Is PayIT right for your business?
Mobile technology has pushed out checks from the point of sale. Advances in Internet speed and technology have changed the payment process. With more customers using smart devices, the demand for electronic payments has increased. Yet, some businesses still insist on accepting payment by check alone. While paper checks are a tried and true method to make payments, this traditional system comes with a price.
Checks are Costly for your Business
- Processing costs – Relying on paper checks can cost you in bank fees per transaction. Also, consider additional fuel costs when taking checks to the bank & postage costs for mailing them.
- Loss of time – It takes time for your employees to process checks in your system and time for the bank to honor your customer’s payment.
- No guarantee of funds –What if your customer didn’t budget properly? Should you still rely on the honor system?
Accepting payments by paper checks alone is a drain on your business. Paper checks can also hit your customers in the wallet as well. Free your customers from the cost of postage and checking fees by adding a pay by phone option.
…and for your customers
Checks can seem to be a cost preventive way for customers to avoid fees. However, it couldn’t be further from the truth. Nevermind the cost of stamps and envelopes to send one in the mail, checks can lead to identity theft. Even if someone thinks they are being cautious, checkbook can be lost. Thieves will even go so far as to steal checks from mailboxes. Once a check is in an identity thief’s hands account and routing numbers are at their mercy.
Drop the check and go with tech.
The Federal Reserve recently released a report that outlines the reasons why businesses should switch to an electronic payment system. Over 29 billion payments are made electronically every year, and this number will only increase. Looking at ways to move payments to near real-time, the report explains what makes an electronic payment system optimal.
These reasons can be summed up with three simple words: Speed, Security, and Smart.
Speed: The smart devices your customers carry and the speed of the Internet are going to get faster. When businesses take advantage of these factors they thrive. Not to mention a customer’s payment is processed in real-time.
Security: In their report, the Federal Reserve stated that they support payment security standards that adapt with technology. The protection of sensitive data is constantly challenged by dynamic, persistent and rapidly escalating threats. This is why IVR Technology Group built PayIT with data security in mind. PayIT will protect our customer’s information by encrypting it to keep it confidential and secure. PayIT was built in accordance with PCI compliance standards.
Smart: Save your business and your customers’ money by reducing the costs of how payments are processed. Your customers will also be glad to be able to pay you from anywhere and anytime using their mobile devices. IVR Technology Group can also help you by sending reminders that keep payments timely, as well as offers that keep your customers coming back.
Freeing your business and your customers from the need to rely on paper checks yields a substantial ROI. Our mobile payment solution, PayIT, is a smart investment that combines money saving measures with the peace of mind knowing that your customer’s data is secure. With PayIT, customers also have the freedom to make payments 24/7. Some may say that online payments allow customers to pay just as well, but this is not truly the case. If a deadline is near, and a customer has no web access, PayIT gives customers the freedom to still make payments on time no matter where they are.
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