ll publish in Q1 of 2019.
13 Jan 2020 Blog Adopting a Loan Payments Solution: Lessons Learned from Tech CU (Webinar Recap) Making loan payments easier for members is key for every credit union. Alacriti co-hosted a webinar with WesPay and Tech CU to discuss the benefits of implementing Orbipay EBPP to better their member experience.
18 Dec 2019 Blog 2019 Year in Review: Faster Payments, Digital Disbursements, and CAU In 2019, we reported on significant developments in the billing and payments ecosystem in areas including faster payments, digital disbursements, and card account updater. Here’s a look back at key themes we explored in our blog.