Customer demands and preferences are constantly changing. They value convenience and speed during the payment experience in today's fast-paced environment. As a business owner, it's essential to provide payment options that satisfy their wants and needs. Offering multiple payment options can expand your customer base while enhancing the customer experience.
Why Payment Options Matter
When customers can choose how they want to pay, it helps improve their payment experience and increases the likelihood of them becoming returning customers. Conversely, not providing them with multiple options can contribute to lost revenue and deter customers from returning in the future.
By providing omni-channel solutions, you and your customers can benefit from fast and easy payments while developing a strong relationship. So let's dive into four payment options customers will appreciate:
Studies show that 35 percent of customers are interested in paying via text, though only 4 percent of businesses offer the payment option. It's seen a growth in popularity during the pandemic as more businesses embrace the method. While it's convenient and beneficial to customers, text pay can also simplify communications for businesses by sending payment reminders which can increase on-time payments. Many customers already have their card information stored on their phones, making it even easier to fulfill their payment obligations via text.
With REPAY Text Pay, one text is all it takes. Customers can conveniently use their phones and text messaging features to make payments anytime and any day. After they receive a SMS verification and authorization from your business, they can easily reply to the text with "PAY" and submit payment via their card or ACH.
As the demand for mobile payments continues to rise, mobile apps are another great way to meet customers right where they are. From the devices they use daily, customers can easily download a mobile app from their phone's app store and set up accounts to make payments, review account information and more.
REPAYit™ is REPAY's mobile payment application. With customers desiring on-the-go payment options, this mobile app offers a secure way to pay using a card or ACH. In addition to a seamless payment experience, your business can customize the application’s interface to match your brand and organizational needs.
For added convenience, customers can view all accounts from a single login, save their preferred payment methods, set up custom recurring payments and access realtime payment history and reporting. Customers can also enable push notification payment reminders so they’ll never miss a payment.
Online portals offer automation, flexibility and security for customers. Via a user-friendly interface that's available 24/7, online portals enable them to submit card, ACH and digital wallet payments easily and securely from any internet-enabled device.
With REPAY's PCI-compliant EBPP (electronic bill presentment and payments) solution, you can customize the portal interface to align with your company's branding, as well as personalize bills with customers' information. The portal also provides a reliable resource for customers to view and download statements and disclosures. Additionally, it enables your business to initiate fund disbursements, look up accounts and access reporting and payment history.
Interactive Voice Response (IVR)
IVR payments enable customers to make payments over the phone through an automated system. IVR payment lines can be accessed 24/7, and thanks to no hold times and easy-to-follow prompts, payments can be made promptly using card or banking information. All customers need is their account information, such as the invoice number, account number or reference number, to locate their account. This payment channel also gives customers peace of mind because no information is exchanged with a live agent, keeping the transaction safe and secure. Because 41 percent of IVR calls result in a completed payment, IVR can help improve your bottom line.
REPAY's IVR offering is available in English and Spanish, can be set up quickly and requires little to no ongoing maintenance. This solution allows your business to customize the IVR prompts and dedicate a toll-free number to give to customers. IVR is a great way to optimize your time and processes, enabling your business to expand business hours without human intervention, ultimately increasing customer satisfaction thanks to its convenience and ease of use.
Make Your Customers Happy with REPAY
Delivering multiple payment options to customers is a must for today's businesses. From flexibility and convenience to security and customer loyalty, there are several advantages to diversifying payment methods.