Business
MetaBank® Study Reveals Why Businesses Should Leverage Faster Payments for Improved Customer Experience
SIOUX FALLS, S.D., Aug. 27, 2019 /PRNewswire/ -- Companies that leverage faster payments for consumer disbursements could see valuable business returns,
About this update from Pathward Financial, Inc.
[{"type":"text","content":"SIOUX FALLS, S.D., Aug. 27, 2019 /PRNewswire/ -- Companies that leverage faster payments for consumer disbursements could see valuable business returns, according to a new MetaBank® study. Those companies that pay consumers via paper check should take note: consumer preferences are shifting toward alternative payment options for the payment of rebates, refunds, credits, insurance benefits, tax refunds and more. \nThese are among the actionable insights identified in MetaBank's research, Faster Payments: What Consumers Want from Businesses in 2019, which was announced today. MetaBank is a wholly-owned subsidiary of Meta Financial Group, Inc.® (NASDAQ: CASH) (\"Meta\") and a leader in delivering innovative payment, financing and banking solutions to partners throughout the country.\n\"Consumers are demanding seamless, faster payments across the board. Companies would be well served by offering this innovation to their customers,\" said Sheree Thornsberry, Meta EVP and Head of Payments. \"Faster payments meet consumer demand while providing the opportunity for business growth. It can be a cost effective addition, too, as many consumers would be willing to pay a small fee to receive faster payments.\"\nFaster Payments: What Consumers Want from Businesses in 2019 examined consumer preferences for receiving payments from businesses and is based on the responses of more than 1,200 U.S. adults. Key trends from this research are included below. An infographic summarizing this research is available here. \nFaster payments can contribute to a company's business, and speed matters. Nearly two in five (39%) Americans would be more willing to do business with a company that offers a direct deposit they'd receive in a few days. But that willingness increased to about half (47%) for direct deposit options available in minutes. And business owners don't have to bear the cost of implementing faster payments alone. Almost one-fourth (24%) of Americans said they'd be willing to pay a small fee to receive rebates, refunds or credits within minutes of providing their debit card information. Consumers want seamless, instant options to spend, receive and move money. Digital, peer-to-peer options like PayPal, Venmo and Zelle are wildly popular. In 2018 alone, $328 billion was moved via these three platformsi. The Meta study shows these options are becom...