Your customers want a quick, and convenient way to be able to handle their bills. Your company would like to find a quick, easy, yet secure method of accepting payments. Here are a few benefits of a pay by phone solution…
1. 24/7 Payments
Customers don’t have to take time out of their busy schedules to worry about paying for your business. This is because payments can be made 24/7 and from anywhere your customers can reach you by phone
2. Self-Serve Application
With our application, your customers can take care of business with a phone call. When a customer calls, they can hear their account balance, check the status of their last payment, and even make a payment over the phone. Best of all this can be completely automated, so customers don’t have to wait on hold to speak with a live agent.
3. Increased Customer Loyalty
When combined with a notification reminder service, customers will be more likely to remember to pay their bills promptly. However, your company will also see an increase is customer loyalty if they send out offers using this service as well. That’s because customers want to receive offers via text message.
4. Secure Payments
Would you walk around with a sign that displays your name, address and phone number on it?
How about the routing and account numbers for your bank which would allow people to access your funds?
If you don’t offer your customers a pay by phone option, your company may as well ask them to do just that. Paper checks can be stolen from mailboxes. In some cases, stolen checks have been altered and cashed. If your customer’s identity got stolen, it would be much worse.
5. Save Customers Time And Money
In the last few years, the percentage of customers that still pay their bills by check has been on a steady decline by up to 7% per year. That’s because customers want a quick and easy solution when it comes to making payments.
Your customers save money because they don’t have to buy stamps, worry about getting to the post office on time, or juggle their checkbooks to figure out which payments cleared and which didn’t. Your company saves money because payments are quickly verified in minutes, not days.
6. Save On Credit Transaction Fees
Some mobile payment companies charge less per transaction than credit card companies, which equates to direct savings for the company. Garabedian says that one of the reasons he uses LevelUp for mobile payments is that he doesn’t pay any transaction fees until a customer meets incentive levels. With Square mobile payments, the business pays 2.75 percent of each sale as the transaction cost, which is a lower fee than those associated with some credit cards. Since each company structures payment differently, investigate the different mobile payment programs to determine which is the most cost-effective for your business.
7. Track Customer Trends And Inventory
A common struggle for small companies is tracking inventory and customer behavior. But with mobile payment services, you can automate these processes and better serve your customers. “Small businesses using mobile payments can now track what products and services they are selling to understand customer demands. Not only can they now capture payment information, but they can learn about their customers and use that information to improve service,” Signorini says. For example, a business can use the purchasing data to learn that they sell a lot of chicken sandwiches on Thursdays, and make sure that they have enough ingredients on hand. By meeting customer demand, they increase product sales and improve customer service.
8. Greater Visibility Into Company Finances
With access to reports and comprehensive corporate financial history, an electronic payment system gives management and other authorized users easy access to snapshots and detailed reports to improve decision-making and process efficiency.
9. Simplify Dispute Management
With an electronic payment system, companies enjoy improved data accuracy and automated disbursement, receipt and payment processing to streamline vendor dispute management. If a customer has an issue with their billing history, it’s simple to look up via an online platform that shows when the caller called in, when the transaction took place and the amount paid.
So, do you have a pay by phone solution in place?
With the Compass Payments Suite, your customers can have the ability to make a payment using any phone, anywhere, at any time. Best of all our mobile payment solution allows payments made quickly, securely, and promptly. With added text reminders and notifications, they will do so loyally as well. Our pay by phone solution, Compass Pay, guarantees the safety of your customer’s payments. When a customer makes a payment, they can rest assured that it is handled with the highest level of security compliance that a service provider can receive.
Learn how we help an electronic billing platform for utilities dramatically reduce their PCI risk with our payment solution.
Compass Payments Suite
Learn more about our Pay By Phone solution, the Compass Payments Suite.