Nicole Haskins, Vice President, Paymentus
This article is part three in our multi-part series focusing on affordability and how Paymentus is helping organizations address this increasingly difficult challenge facing consumers. In this installment, we offer a look at why change management is an essential element in ensuring affordability for all customers. Read part one and part two.
The holistic Paymentus billing, payment, and engagement solution offers a variety of unique capabilities that help set it apart within the market. From expanded payments for maximum optionality to cash payments accepted at Walmart, CVS, and 90,000 locations to serve the underbanked, we ensure that every consumer is given the ability to quickly and easily make their payments.
Our patented BillWallet® delivers the fastest payment experience in the industry, while consumers can view, manage, and pay their accounts using our conversational AI-powered chatbot.
But while each offering is unique and an essential part of the affordability puzzle, there’s a crucial element that comes with the deployment of these capabilities—change management. To that end, our Client Adoption Success Team, or CAST, stands out within the billing and payments industry for its ability to help organizations successfully mitigate the challenge of change in a way that delivers benefits for organizations and consumers alike.
Why Change Management is Crucial for Billing & Payments Affordability
After more than two decades of implementing full solutions, launching new payment methods, and migrating organizations to various fee models, we can tell you one thing with full certainty: nobody likes surprises. Without proper change management organizations risk:
- Increased call volumes due to customer confusion
- Late or missed payments due to unclear requirements or necessary steps
- Drop off in digital payments as customers are introduced to a system they are unfamiliar with, forcing the usage of slower and less cost-effective payment methods
This isn’t meant to sound scary, mostly because Paymentus developed CAST for this specific reason and has proven results showcasing the efficacy of successful change management. But as you can see, surprising customers can lead to a host of inefficiencies and potentially missed payments.
How CAST Delivers Effective Billing & Payments Change Management
CAST is our complimentary, full-service marketing team featuring a dedicated group of adoption specialists, copywriters, graphic designers, strategists, and data analysts. The team is responsible for the creation and delivery of comprehensive marketing campaigns that include:
- Bill inserts and direct mail pieces
- Lobby signage including posters, flyers, and postcards
- Incentive campaigns including prizes
- Digital campaigns including landing pages, email, and web banners
- Social media
- Best practices guides for everything from go-lives to AutoPay adoption
One of the hallmarks of the CAST process is the development of marketing timelines, which have been specifically crafted around key milestones for any type of project. The ability to get ahead of change is the best way to ensure that customers are not just prepared for something new, but also know exactly what to do once the change has occurred.
Example 1 – New System Go-Live
Let’s say you’re migrating from your legacy system to the Paymentus system. This will likely have customers viewing a new user interface, different payment methods, and potentially new capabilities not offered before. As noted above, without proper change management, this could potentially be very disruptive. With CAST and Paymentus, we work with your team to deliver:
- A full change management timeline and checklist that begins 60 days prior to launch and carries your organization through its go-live
- Proven and effective marketing materials to educate both consumers and staff on key changes
- Date-specific communications to ensure necessary customer actions are taken as needed (e.g., re-enroll in AutoPay if legacy limitations do not allow for customer data to transfer)
Once the launch date arrives, customers will be fully aware of the migration to Paymentus, any necessary steps they must take to keep their account in good standing, the many ways they can now pay their bills, and how they can enroll in AutoPay. This prevents missed and late payments, or customers opting to make in-person payments before trying the new system.
Example 2 – Change in Fee Structure
Affordability is a hot topic for organizations, just as it is for consumers. The cost of doing business continues to rise, making it necessary for many billers to find savings in areas such as implementing convenience fees for credit and debit card payments. This can be tricky, as consumers may feel as though this is a price hike. CAST has helped numerous clients overcome this situation in several ways:
- Producing materials such as timely emails and letters in advance of the change
- Promoting the wide array of fee-free options customers can use in lieu of fee-incurring payment types
- Producing scripts and talking points to help Customer Service Representatives address fee changes in response to customer queries
Through these comprehensive efforts, customers are given every opportunity to avoid the fees. They can still choose to pay using cards, but they are well informed of their options and able to make the best decision for their budgets.
Meet Your Customers Where They Are
The right billing and payment solution will inherently address the needs of your entire customer base, but the real magic is ensuring customers are fully aware of the offerings, how to access them, and how to maximize them.
The Paymentus solution is purpose-built to serve every customer need and preference. Whether they are affluent, unbanked, underbanked, cash-preferred, digital wallet savants, or credit reward chasers, each has a simple way to pay bills using their favorite payment method.
It’s then our job to collectively create awareness. Through this, your customers will enjoy an experience that feels singularly designed for them, with the ability to pay by the most cost-effective methods according to their needs.
Want to learn more about how Paymentus can turn potential disruption into an opportunity to grow adoption? Let’s talk! Learn more about CAST by visiting www.paymentus.com/client-adoption-success-team/, and contact us today to speak with a billing and payment expert.
