Let’s face it, traditional payments are officially out of style. Both mobile and online banking have become the “it” thing when it comes to paying your bills. Admit it — it’s faster, and more effective than sitting at home, calling into your bank, waiting for a check to process and praying it processes on time. For those who don’t know how to work the online banking yet, I’m sorry, it’s a bit of a transition, I know.
#1 – Traditional payments are not immediate. When you swipe a credit/debit card or hand over cash, that money is gone & your bank account is updated immediately to show the difference. When you mail a check or make a payment online, you have to wait at least two business days for it to arrive at its destination and then you still have to wait for the recipient to cash it. It can take days for your bank account to reflect that those funds are gone.
Why you need a pay by phone application: it gives your customers an updated account balance after a payment is made. It also gives a confirmation number for future reference.
#2 – It’s a process. It’s not that difficult to write a check but it’s also not a one-and-done kind of thing. You have to get your checkbook, find a pen, write the check, get an envelope and address the envelope. Then you have to hope you have a stamp. If you do, you can drop the check in the mailbox & then wait a handful of business days to arrive and be cashed. Even worse, if you don’t have a stamp, you have to drive to the post office & wait in line to get one before mailing the check. At least you can do this while you’re out and about, though. If you choose to make an online payment, you have to be home (unless you’re comfortable using a network you don’t know is safe). Either way, you have to log on to your computer, get to the right web page, remember your user name and password, answer a security question, enter in your payment details and select a payment date. To top it off, there’s usually at least one more “are you sure you want to do this” step before your payment is made.
Why you need a pay by phone option: allow your customers to make a payment from anywhere, at any time of the day or night by calling one phone number. They’ll hear their account information & then be able to enter in their payment info. Your customers will still get a confirmation number and their account will be updated immediately.
#3 – Security concerns. Mail gets lost or stolen all the time. What if a bill with your check or credit card number falls into the wrong hands or just doesn’t make it to its intended final destination? Likewise, if your Internet network is not fully secure or your paying a company whose website is not PCI compliant, your sensitive payment information is at risk. Even if your network is secure, Internet scams are an increasingly real threat nowadays. It’s easier than ever to fall victim to a phishing scam even if you’re using a secure network.
Why you need a pay by phone option: your customers deserve the peace of mind that their sensitive payment data is safe in your hands (or your website). Give them this by using a pay by phone application that is PCI compliant, meaning 100% secure. This way, their bank account or credit card information never leaves their hands.