By Chris Trainor, Vice President of Growth and Strategic Partnerships, Paymentus
When you think of artificial intelligence (AI), what’s the first thing that comes to mind? For most, it would likely be something like ChatGPT and Grammarly, Siri and Alexa, or a chatbot. These have all become essential tools that help us manage our lives and quickly complete tasks.
But these common interactions with AI are the tip of a massive transformation that has redefined how entire industries operate. Due to this expansive nature, it’s important to define exactly what Paymentus means when we discuss intelligence in billing and payments.
Here are a few key areas where Paymentus leverages intelligence to help our clients bill better.
Real-Time Health Monitoring
No, I’m not talking about that Apple Watch that tracks your steps, heart rate, and sleep patterns. In this instance, we’re talking about the health of your platform. Key metrics within this include transaction volume, API usage, and endpoint activity.
Our platform is designed to identify and flag unexpected behavior, such as a drop in payment volumes. This may be due to many factors, but the ability to recognize performance outliers is essential in maintaining optimal performance. Once an issue is identified, automated alerts are triggered, resulting in resolution workflows. This allows us to reconcile potential issues before they become problems.
Growth Intelligence
The expansive Paymentus billing and payment solution offers a wide array of payment methods and channels, which are all tracked and reported by Agent Dashboard. Within this solution are a number of features and capabilities that enhance the performance of the solution, but many go unused for a variety of reasons.
Growth intelligence tracks the features that are currently being used, as well as those that are not. Through this, we can see which additional modules can add greater value to your workflows. This provides the strategic intelligence to get more from your platform. For instance, if we’re noticing a spike in call center calls, enabling Secure Service® IVR can steer this call volume in a way that benefits both your customers and staff.
Data-Driven Conversations
The ultimate benefit of intelligence is that of proactive movement. The vast amounts of data that flow through current billing and payment systems is unprecedented. However, making sense of this data in a way that makes it actionable is the only thing that matters.
The Paymentus solution enables our team to see the full picture when it comes to client performance. From system health to feature usage, we have the unique ability to immediately identify potential optimization areas that go beyond transaction volumes.
Through this, we become a strategic partner to our clients. There’s no guesswork or reactive thinking. Everything we produce is couched in real-world metrics that are actionable and near real time.
The Possibilities at Hand
All told, the promise held by AI is both transformational and relatively untapped. AI has the amazing power to personalize the generic, turn static information into interactive experiences, and make information insightful.
The ability for AI to learn and adapt in real time is unprecedented. Imagine automated triggers that alert both your organization and a customer that a bill is due, with built-in links to pay or pre-loaded payment information. Or a system that knows a customer so well, it can send an alert at a specific time to ensure action.
And let’s not forget the ability to create dynamic digital bills, which are tailored to each customer’s personal preferences. For some, it could mean more in-depth consumption data. For others who may be using costlier methods of payment, it could highlight more cost-efficient ways to pay.
Regardless of outcome or intent, the fact is that AI not only makes all of this possible, but also easily doable. In the coming months, we will take some time to dive deeper into this world and highlight the benefits organizations can expect from AI. For now, I hope this gets your wheels turning and thinking about how AI, delivered through the right partner, can completely transform how you serve your customers.
Want to learn more about how your organization can benefit from AI and predictive analytics? Let’s talk! Our team can help answer your questions and show how the best-in-class Paymentus solution delivers end-to-end optimization to benefit your customers and staff.
