Written by We’re on a poll roll again, folks! Last week, I sent out a poll asking whether you would be likely to use a payment frequency for the first 4 weeks of any month.
First, here’s the data we got on which payment methods are currently most-used in RPM. “Monthly” payments won out, followed closely by “Weekly” and “One-Time” payments, in that order. See a full breakdown here:
*Please note that each respondent might have selected more than one answer, so this graph does not reflect a one-to-one correspondence between respondents and x-axis answer values.
I also asked whether you would use a payment frequency for scheduled payments that applied only to the first four weeks of any month. Just shy of half of respondents said they wouldn’t; a third indicated they would; and the rest weren’t sure.
In addition to sharing these results, I wanted to address a few points and concerns raised in the poll comments.
- First, we would not get rid of the existing “Monthly 5th Week” payment option or the current weekly option! The “Weekly First 4 Weeks” frequency would simply be an addition, not a replacement. We know it’s useful for many of you to be able to schedule additional payments for longer months.
- A few respondents brought up the possibility of adding a “Last Day of the Month” or “Last Xday of the Month” payment method option. We’ll add these to our list of possibilities!
- We learned that many companies schedule all months for 5 weekly payments, and when there are shorter months, the remaining funds are transferred to savings. The more you know!
Thanks, everyone, for your feedback! Another poll will roll out next week, so stay tuned—and, as always, if you have any additional thoughts about this topic, let me know in the comments below (or with a call or email).