Posted by Bethany Frank on 22 Apr 2016
When talking payments, yoga probably doesn’t come to mind. From various payment methods to security compliance and more, it might seem like there is more room for confusion than peace and harmony. A great payment solution, however, truly embodies three important pinnacles of the ancient tradition of yoga: strength, balance, and flexibility.
Electronic bill presentment and payment (EBPP) is somewhat of a complicated beast. Without strong and secure design, a payment solution will likely fail to handle the volume of payments many businesses deal with. A centralized payment system that has the ability to process payments across various channels is quickly becoming a crucial requirement even for small businesses, especially as consumers adopt digital and mobile technologies in record numbers. Furthermore, an EBPP solution must be secure enough to handle extremely sensitive financial information on a 24/7 basis.
A powerful and secure system builds consumer trust and confidence in a payment solution, but a lack of user-friendly interface could easily become a major turn off for customers. The right EBPP solution is one that also manages to keep things simple for customers and/or clients. An EBPP solution should be quick and efficient, making it a breeze for customers to access statements and pay bills their bills however and whenever they want.
Flexibility is what transforms a basic payment solution into a truly valuable business tool and customer experience driver. Convenient options, such as multiple payment methods, can go a long way in improving customer satisfaction. With a premier payment solution, businesses can enable customers or clients to pay bills through a broad range of payment channels, including mobile and web portals for the tech-savvy, or customer service representatives for those who aren’t as comfortable with newer technologies. This kind of flexibility allows businesses to cater to the needs of all customers and maintain a consistent customer experience regardless of their individual preferences.
Lastly, a great EBPP solution is one that is flexible enough to be fully customized, from its design to its framework. Businesses should seek a configurable platform that can accommodate any unique organizational needs. White-labeling, a custom design, and a platform tailored around specific business requirements all add up to help businesses provide seamless, frictionless service.
Not all payment solutions are equal. A great EBPP solution should make business operations smoother and customer service better. User experience challenges, competitive business environments, and changing technology trends can all affect the overall efficacy of a payment solution. In order to maximize the operational and strategic benefits of an EBPP solution, businesses should look for a comprehensive platform that adapts to changing business needs over time.