Consumers can now choose next business day delivery when paying a bill from one of more than 600 companies
BROOKFIELD, Wis.--(BUSINESS WIRE)--May. 13, 2009--
Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial
services technology solutions, today announced the company has doubled
the number of bills that consumers can pay using the CheckFreePay™
NextDay walk-in bill payment service, which ensures next business day
payment delivery. This is the second time in less than a year that
Fiserv has doubled the number of bills available for NextDay payment,
bringing the total number of bills available for this payment option to
more than 600. The expansion accommodates America’s sizeable population
of cash-preferred consumers and their increased demand for faster,
in-person bill payment processing.
Underbanked consumers, those who use few traditional banking services,
rely heavily on cash as a form of payment. According to a March 2009
report from industry analyst firm Javelin Strategy & Research, credit
card spending continues to decline, with 20 percent fewer consumers
indicating recent credit card usage in 2008 compared to 2007. In fact,
only 64 percent of consumers indicated they used a credit card in the
month preceding the survey, compared to 87 percent of consumers in 2007
— a 23 percentage point decline. These findings indicate that many
consumers are seeking to curtail credit card usage in favor of other
payment types, including cash.
“As the economy struggles, consumers struggle to manage their finances.
Javelin’s research revealed that more individuals are having difficulty
putting funds into savings, and more individuals are having difficulty
paying off credit card debt,” said James Van Dyke, president and founder
of Javelin Strategy & Research. “Underbanked consumers often hold onto
their cash up to the last minute before making purchases or paying
bills, making the walk-in bill payment channel an important bill payment
“In-person financial services provide a way for consumers to actively
manage their financial lives, which is particularly important in the
current economic climate,” said Paul Harrison, senior vice president and
general manager, Walk-In Solutions, Fiserv. “The CheckFreePay NextDay
bill payment service allows consumers to hold onto their money longer,
and is much less expensive than typical ‘emergency’ payment products.”
The CheckFreePay bill payment service from Fiserv enables consumers to
walk in and pay common household expenses such as utility, mobile phone,
insurance, auto and credit card bills via a nationwide retail agent
network. Consumers typically pay using cash, and receive a receipt as
proof of payment. Power, phone and cable bills are those most frequently
paid using the CheckFreePay NextDay service. CheckFreePay also offers a
same day payment option for select bills.
CheckFreePay is a leader in the post-paid walk-in bill payment market,
enabling consumers to pay more than 2,500 bills at more than 16,000
retail agent sites nationwide. CheckFreePay agents include supermarkets,
drugstores and convenience stores, along with hundreds of independent
and chain store retailers. For more information, visit www.checkfreepay.fiserv.com.
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of
information management and electronic commerce systems for the financial
services industry, driving innovation that transforms experiences for
financial institutions and their customers. Ranked No. 1 on the FinTech
100 survey of top technology partners to the financial services
industry, Fiserv celebrates its 25th year in 2009. For more
information, visit www.fiserv.com.
Source: Fiserv, Inc.
Senior Public Relations
Electronic Banking Services