Profitable payment enhancements

With the ongoing cooling of the global economy, businesses are looking for ways to maximize profits. Business executives can save expenses and promote top-line growth by implementing an often-ignored tactic: enhancing the customer payment experience.

With more than twenty years of expertise in the payments sector, Jeanette Mbungo is the vice president of payments operations at payment solution provider CSG Forte.

She is in charge of creating and executing company plans that promote expansion and profitability. She also manages all operational facets, including risk assessment, customer success strategy and execution, client onboarding and implementation, and support services.

Here, Mbungo outlines how businesses may provide a multi-channel, seamless payment experience to increase revenue and simplify the disjointed digital payments environment.

Transaction abandonment, or lost income, can result from friction throughout the payment process. Over 90% of billing firms receive complaints regarding payment process annoyances, such as difficulties with login and authentication and insufficient autopay alternatives.

Optimizing the customer experience (CX) and enhancing results requires providing a one-stop payment platform that takes customers’ preferred payment methods, including credit or debit card payments and Automated Clearing House (ACH), and leads them safely and easily through the payment journey.

Businesses can make money by reducing customer annoyance, providing value, and bolstering security throughout the payment process. Customer loyalty and confidence are increased through seamless payment experiences, and this may result in a rise in on-time payments, autopay opt-ins, and a decrease in payment abandonment.

Long-term benefits of a dependable digital payment platform include increased Payment Card Industry (PCI) compliance and a higher volume of completed digital payments, which reduces the likelihood of consumer data breaches and call center wait times.

Ensure Safety

Security is important to both you and your clients. The best payment options have security features that restrict the amount of sensitive personal data that is exposed to the process. Custom online invoices are generated by certain payment platforms and sent over a secure, unique URL. The greatest payment platform employs branded invoices and customized URLs as an extra security feature to reassure customers that their money is going to the correct location.

Even in today’s more digitally advanced environment, many consumers value the ability to speak with a live operator. However, data security may also be jeopardized by that human touch. Call center representatives can provide clients with a secure, real-time connection to a personalized online payment page via their preferred channel by putting in place an agent live assist payment platform. This enables direct payment without your company maintaining sensitive customer data or the customer disclosing personal information over the phone.

Facilitate It

Some customers may have to decide which invoices to pay and which to ignore as their budgets increasingly tighter. One efficient strategy to promote on-time payments is to provide clients with a bill explanatory tool that walks them through their invoices to comprehend current (and outstanding) expenses. Twenty-three percent of Millennial consumers prioritize paying the easiest-to-pay bills, as per a recent survey.

In fact, by converting to a cutting-edge payment technology, one security company was able to reduce late payments by 85% in just one month. Whether a customer chooses to pay you this month or to go on to the next biller depends on how easy and transparent the customer journey and payment procedure are.

In addition, cart abandonment is a common occurrence for customers who experience difficulty with the payment procedure. You can boost payment completion by improving convenience (by providing alternatives for auto-pay and installment payments, for instance). Allowing clients to pay in installments is an additional alluring choice that keeps them interested in and using your products as well as your website. By giving clients reasonable terms, installment payment plans help lower the number of calls received by call centers. This lowers the number of collection calls.

Recognize Your Compliance

Depending on the size of the company, different PCI Data Security Standard (DSS) criteria apply. As a result, organizations need to regularly review and update their compliance methods. Even though PCI DSS compliance might be difficult, using a payment solution provider’s services will help guarantee that your business maintains PCI compliance without using up internal resources or time that could be better used for output-related tactics.

The data your business gathers, saves, processes, and sends is all part of the card payment ecosystem. As technology advances, you must continue to abide by the PCI DSS. Purchasing a real-time, PCI-compliant payment processing platform offloads difficult requirements like network segmentation, HIPAA compliance, and firewall maintenance, reducing risk, effort, and expense.

Businesses that are successful know to collaborate with payment solution providers who are aware of their needs, capabilities, and current products. Whether you’re a huge software company providing specialized solutions for a certain vertical or a small-size merchant looking for merely a point-of-sale system, your payment provider should be able to create a customized product for you. Select a payments partner who can adapt to the needs of your business and develop alongside it.

As your company searches for methods to boost earnings in a contracting worldwide market, don’t overlook the significance of enhancing the client payment experience. You can future-proof your company, boost income, and enhance PCI compliance by providing a simple, easy, and secure payment method that will last through the global economic crisis and beyond.