Billeo reveals consumers’ online bill payment trends

Billeo Inc., a provider of payment services that allow consumers to pay their bills and shop online using their checking account, credit cards and several alternative methods, released a 2008 customer behavior research that focused on online bill payment trends. The results revealed that today a great number of consumers are resorting to online instruments so as to trace, manage and arrange their transactions.

Three fourth of customers shopping and paying their bills via the Internet reported that they save their e-payment receipts and enjoy the service on the grounds of its ease of “tracking online purchases and payments”. In addition, the survey showed that over 50% of people transacting online never pay late fees, 31% of people performing transactions through the Internet are baby boomers while more than 58% are over the age of 45. Interestingly, the same study reveals that over 56% of those transacting online attended college with more than half acquired a graduate degree. The research also reports that in terms of credit cards, 90% have them with 47% carrying no debt on them.

Other study held by Billeo found that credit card bills are the most popular bill paid online by consumers in terms of number of bills paid. Other categories in order of number of bills paid online were: Utilities, Telephone, Cable/Satellite Television, Wireless, and Insurance. In terms of average transaction amount, credit card bills were the highest with $602 per bill. Other categories in order of transaction amount include: Insurance (with $319), Utilities (with $217), Cable/Satellite Television (with $162), Wireless (with $159) and Telephone (with $143).