Posted by Alison Arthur on 10 Dec 2018
Businesses are always looking for new ways to simplify the act of collecting bill payments from their customers. What began with electronic bill presentment and payment (EBPP) solutions like e-bills and online bill pay has now evolved into engaging with customers via handheld devices. And one of the most important interaction points is text messaging.
Text Messaging Is Too Big to Ignore
Just how prevalent is text messaging? It’s estimated that the average American sends and receives approximately 94 text messages per day. In addition, 97 percent of smartphone users report that they’ve texted in the past week, making text messaging more popular than browsing the internet. Add to that a very high rate of engagement – 99 percent of SMS text messages are opened – and it’s clear that text messaging is a force too powerful to ignore.
And text messaging is no longer limited to communicating with friends and family. Consumers are growing more accustomed to receiving text messages from businesses as well. From appointment reminders and marketing promotions, to bill-ready alerts and notifications, more and more companies are leveraging text messaging as a direct communication channel with their customers.
Simplifying Bill Payments with Pay by Text
Pay by Text helps businesses leverage the power of SMS text messaging to encourage on-time bill payments from their customers. Here are three key benefits.
Benefit 1: Convenience
Research suggests that the average adult spends 23 hours per week texting and that 95 percent of texts will be read within three minutes of being sent. With that level of engagement, and the huge percentage of Americans owning phones that accept SMS text messages, text messaging might be one of the most convenient channels for customer communication. Delivering this level of convenience to the bill payment process can encourage on-time, hassle-free transactions in the messaging apps that customers use most.
Benefit 2: Speed
When a customer enrolls in Pay by Text, bill-ready notifications are sent directly to the mobile number they provide. From there, the customer can simply reply with a text that says PAY to initiate a bill payment from the funding source they established in their account. A confirmation is texted back to the device and the transaction is complete. Eliminating the need to open a browser or login to a user account means a faster bill payment experience for both businesses and consumers.
Benefit 3: Personalization
Customers must sign up for Pay by Text and provide information including their mobile numbers, communication preferences, and payment funding methods to complete the enrollment process. In doing so, a highly personalized experience can be delivered. For example, customers can select how many days in advance they want to receive bill-ready alerts (within the biller’s parameters). Giving customers the ability to select when, where, and how these interactions take place can deliver an experience that’s custom tailored to their needs and preferences.
The Bottom Line: Simplifying bill payments is all about delivering a user-friendly experience to the channels that customers use most. The ubiquity of mobile devices and extensive use of text messaging makes Pay by Text a natural way to accept bill payments from customers, quickly and conveniently.
07 Mar 2019 Blog Webinar Recap: Why businesses need to embrace Digital Disbursements. Now. There are significant benefits to be gained by businesses that transition away from paper checks and toward Digital Disbursements for B2C payouts. Our webinar recording makes the case for making the switch.