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83% of Americans See Improving Financial Health as Primary Motivator for Staying on Top of Bills

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Latest doxoINSIGHTS consumer survey data also shows top consumer bill pay concerns are hassles of multiple logins and anxiety about biller securityAugust 27, 2020 08:00 AM Eastern Daylight Time

SEATTLE–(BUSINESS WIRE)–doxo, the innovative web and mobile bill pay service, today released its latest doxoINSIGHTS report, Consumer Bill Pay Perceptions, which shows how Americans feel about paying their bills and what they believe would improve their experience and financial outcome.

Breaking Down Bill Pay Perceptions & Barriers

doxoINSIGHTS survey data reveals the perceptions and solutions sought by consumers for their bill payments.

  • 83% feel improving financial health is the top motivator for paying bills
    Consumers cite the benefits of improving financial health (83% of respondents) and feeling a sense of accomplishment (77%) as much more motivating factors for staying on top of bills than by reducing the anxiety of falling behind (34%).
  • 61% find managing multiple biller website logins the top bill pay hassle
    With so many bill providers and multiple website logins to manage, security reasons are cited as consumers’ number one concern.
    • 61% of households don’t like having multiple accounts to pay their bills
    • 53% are worried about biller website security
    • 49% are concerned with hidden biller fees
    • 48% accidentally miss due dates
    • 46% get frustrated with how much time it takes
    • 29% cite problems with biller websites

Security concerns in particular have increased over the past year. Over 150M consumers have had payment or identity data compromised in recent hacks of U.S. businesses. Over 900 municipalities and billers were hacked in 2019 alone.

  • 84% know what they would change to improve bill pay
    Consumers are clear about the improvements that would make bill pay easier – highlighting easier ways to stay on top of upcoming bills and manage all their bills in a consistent, mobile-friendly way. The top four improvements are:
    • Email reminders for upcoming bills due: 70% of respondents want periodic reminders to help them keep track of due dates
    • Mobile-friendly: In an increasingly mobile-first world, 59% are seeking mobile-friendly apps from to stay on top of their bills
    • To-do lists: 58% would like an all-in-one to-do list to manage and pay their bills across the board
    • Single, secure login: 54% want to be able to pay all their bills from a single set of login credentials, rather than having to manage different credentials for each individual biller

“The results of the latest doxoINSIGHTS report are clear: consumers know exactly what they want to make the bill pay experience better,” said Jim Kreyenhagen, doxo’s VP of Marketing and Consumer Services. “But the reality is that these top four improvements are difficult, so doxo’s bill pay network directly addresses these challenges for consumers and businesses alike — enabling them to better keep pace with fintech innovation, eliminate hidden costs, and meet top tier privacy and security standards. doxo solves these common pain points, bridging the gap between consumers’ and billers’ needs.”

The average household pays 12 recurring household bills including rent/mortgage, healthcare, dental insurance, auto insurance, auto loans, cable/internet & phone, life insurance, utilities, and alarm & security. On average, recurring bill payments comprise $914 for the average US Household, not including rent and mortgage payments. And this doesn’t include the additional $577 in hidden bill pay expenses each year.

In order to address consumer needs for enhanced security and achieve better financial health, earlier this year, doxo launched doxoPLUS, an all-in-one bill pay subscription with five essential protections for consumers. This includes $1,000,000 of identity theft protection in addition to overdraft, late fee and credit score protection. doxoPLUS empowers users with the tools to stay ahead on bills and improve their financial health, while eliminating the hidden costs of bill payment.

About doxoINSIGHTS

doxoINSIGHTS leverages consumer surveys and doxo’s unique aggregate bill pay data set comprising actual bill payment activity to confirmed household service providers across the country. doxo bill pay statistics bring together the broadest available data set for analyzing actual household payment activity, pulling from over 4 million paying consumers across all 3,007 U.S. counties. doxo’s payment network covers over 65,000 billers in 45 different service categories and enables payments using bank accounts, credit cards or debit cards. This uniquely broad statistical foundation powers doxoINSIGHTS reports – uncovering key trends for household financial and bill payment behavior.

