Halloween is just around the corner. The leaves are turning and what’s that lurking in the background, undetectable to the human eye? Just like that friendly ghost we all remember from our childhood, invisible payments are helpful and unobtrusive ways for your customers to pay their bills at a time and in a manner that is most convenient for them.
Spooky-Fast Payment Processing
We all know about visible payments. Swiping or contactless card payments at the grocery store or paying for gas at the pump are probably the most common visible payment scenarios. Often this transaction is so old school that it even involves a physical paper receipt handed to you by a cashier. But how do payments become invisible?
“Invisible payments” simply means that consumers can make payments without having to pull out a physical card, provide additional credentials or take any additional actions to trigger the payment. Often this can involve payments made from wearable devices such as smart watches or mobile phones.
These invisible payments are capable of ensuring utilities are paid, taxes are collected or medical bills are handled. But how are they able to do this all with such speed and efficiency? How does such technology manage payment data while adhering to industry-leading compliance standards?
Late Payments and Customer Churn Can Haunt a Business
If you aren’t offering your customers an invisible payment experience, do you know how it could be negatively impacting your business? Industries like telecommunications are experiencing a customer churn rate of up to 25%, according to Statista. Many of these customers report that the difficulty of the bill pay experience played a part in their decision to switch providers or cancel their service.
And even if customers are not leaving, they may be late in paying their bills, which can be a major headache for billers. But the good news is that those numbers improve dramatically when organizations implement smarter, invisible payment solutions like one-touch bill pay capabilities which work from the devices they already use all day, every day.
PYMNTS.com reported that organizations who utilized this kind of invisible billing and payment technology saw a 72% reduction in operational costs, 62% improvement in days sales outstanding (DSO) and 60% reported headcount reduction.
What Makes Invisible Payments Invisible?
Invisible payments have been misunderstood by some. The name may first conjure images of unauthorized charges or unexpected account activity. But every step of these invisible payments is authorized by the consumer on their time and on their terms.
So while invisible payment technology is hard at work behind the scenes, verifying credentials and utilizing encrypted payment data for maximum security compliance, the consumer experience involves simply paying bills more easily. With one swipe from the line at the amusement park, while traveling for work or while on a morning jog, their bill is paid. The relief of not dealing with routing details or extra logins are just a few of the benefits that these invisible payments provide to the billee.
Are you offering your customers this stress-free and hassle-free way to pay their bills more easily? And do you know about the positive impact on customer satisfaction and retention that simple tools like these can have?
Don’t get spooked by visions of complicated integration or clunky administrative interfaces. Our billing and payments tools offer a user-friendly experience for both billers and consumers. Give your customers a more efficient and simple way to pay their bills from the devices of their choice with invisible payment technology. And don’t forget, while the payments may be invisible, you’ll see the benefits almost immediately.