The consumers are game for Recurring Payments

Recurring Billing can be extremely beneficial for billers as well as customers due to its simplification of the payment process, ameliorating the payment experience and eliminating hurdles to on time payments. The number of consumers deploying recurring payments option to enable them to stay abreast with their bills is growing by leaps and bounds. There has been a significant increase in the amount paid through recurring payment over the past few years.

A large share of the consumers worldwide has signed up for a recurring payment plan for a student loan or education loan. However, not all the quarters of the economy have been receptive to the recurring billing concept. This is manifested in the sedate pace of growth in some industries that leaves a tremendous scope for the billers to get acquainted with this fruitful and well suited service. Auto loans and mortgages have been the areas of significant success from the recurring payments perspective. However, even in these domains the growth has been stagnant for past three years.

Recurring payments provides the consumers and billers with an array of benefits. Consumers prefer to pay their bills without the hassle of checking their mails or anything. They want to be assured of the fact that their bills will be paid on time and their payments will be received without any botheration. Recurring payments facilitates the consumers by ensuring expediency and timeliness in regards to their bill payments.