Paymentus President and CEO Dushyant Sharma recently had the pleasure of participating in a PYMNTS eBook entitled, “2025’s Over/Under – The Bets That Paid Off and the Hits No One Called.” The task revolved around providing commentary on the developments of the first half of the decade that we saw coming and prepared for, and the unexpected turns that necessitated pivots or created new opportunities.
Given the importance of the topic, we wanted to expand on what we feel is the greatest shift our industry has seen in quite some time: technology and economics driving the emergence of Service Commerce.
Tech Innovation Defines the Past Five Years
The rapid pace of technological innovation has transformed our ability to serve our clients, and their ability to serve their customers. Today’s billing and payments ecosystem is far more seamless and efficient than ever before. It has also evolved into a revenue-driving opportunity.
"Over the past five years, tech innovation has transformed billing and payments from an operational cost center to a value generator. Service providers now have the ability to deliver remarkably seamless, efficient, and personalized experiences that exceed every expectation."
Dushyant Sharma
President & CEO, Paymentus
The innovation found here has become essential, especially as the headwinds of Covid continue to impact everything from the cost of doing business to how organizations can serve customers. Technology has been a saving grace in improving the fundamental economics of service providers.
Affordability Remains a Challenge
The post-Covid era has been marked by rising costs and affordability challenges. While technology has expanded what is capable, it has done little to improve household budgets, which continue to be squeezed.
Naturally, we see that in times where budgets are tight, payments become disrupted creating a “Performance Gap.” Consumers feel the pressure of affording their monthly bills, which in turn leads to pressure on organizations to make it easy for consumers to pay while also being able to afford the costs of running their business.
It's a delicate situation, and no one is immune from the impacts. This is why we believe that customer engagement is paramount, and relies on organizations committing to merging service and commerce.
Making Customer Engagement a Top Priority
Paymentus was founded as a way to remove clunky payment experiences and simplify bill pay. For more than 20 years, that’s exactly what we’ve done. Shifting dynamics have since added to this mission. Simplification is now a starting point, rather than an end point.
Today’s success markers have evolved beyond on-time payments. We have noted several times that logins are the single highest point of payment abandonment. This is like building a Ferrari that no one can figure out how to start. It may look great in your garage but it’s certainly not the experience you were looking for as an owner. This friction is a prime example of the performance gap we see today; having the power to serve, but lacking the seamless integrations to execute.
Prioritizing customer engagement is really about prioritizing what we call applied intelligence. Smart systems, like the one offered by Paymentus, make actions like authentications simple and purposeful for customers and organizations alike. We have patented several innovative technologies to leverage this intelligence, and help organizations like yours deliver a loyalty-member experience to all customers. This is the crux of customer engagement.
We are proud to say that our work here has produced immense success for our clients, with several recently being honored for their customer service by industry leaders including J.D. Power.
Service Commerce is the New Paradigm of Billing and Payments
It’s important to remember that no matter the industry you serve, you are in competition. You may be working to win and retain customers, or you may be fighting to be the first bill your customers pay each month.
Regardless of where you stand, the organizations that make customers feel seen, heard, and valued will be the ones earning loyalty and revenue. This comes to life through the application of technology, which must be supported by an organizational culture that is built to serve.
Paymentus is excited to partner with you in helping elevate your ability to serve, and deliver the experiences that today’s consumer deserves. We want to watch you flourish not simply by collecting more on-time revenue, but in satisfaction scores, relationships measured by years and decades, and industry honors.
It’s time to bridge the performance gap and realize the opportunities offered within this new paradigm. We’re excited to work with you on bringing it to life for your organization.
You can read Dushyant Sharma’s article in its entirety here. Ready to get the service commerce conversation started? Let’s talk! Contact us today to see how we can help you cement loyalty and growth by elevating your ability to serve.
