Ever since the dawn of the digital age, companies have been struggling to satisfy the consumer’s ever-increasing demands for better, faster service. From its simple origins of sending a check in the mail or paying in person, the way we make payments has rapidly evolved. Online bill payment technology was developed and call centers were opened, all to provide the consumer with a more convenient and trackable way to stay current with their various bills, subscriptions, and other transactions.
Although pay-by-phone automation systems and online bill payments were once great breakthroughs, it didn’t take long for modern consumers to raise their expectations of speed and convenience—as is the never-ending cycle of the digital society in which we live. Today, it simply isn’t enough to provide customers with a number to call or an account login to make payments: consumers desire (and have come to expect) the next best thing that will make their lives easier.
Mobile Bill Payment
The new way to pay has arrived: mobile bill payment provides a better way to send invoices, collect payments, and communicate with customers about their transactions and billing information.
In this article, you’ll discover how mobile bill payment technology can improve your business with a powerful combination of benefits and advantages. Here are 8 reasons to make the switch to mobile bill payments.
1. Consumers Expect It
By now it should be common knowledge to every business owner that convenience is a vital component of a successful business strategy. A recent report by Lux Research demonstrates just how important convenience orientation is with the conclusion that consumers are willing to pay at least 11% more for a faster and easier way to dine or buy food.
The modern consumer has become accustomed to the idea that there is a faster, easier way to do almost anything—from meal prepping to making payments.
Your customers are on a tight schedule. They don’t want to have to wait on the phone to make a payment or pull up a website and log into their account. They want a lightning-fast solution they can complete in a matter of seconds, so they can get back to their busy routines.
2. Stay Ahead of the Competition
As technology continues to advance, companies who are unable or unwilling to keep up will surely lose a massive number of clients and customers due to the sheer lack of convenience and availability. Additionally, consumers will continue to expect more and more in terms of efficient solutions, and they’re willing to shop around in order to find it. Don’t become a dated organization that falls behind with limited offerings; stay ahead of the game by providing customers with the invaluable competitive edge of speed and simplicity.
3. Become a Leader in Convenience and Ease
Convenience is quickly becoming one of the most influential factors in a buyer’s decision. By providing your customers with mobile bill payments, you can leverage this powerful sales point to your advantage and quickly become a reputable industry leader in convenience and ease.
If you can make a buyer’s life easier in any way, you can use that incentive to gain an abundance of new customers, provide a solution to a problem they weren’t yet aware of, and increase your client retention rate by being the best in the biz.
4. Build Customer Loyalty
Simplifying a customer’s life in any way, no matter how big or small, is a phenomenal achievement that won’t go unnoticed. Be the one to offer a better way to pay, and leave a lasting impression on new customers while increasing current customer loyalty.
Mobile bill payments can help you improve loyalty by improving your customers’ lives as well as giving you a better way to communicate with them. With mobile bill payment technology, customers have the power to text your business with a simple question or concern and receive an answer almost immediately. This close line of communication gives you the opportunity to become not just another random company, but one who is readily available to communicate in the same way consumers communicate with their friends and loved ones.
5. Cut Overhead Costs
Mobile bill payment technology is beneficial for both the consumer and the business that incorporates it into its daily operations. By switching to mobile payments, you can effectively streamline your billing processes, simplify your filing and reporting, and cut overhead costs by reducing the need for complex billing processes.
Say goodbye to call center staffing, mobile app development, and other costly ways to organize and manage your billing operations. SMS billing doesn’t just simplify your customers’ lives, it simplifies yours!
So, in addition to acquiring more customers and increasing customer loyalty, you’ll also effectively reduce the amount you’re spending to collect payments from said customers. Sounds like a win, win, doesn’t it?
6. Guarantee Payment Notice
How many times have your customers missed a payment due to any number of reasons? Probably too many. Sending statements via the mail isn’t always a reliable means of communication, and those statements often end up in a mix of forgotten mail and stray papers. Sending emails is no longer dependable either. According to a recent MailChimp report on email marketing benchmarks, the average open rate for businesses is only about 20%, which means your emailed invoice is at risk for going unnoticed in a sea of other unopened emails.
With mobile payments, you have the power to send invoices and account information directly to your customer’s smartphone. Couple that with an immediate way for them to reply with a payment, and you’ve got a guaranteed payment notice and much faster payments.
7. Communicate Effectively
The beauty of mobile payment technology is that it does so much more than simply collect payments and send invoices over direct text messages. Mobile payments by Blitz Pay make it easier than ever for you to communicate with your customers directly, whether you’re a small startup with a handful of clients, or you’re operating on a much larger scale.
Use our mobile payment technology to send automated invoices, reminders, alerts, receipts, general account information, and custom messages. What makes this form of communication so effective (aside from the fact that it goes directly to the user’s smartphone) is that it enables two-way communication. Customers can respond to your messages with questions, confirmations, and more without having to dial your call center or login to a website chat service.
8. Monitor and Improve
Another way mobile bill payment technology can improve your business and simplify your operations is with the ability to monitor results and make adjustments to improve. We make it easy to analyze your customers’ payment behavior with an easy-to-use dashboard and clear reporting capabilities. By choosing to fully utilize the data collected, you can discover the weak points in your strategy, how long it takes for a payment to be made once a text message is received, and what messages your customers respond best to.
As is the case for any aspect of your business, analytics can be used to perfect your operations, better understand your customer, and discover new ways to grow and improve.
Take Advantage of Mobile Bill Payment
Harness the powers of automated billing and convenience-oriented growth tactics by making the switch to mobile bill payment technology. Get started today with BlytzPay and request a demo to learn how our system can help you achieve optimal growth with simplified mobile SMS payments.