How Does Mobile Payment Work?
Twenty years ago, if you were to get behind on payments for an outstanding account, you would need to call the business’ phone number, speak with a representative, then work out a resolution. On the other hand, businesses would waste money and resources to send payment reminders, make collection phone calls, etc. Whether the money collected for an account was customer initiated or company initiated, it was still awkward and tense. Falling behind on bills is usually an embarrassing predicament, but hope is out there. Now, we have the wonderful option of mobile payments. A mobile payment option has many benefits to you, your business, and your customers. Want to know more? Keep reading!
Mobile Payments – Basics
Here are the basic steps that make up a mobile payment process…
Step 1: Customers will receive an electronic reminder (email, text, etc.) that contains a link to your company’s payments site.
Step 2: A well-presented and organized payments site will greet the customer. Details about the customer will be on-screen for verification and accuracy purposes (with options to confirm or change information).
Step 3: Customers will have multiple payment options to choose from. They can choose partial or full payment, as well as a payment method that is most convenient to them (Visa, Mastercard, American Express, EFT, and PayPal).
Mobile Payments – Benefits
As stated before, mobile payments are incredibly beneficial to your business and especially your collections department. Here are just a few of the awesome benefits your business and customers will experience from offering mobile payments:
1. There will be an incredibly reduced amount of time and resources used when collecting payments from customers. The time and money you save by not sending paper payment reminders, having representatives make collection calls, and so on will be incredibly beneficial to your business.
2. When a payment is made over the phone with a representative, the likelihood of the representative making a mistake when keying in the customer’s information is high. Not hearing a credit card number correctly or having a typo in the billing address can cause a payment to be returned. Mobile payments reduce the risk of human error greatly.
3. Customers have access to a secure payment portal 24/7/365. So, no matter what their work schedule is like, they won’t have to worry about making a call to your company during business hours to make payments on their accounts.
4. Customers will feel more “in control” of their financial situation and less embarrassed when times are tough on their wallets. When you don’t have to speak with an actual person, the friction that always comes with collection calls in obsolete.
5. Customers are presented with a new opportunity to direct debit their payments when they visit your payments site. Each time they make a payment, they should be given the option of enrolling in automatic direct debit payments. This will greatly decrease the chance of payments being submitted after their due dates and/or being returned.
6. When customers use a mobile payments site, they will be prompted to provide an email for receipt delivery purposes. These email addresses will keep your contact records up-to-date, which makes sending collection reminders to customers so much easier.
Mobile Payments – Analytics
Running analytic software on your mobile payments platform will produce invaluable information about your mobile payments program and your customers. These are a few ways to use your mobile payments analytics data:
1. Decision-making can be simplified and made clearer when your analytics data is factored in.
2. Effectiveness of your mobile payments program can be determined by the data collected. You will be able to evaluate your program’s effectiveness by time of day, demographics, etc. and make adjustments as needed.
3. Tracking user behavior and delivery information is made possible with an analytics engine for your mobile payments program.
Mobile Payments – The Future of Business
It’s easy to see that mobile payments are pushing businesses further into the digital world. Businesses will find that mobile payments help keep the customer-business relationship in good standing. Additionally, the general convenience of mobile payments will build your customer base and will keep your company’s collections process simple and worry-free.
Bottom line: Customers and businesses are preferring mobile payments over traditional, costly methods (postal mail letters, phone calls, etc.). Gomeeki have already proven the effectiveness of mobile payments. Ever since our mobile payments platform “MeekiMoney” launched in 2014 . We have collected over $50 million in overdue payments, and at a fraction of the cost accrued with traditional collection methods.
Your customers want a positive experience, even when they are late paying their bills. Collect overdue invoices faster and easier with MeekiMoney debt collection software.
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