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Consumers Tiring of Slow Payments, Studies Find

The studies uncover that part of the issue is payments capabilities are changing faster than organizations can handle.

mobile banking features on a smartphone Consumers want more mobile banking features. (Source: Shutterstock)

Consumers are losing patience for slow deposits, sluggish paper reimbursements, rebates via snail mail and other time-consuming payments processes, according to a new study by Meta Financial Group.

The survey of more than 1,200 U.S. adults found that many consumers were more willing to transact with companies that have instant and easy-to-use options for spending, receiving and moving money. According to the data, 39% were more willing do business with companies that offered direct deposits they could receive in a few days, and 47% were more willing to do business with companies that offered direct deposits in minutes. About a quarter (24%) even said they would even be willing to pay a small fee to get their rebates, refunds or credits within minutes.

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Tina Orem

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