How Service Providers Can Earn More ‘Trust Deposits’

When you consider the act of paying a bill, it’s understandable that many feel stressed, anxious, or simply frustrated. Given the volume of bills the average household pays in a month, it seems as though there is a growing number of hands reaching into our pockets to grab a seemingly shrinking pile of money.

I recently had the pleasure of speaking with PYMNTS to share my opinion on why service providers must commit to a concierge model. At a time when finances are stretched, the right move for service providers is greater customer service. By delivering for customers when it matters most, service providers can earn the one thing that is more valuable than money: trust deposits.

Why a Focus On Bill Pay Mechanics Does Not Equal Better Customer Service

During my interview with PYMNTS, I emphasized that bill payments cannot be reduced to a matter of function. The act of clicking a “pay now” button is a shot of cortisol for the consumer. The mechanical nature of exchanging funds is one thing, but the human element overrides all else.

Service Commerce must exist at a level that incorporates the mechanics of billing and payments not as a means to an end, but part of the greater customer experience. Yes, we want to offer more payment methods and channels to meet every preference, but this cannot impact the basics. Everything must be done in service to the customer and account for their state of mind when paying a bill. Even the smallest of issues becomes amplified in this moment, whether you offer one or 100 ways to pay.

What Service Providers Can Do To Win More ‘Trust Deposits’

Trust is one of the most essential elements to any long-term relationship. It’s also hard to gain, very easy to lose. Billing and payments is often the most frequent customer touchpoint for service providers, rendering it one of the most crucial functions in gaining the trust of customers.

It’s important to consider each interaction as one that is not simply collecting a payment, but earning a trust deposit. Each click of the pay now button is a customer saying, “I trust you with the security of my money. I trust you to deliver services as promised. I trust that you’ll be there when I have a question. I trust that you’ll have a satisfactory answer to my question. I trust that I am obtaining real value from you.”

It’s so easy to fall into the trap of thinking that a bill payment is nothing more than checking a box. This couldn’t be further from the truth. It’s a point we emphasize with all of our clients and prospects—to best serve customers, you must go beyond the transaction.

To this end, the ideal experience is one that, yes, does offer tremendous flexibility in how a bill gets paid. It also offers features that allow customers to self-serve, especially during sensitive times when a bill is late or a customer knows they cannot make a payment. Accommodating for these instances not only allows customers to maintain their dignity, it also earns trust. Relationships become partnerships. You go from service provider to customer advocate. Each month, a potential source of stress becomes a benchmark for service.

There are many ways to achieve this. For starters, capabilities such as snooze buttons or installment options can help ease bill pay burdens in a way that benefits all involved. A concierge model approach also anticipates needs. Intelligence can be gathered to provide what I like to call “invisible support.” Being able to identify customers who are close to missing a payment and providing them with options without being prompted shows that you are on their side.

How Service Commerce Merges Psychology and Finances

The reason I advocate for a concierge model when it comes to billing, payments, and engagement is that there is a psychological component to a bill payment that will never go away. Where some may find pleasure in “retail therapy,” ours is a world that is the exact opposite. Buying a new pair of sneakers or a new TV is exciting. It’s a choice.

Paying a water bill, insurance policy, or cell phone bill may be essential, but it’s far from exciting. No one ever walks into your house and says, “Wow, I love how well your electricity is running today?” They may enjoy it, but it’s only noticeable when it’s not available.

Service Commerce, when done right, addresses the psychological impact of bill payments by offering speed, convenience, proactivity, personalization, flexibility, and above all, empathy. It’s an outside-in approach to payments, where the customer’s needs and state of mind are the starting point to any modernization strategy. This approach will allow your organization to offer the ideal platform to customers, and earn those invaluable trust deposits that turn everyday customers into lifelong customers.

Check out my full interview with PYMNTS on the concierge model. If you’re ready to move beyond the transaction, let’s connect for a brief demo or join us at an upcoming INFLIGHT workshop.