In today's fast-paced world, convenience is essential, and businesses are always looking for new ways to improve their payment processes. An increasingly popular solution is text-to-pay, or Text Pay, which allows credit union members to make payments quickly and easily using text messages.
As a financial institution, the easier you can make the payment process for your members, the more likely they will make timely payments. With more than six billion text messages sent daily in the U.S. alone, text messaging is a widely used communication medium; most people are already comfortable with sending and receiving text messages. Text Pay options leverage this familiarity and accessibility, making the payment experience fast and frictionless.
Let's explore four key benefits of Text Pay for credit unions.
The most apparent benefits of Text Pay are simplicity and convenience. This payment method eliminates the need for members to navigate through online payment portals or provide sensitive payment information over the phone. Instead, after a quick verification and authorization process, Text Pay allows members to easily make payments 24/7 using a card or ACH. By texting a keyword, such as "Pay," to a unique number assigned to the business, they can make payments within seconds.
In addition to its simplicity and convenience, Text Pay options offer members higher control and flexibility. Members can initiate payments through a simple text message at the time and location that best suits their needs.
Whether at home, in the office or on the go, members can securely complete transactions without being bound by traditional payment methods. This freedom empowers members and enhances their overall payment experience, increasing satisfaction and loyalty.
Text messages have an incredibly high open rate, with studies showing an open rate as high as 98%. This high engagement level means that when businesses send payment reminders or past-due notices through text messages, members are more likely to read and act on them. As a result, Text Pay can significantly increase timely payments and reduce charge-offs.
Additionally, Text Pay services can streamline the member payments process and improve cash flow by sending personalized payment reminders and providing a simple payment method within the text message. This efficient approach minimizes the need for time-consuming — and often ineffective — phone calls and reduces labor costs related to the collection process.
Text Pay goes beyond its payment capabilities by offering additional features that improve the overall member experience. One notable feature is the two-way texting functionality, which allows members to communicate directly with support representatives without needing a phone call. This reduces call queues and gives members a more convenient and efficient way to seek assistance or resolve payment-related queries.
Furthermore, Text Pay solutions minimize the clicks and steps required to complete a payment. Members can simply follow the payment instructions in the text message instead of navigating multiple screens or filling out lengthy forms. This frictionless experience saves members time and reduces the likelihood of payment abandonment, resulting in higher conversion rates for businesses.
By embracing Text Pay solutions, businesses can expand the range of payment options they offer members. Alongside payment channels like online portals, IVR / phone and payment links, Text Pay provides additional flexibility to members. This enables members to choose the payment method that suits them best, enhancing their satisfaction and loyalty.
Integrating a Text Pay service can help businesses save money. The costs of the service are typically lower than paying multiple agents to call members daily. Automating payments through text messages helps businesses use their resources more efficiently and focus on their main operations.
As your credit union strives to meet the evolving needs of its members, incorporating Text Pay as part of the payment options is a strategic move that keeps you ahead in today's digital landscape. REPAY's Text Pay provides businesses with a powerful tool to enhance payment processing and improve the member experience. By leveraging the simplicity and convenience of text messaging, businesses can offer their members a hassle-free payment method that aligns with their busy lifestyles.
Discover how REPAY can help your business expand its payment methods today.