Visa’s Loan Repayment Program can improve economics with debit acceptance for repayment of a loan. You can now accept Visa Debit and Prepaid cards to allow cardholders to repay almost all consumer loans including credit cards, auto loan, mortgage and personal loan. By participating in this program, you support customer preference, improve the payment experience and increase process efficiency.
Cardholders want diverse payment options, and studies show consumers prefer debit over ACH or checks by at least 2 to 11. This includes millennials, who are estimated at 80 million, bigger than baby boomers, who are estimated at 77 million2. According to a recent study, millennials are more likely to not have a checkbook2. For those millennials who hold a checking account, they are unlikely to know their routing/transit number, and more than a fifth of all millennials have never written a physical check to pay2. However, the vast majority of banked consumers of all age groups typically carry a debit card3.
Bill pay preference1
According to a 2015 study by Phoenix Bill Pay Choice Insights, among those who pay with check or account deduction, 24% would prefer to pay using debit. Of the 12% surveyed responded who use checks, 27% of them said they used checks to pay bills most often because checks are the only accepted payment method.
