Some of the most powerful tools that superheroes have at their disposal are speed, flexibility and invisibility. And just as these qualities make for a good superhero, they also make for a great payment processing solution. Superhero payment solutions enable consumers to pay their bills efficiently while also allowing billers to refocus their efforts and energy on keeping those consumers satisfied with their service.
When we talk about friction in the context of payments, it can mean anything from forcing a customer to re-enter their username or password multiple times, a technical issue which can delay the payment process or requiring a customer to insert/swipe their card versus a contactless experience. These are just a few of the many common issues that can cause friction (and more importantly, frustration) for customers.
#1 Simplifying Sign-In and Ensuring 24/7 Account Access
Put yourself in the shoes of your customers. How many different passwords are you required to remember to do things like access your work computer, go online shopping or log onto your favorite social media network? No one wants to add another login or password to this seemingly endless list. That includes your customers.
The immediate need of most customers is to make a quick payment. These users usually fall into two groups – those who are making a planned or scheduled payment and those who have an immediate necessity to pay their bill.
The average consumer is tasked with undertaking approximately 137 keystrokes just to make their payment. Data shows that if the process takes longer than usual, they will abandon the process. With payment tools to cut down on the friction involved in the payment process, those 137 keystrokes can be cut down to around 10 keystrokes. Think of the time and stress that can save your customers.
# 2 Bringing Payments to the Payer’s Doorstep
Whether you are a utility provider, loan issuer, patient provider or a business owner who provides in-person services, your customers come to you. Companies like Amazon, PayPal and Uber have experienced unprecedented success while providing simplified payments by coming to where those consumers are to meet their needs.
This means offering a wide array of options like in-app purchases, contactless credit card transactions and mobile payments. Whether or not you are aware of it, each of these methods of payment is an example of frictionless payments. Payment data is securely saved and tied to the user’s unique profile or login information. Fewer keystrokes, less login time and a quicker checkout process means happier customers as well as helping ensure their repeated business and on-time payments.
All of these tools work to find ways to deliver the bill and the payment needs to the consumer on their own doorstep, so they can quickly and timely respond. Using reliable and proven technology that your customers already utilize in their daily lives is a great way to drive adoption and satisfaction.
#3 Trusting a Partner with Payment Data Security
Obviously, one of the biggest responsibilities for a biller is knowing that their customer’s payment data is completely secure throughout the entire payment experience. Not only are data breaches costly from a customer confidence perspective but they can also be Kryptonite for your organization’s growth strategy. But have no fear, Paymentus and Secure ServiceTM are here!
One of the trickiest elements for billers is that they must strike a balance between offering customer-friendly functionality and being diligent about data security. The ideal balance would ensure that customers are getting the most out of the billing and payment system without raising the security risk. Outdated and often clunky security measures like PIN numbers or password protected bills can add unnecessary friction to the payment process and become the villains of the seamless payment experience.
So how does a biller ensure that customer data is safe without bogging down the payments process? The best advice is to pick a payments vendor who will worry about security so that you can focus on providing the highest level of service to your customers.
The greatest way to evaluate your current payment process is to put yourself in the shoes of your customers. Who wouldn’t appreciate a provider who streamlines and simplifies the bill paying process? That’s what taking the friction out of payments is all about and why it is important for any organization to take it seriously.
Curious about how to cut down on friction during the payments process or want to become your organization’s seamless billing experience caped crusader? Take our quiz to find out how you can make the payment process as simple as possible for your customers and become their hero.