The Big Game isn’t the only time of the year that two rivals meet for head-to-head battles. In fact, Billers constantly face a rival team of pesky Billing and Payment Monsters all year long. In this two-part series, we’ll cover all six of the top billing and payment monsters Billers battle as well as the best offensive strategies to put in place to defend against them. Leaving these monsters undefended can create poor user experiences, imminent security risks, and difficult back office processes for both your customers and your staff. However, with a great team and a winning billing and payment strategy, it is well within your playbook to tackle your biggest billing and payment monsters in 2021.
To bring levity and fun to the very serious challenges billers face in today’s rapidly changing payment landscape, we’ve given each payment problem its own player profile and set of traits that burden Billers and frustrate customers. In Part 1 we’ll cover Brock the Blockhead, Stinger the Sneak, and Argus the Ungainly.
BROCK – POOR USER EXPERIENCES
A heavy hitter on any team, Brock the Blockhead is an absolute beast. He’s known for creating major roadblocks on a customer’s path to payment that results in poor user experiences and resistance to use self-service options.
How can Billers eliminate Brock? Most customers simply want to be able to see their bill and quickly pay it. Make the payment process quick and easy to navigate and remove any roadblocks that may cause a customer to abandon making the payment. Intuitive systems should not require long pages of instructions, navigation through multiple pages, or excessive data entry. Minimize clicks, speed up the checkout process, and pull through as much customer data as you can provide to create a great user experience that will encourage customers to continuing paying using these cost-saving self-service channels. And providing the same intuitive process through all available payment channels including web, mobile, and digital wallets, ensures you meet the needs of all your digital customers.
STINGER – SECURITY RISKS
Next up on the roster, Stinger the Sneak. This guy is known to slip through the cracks and wreak havoc in Billers’ security defenses.
How can Billers protect themselves from Stinger? Rely on a trusted, Level 1 PCI compliant, 3rd party provider to offload the burden, cost, and risk of compliance. By choosing 100% SaaS/hosted solutions you can provide reliable, safe, and secure payment channels that meet today’s highest industry standards and protects your sensitive customer data. Your customers will feel confident to make payments using these secure channels, and you can rest easy knowing that your agency is protected.
ARGUS – COMPLICATED REPORTING AND RECONCILATION
Rounding out the first half of the team, we have Argus the Ungainly. He’s got a mean arm … but with eyes all over the field, he creates trouble in all aspects of reporting and reconciliation.
How can Billers conquer Argus? Many billers have over a dozen systems to review on a daily basis when it comes to reconciling payments and reporting. Choose a single-vendor, omni-channel billing and payment solution to eliminate siloed systems that cause your finance staff go cross-eyed. With a single view to all transactions in one consolidated dashboard (inclusive of all channels spanning from cash to voice-assisted payments) your team can see a holistic view of all payment and communication information that can help inform service and promotion decisions based on customer behavior. A scalable all-in-one solution eliminates piecemealed solutions (that negatively impact both customers and back office staff) and delivers a unified customer experience across all channels with a single point of reconciliation and reporting.
Who and what are the other top Billing and Payment challenges should Billers be aware of? Be on the lookout for Part 2 where we round out this Monster squad. Or check out this link to view them all right now.
In the meantime, watch the big game below as the Billers take on the pesky Billing and Payment Monsters.