There is no doubt that COVID has rocked our world in 2020, altering our perceptions and norms for years. At home, at school, and work, we’ve seen massive disruption in our day to day activities and interactions. Our perception has entirely changed about what is safe and reasonable. While watching a movie recently with my family, a scene of a crowded coffee shop came on screen, and seeing people within inches of one another in a public setting seemed so strange. Just a few months ago, this was completely normal. We rapidly adapt.
Shift To Automation
This shift in perception includes how we interact to make payments to everyday businesses. When COVID hit us hard in March, companies had to send people home to minimize the risk of spreading the virus. We saw automation technology needs come to the forefront of doing business. A lack thereof quickly exposed underlying issues, many of which centered around payments.
The Need For Contactless Payments
The subject of contactless payments started popping up in financial and technology blogs all over. As we fielded inquiries, one of the most noted issues was the lack of options for customers to pay. Sure, they had a website and online portal, but some of their customers didn’t have access to a computer. Many of these companies still had employees working and answering the phone during business hours but from home! As such, they couldn’t securely process a customer’s payment information. With our Compass Payments Suite, we’ve been able to help businesses leverage voice and text automation for their customers to pay their bills 24/7/365. The automation improved their revenue cycle while keeping consumer credit card and banking data secure.
On its banking blog, Accenture listed “a strong push toward a cashless society” as the No. 1 potential long-term impact that the pandemic may have on global payment processes. MasterCard polled 17,000 consumers in 19 countries and found that they perceive contactless payments as “the cleaner way to pay.”
Contactless Payments: Convenient & Secure
The good news is that these cleaner, touchless, contactless payment methods are also convenient, speedy, and secure. Stopping on your way home from work and waiting in line to pay your water bill before they close for the day is no longer an option. Instead, your customers can call a number or reply to a text notification of their balance due and pay any time of day, from any location. If you’ve been thinking about updating your business and automating your payments, we’re here to help! We’ve got the architecture already in place to tailor a solution to fit your needs! Contact us to learn more about how we can help.