Bank Draft versus Credit Card Payment Persistency

johndf

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Does anyone have or know of any statistical data on what the persistency of business is if paying premiums by bank draft versus paying premiums by credit card?
 
Anything "automatic" sets up 97% persistency in my experience.

People prefer credit cards to get points. But CC's have expiration dates and fraud problems and is constantly an issue with updating. Unlike bank drafts.
 
Credit card payments are also being stopped temporarily by some banks when there is a recurring charge until the customer authorized the RC. Just makes for a delay when you have to contact your customer and have them contact the bank to okay
 
Bank drafts are the best business. Seek always to get things taken care of there if it is available.

Note: If it is connected to SS deposits you will need to mirror them as closely as possible for clients.
 
I also prefer bank drafts for my business transactions, but I still think credit cards are great to gather points. I just don't like all the sites that ask for a credit card just for a one or two day trial. It's really annoying and most of the time is it just forget to cancel the subscription overall and you end up paying for something you didn't want at all. This is one of the reasons I use https://cardguru.io to avoid using my real card and get done with it. That way even if they try to charge a virtual card that doesn't even exist is no issue for me.
 
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Used to be a larger gap, Still Checking will be better but not by miles anymore

However, I do get it the points I do the same and pay them off each month totally

But as we go on more and more people don't use checking or even know where they have a check

I find outside this business I Don't need a check for anything 99% of the time it's not like it used to be where checks were used for many things its near useless except for a few things insurance being one maybe mortgage that type cant really think of anything else a Check would be needed
 
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