About doxo

doxo provides simple, secure all-in-one bill payment to any biller, with any payment method, on any device. A doxoPLUS subscription adds free bank payments and five essential financial protections that boost household financial health. Through these services, doxo currently serves over four million paying users who can make payments to over 65,000 local and national businesses, making doxo the largest bill pay directory in the nation. Billers on the network get paid directly, fast and free – and consumers have complete bill pay independence over when and how they pay their bills. doxo expanded its user base by more than 70 percent in the past year and is expanding its team to further accelerate growth and change the bill pay landscape to focus on the customer. doxo investors include MDV, Sigma Partners, and Bezos Expeditions. doxo is based in Seattle, WA.

Contacts

Dotted Line Communications for doxo
Jenny Davis
press@doxo.com
925-935-2558

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Michigan license number:   DM-0016282 Available to the public and licensed in Michigan.

Section 13(1)  When a licensee establishes a debt management plan for a debtor, the licensee may charge and receive an initial fee of $50.00

Section 13(2)  A licensee shall attempt to obtain consent to participate in a debt management plan from at least 51%, in number or dollar amount, of the debtor’s creditors within 90 days after establishing the debt management plan. If the required consent is not actually received by the licensee, the licensee shall provide notice to the debtor of the lack of required consent and the debtor may, at its option, close the account. If the debtor decides to close the account, any unexpended funds shall be returned to the debtor or disbursed as directed by the debtor.

Sec. 14. (1) A contract between a licensee and debtor shall include all of the following:

(a) Each creditor to which payments will be made and the amount owed each creditor. A licensee may rely on records of the debtor and other information available to it to determine the amount owed to a creditor.

(b) The total amount of the licensee’s charges.

(c) The beginning and termination dates of the contract.

(d) The principal amount and approximate interest charges of the debtor’s obligations to be paid under the debt management plan.

(e) The name and address of the licensee and of the debtor.

(f) Any other provisions or disclosures that the director determines are necessary for the protection of the debtor and the proper conduct of business by a licensee.

Sec. 18. (1) In addition to the fee described in section 13(1), a licensee may charge a reasonable fee for providing debt management services under a debt management plan. The fee under this subsection shall not exceed 15% of the amount of the debt to be liquidated during the express term of the plan.

(2) A licensee may offer a debtor the option to purchase credit reports or educational materials and products, and charge a fee to the debtor if the debtor elects to purchase any of those items from the licensee.  Fees charged under this subsection are not subject to the 15% limitation on fees described in subsection (1).

(3) Except for a cancellation described in subsection (4), in the event of cancellation of or default in the performance of the contract by the debtor before its successful completion, a licensee may collect $25.00 in addition to any fees and charges of the licensee previously received by the licensee. This $25.00 fee is not subject to the 15% limitation on fees and charges under subsection (1).

(4) A contract is in effect when it is signed by the licensee and the debtor and the debtor has made a payment of any amount to the licensee. The debtor has the right to cancel the contract until 12 midnight of the third business day after the first day the contract is in effect by delivering written notice of cancellation to the licensee. A cancellation described in this section is not subject to, and a licensee shall not collect, the fee described in subsection (3).

(5) If a debtor fails to make a payment of any amount to a licensee within 60 days after the date a payment is due under a contract, the licensee may, in its discretion, cancel the debt management contract if it determines that the plan is no longer suitable for the debtor, the debtor fails to affirmatively communicate to the licensee the debtor’s desire to continue the plan, or the creditors of the debtor refuse to continue accepting payments under the plan.

(6) A licensee shall not contract for, receive, or charge a debtor an amount greater than authorized by this act. A person that violates this subsection, except as the result of an inadvertent clerical or computer error, shall return to the debtor the amount of the payments received from or on behalf of the debtor and not distributed to creditors, and, as a penalty, an amount equal to the amount overcharged.

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