By Nicole Haskins, Vice President, Paymentus
I recently had the pleasure of participating in an interview on improving the customer experience and why organizations must start expecting more from their billing and payment providers. The interview touched on several key topics including AI, fee models, instant payments, and the impact of using multiple vendors and solution providers.
One topic that stood out to me given its timelessness is the need to address different types of consumers who expect different experiences. For more than 21 years, Paymentus has addressed this challenge through the continuous improvement and expansion of its best-in-class billing and payment solution. And though this has meant many different things over the years, there has been one underlying factor uniting it all: speed.
Speed Unites All Billing & Payment Experiences
I grew up with credit cards. I use an Android phone. I can’t remember the last time I paid a bill in person, let alone with cash. I love AutoPay. But this is just me; one person among millions who make bill payments every single day.
We know that almost a quarter of the population is underbanked and has no access to credit cards. We know that younger digital natives like using digital wallets more than older demographics. Payments made by IVR are still very important. There’s a reason the Paymentus solution offers more payment methods and channels than any other provider.
But no matter how a customer chooses to pay their bill, the payment process must be smooth, seamless, and instant.
Why Speed is Essential In Billing & Payments
It would be easy to say that speed is a necessity due to our constant need for instant gratification, but the story is much bigger than that.
If you’ve ever forgotten a bill until its due date, you know how important it is that your payment post immediately.
If you’ve ever clicked “Pay” and not received a confirmation or receipt, you know how important it is to receive instant confirmations.
Maybe you’ve even faced that dreaded spinning wheel of death after clicking “Pay.” That delay could be enough to cause you to refresh the page or click again, possibly resulting in a double payment (or no payment at all).
There’s also the case of walk-in payments, where cashiering automation can ensure that cash payments post just as quickly as a card payment made online.
The customers in these scenarios each have different needs, preferences, and circumstances that your organization must accommodate. The ability to back each with instant capabilities is what creates an elite billing experience.
The Art of “Thoughtless” Bill Pay
One of the more interesting juxtapositions in our world is that thoughtful is the root of thoughtless. Hear me out. Thoughtless does not mean heartless or bad. Instead, it’s the ability to complete a bill payment without thought.
This can only happen through a thoughtful experience. The entire process is seamless, intuitive, and instant. You click “Pay” and you get a receipt immediately emailed to you. You don’t have to give it another thought.
You walk into a Walmart and ask to pay your bill using Walmart Bill Pay. You give the associate your cash and know that your payment is posted immediately. You don’t have to give it another thought.
This peace of mind is only possible because of the speed inherent within the bill payment solution—which has been purposely and thoughtfully built to deliver instant results at every touchpoint.
Want to instantly improve and optimize your billing and payment solution? Let’s talk! Our team can walk you through an exclusive demo showcasing the many benefits of the Paymentus solution for your organization, customers, and staff.
