The survey data found forgotten passwords cause
issues, mobile is the most preferred channel, due dates determine
bill priority, and more
InvoiceCloud, an EngageSmart (NYSE: ESMT) solution for online
bill payment services, released its annual State of Online Payments
report in conjunction with Regina Corso Consulting, offering key
insights into customer payment preferences and behaviors. This is
the fourth year InvoiceCloud has released this report to help
enterprise businesses within the financial services, tax,
utilities, and insurance sectors keep ahead of important payment
preferences and trends by using the survey data to improve customer
satisfaction and drive their organization’s bottom line.
The 2023 survey revealed several key takeaways, including:
- The growth of self-service adoption has become relatively
stagnant, with 30% of 2023 respondents enrolled in paperless
billing for all bills compared to 29% in 2022, and 17% of 2023
respondents enrolled in AutoPay for all their bills compared to 15%
in 2022.
- While survey respondents preferred mobile payments overall,
fewer respondents are paying healthcare and personal loan bills via
digital channels. In 2023, 35% of respondents paid a healthcare
bill online compared to 42% in 2022.
- Personal loan bill payments saw a similar decrease with 34% of
respondents paying online in 2023 compared to 42% in 2022.
- Forgetting username and password is the top issue with digital
payments, with 23% of respondents citing this as their biggest
challenge when paying bills online.
- Nearly three in four respondents (73%) prefer insurance claim
payments be deposited directly into their bank account.
“The InvoiceCloud team believes that payments—as the most
frequent and sensitive customer touchpoint—provide a unique
opportunity for businesses to build a trusting, positive
relationship with their customers,” said EngageSmart President,
Enterprise Solutions Kevin O’Brien. “We are always finetuning our
solution to better serve our customers and end-users, and the State
of Online Payments report is just one way we keep our fingers on
the pulse of the digital payments landscape and ensure our solution
satisfies the convenient, varied, and intuitive payment preferences
of today.”
This survey, conducted online between October 4th and 10th,
2023, collected responses from 2,001 US adults who are broadly
representative of the US population based on age, gender, region,
household income, and education according to US Census data and who
have paid at least one bill online in the past 12 months.
To download the full report, click here.
About InvoiceCloud: InvoiceCloud, an EngageSmart
solution, is a leading provider of online bill payment services.
Founded in 2009, the company has grown to be one of the leading
disruptors in the cloud-based electronic bill presentment and
payment (EBPP) space, helping institutions put customer experience
first. By switching to InvoiceCloud, clients can improve customer
engagement, loyalty, and efficiency while reducing churn and missed
payments in the process. To learn more, visit
www.InvoiceCloud.com.
About EngageSmart: EngageSmart is a leading
provider of vertically tailored customer engagement software and
integrated payments solutions. At EngageSmart, our mission is to
simplify customer and client engagement to allow our customers to
focus resources on initiatives that improve their businesses and
better serve their communities. EngageSmart offers single instance,
multi-tenant, true Software-as-a-Service (“SaaS”) vertical
solutions, including SimplePractice, InvoiceCloud, and DonorDrive,
that are designed to simplify our customers’ engagement with their
clients by driving digital adoption and self-service. As of
September 30, 2023, EngageSmart serves 116,200 customers in the SMB
Solutions segment and 3,400 customers in the Enterprise Solutions
segment across several core verticals: Health & Wellness,
Government, Utilities, Financial Services, and Giving. For more
information, visit www.engagesmart.com and follow us on
LinkedIn.
Forward-Looking Statements Certain statements in this
release are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and are based on
current expectations and assumptions that are subject to risks and
uncertainties. All statements contained in this news release that
do not relate to matters of historical fact should be considered
forward-looking statements, and are generally identified by words
such as “expect,” “intend,” “anticipate,” “estimate,” “believe,”
“future,” “could,” “should,” “plan,” “aim,” and other similar
expressions. These forward-looking statements include, but are not
limited to, statements regarding anticipated financial performance
and financial position, including our financial outlook for the
first quarter and full year 2023 and thereafter, and other
statements that are not historical facts. These forward-looking
statements are neither promises nor guarantees, but involve risks
and uncertainties that may cause actual results to differ
materially from those contained in the forward-looking statements.
Our actual results could differ materially from those anticipated
in these forward-looking statements for many reasons, including,
but not limited to, the following: our inability to sustain our
rapid growth; failure to manage our infrastructure to support our
future growth; our risk management efforts not being effective to
prevent fraudulent activities; inability to attract new customers
or convert trial customers into paying customers; inability to
introduce new features or services successfully or to enhance our
solutions; declines in customer renewals or failure to convince
customers to broaden their use of solutions; inability to achieve
or sustain profitability; failure to adapt and respond effectively
to rapidly changing technology, evolving industry standards and
regulations and changing business needs, requirements or
preferences; real or perceived errors, failures or bugs in our
solutions; intense competition; lack of success in establishing,
growing or maintaining strategic partnerships; fluctuations in
quarterly operating results; future acquisitions and investments
diverting management’s attention and difficulties associated with
integrating such acquired businesses; general economic conditions
(including inflation and rising interest rates), both domestically
and internationally, as well as economic conditions affecting
industries in which our customers operate; the war in Ukraine;
concentration of revenue in our InvoiceCloud and SimplePractice
solutions; COVID-19 pandemic and its impact on our employees,
customers, partners, clients and other key stakeholders; legal and
regulatory risks; and technology and intellectual property-related
risks, among others.
Other important risk factors that could affect the outcome of
the events set forth in these statements and that could affect the
Company’s operating results and financial condition are discussed
in Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2021, and our subsequent Quarterly Reports on Form
10-Q, as updated by our future filings with the Securities and
Exchange Commission (“SEC”). Such statements are based on the
Company’s beliefs and assumptions and on information currently
available to the Company. The Company disclaims any obligation to
publicly update or revise any such forward-looking statements as a
result of developments occurring after the date of this document
except as required by law.
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the information distributed through these disclosure channels may
be considered material information. Investors and others are
encouraged to review the information we make public in the
locations below.* This list may be updated from time to time. *For
information concerning EngageSmart and its products and services,
please visit: www.engagesmart.com *For information provided to the
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View source
version on businesswire.com: https://www.businesswire.com/news/home/20231128458082/en/
Media: Nicole Bestard Quarter Horse PR
invoicecloud@qh-pr.com
Investor Relations: Josh Schmidt EngageSmart, Inc.
IR@engagesmart.com
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