Using payment by text message for your business is an intelligent decision that will save you money and help you increase the efficiency of your accounts receivables. This method offers several advantages: convenience, high open rate, and PCI compliance.
Convenience
Providing customers with convenient ways to pay is a vital part of a modern customer experience. More payment by text message options can increase the average order value and conversions. It also reduces invoicing costs and staffing expenses.
SMS payments are a fast, easy, and convenient way for customers to pay. They eliminate the need to download apps or visit a website. They allow customers to pay from anywhere.
Using an SMS payment system is safe and secure. It eliminates the risk of fraudulent charges. It also minimizes the chances of spreading illnesses.
It’s simple to set up and use. You can send your customers alerts, reminders, or instructions via text message. If you’re ready to start, you must provide the customer with a unique payment link.
Text messages are 100% contactless by design, meaning they can be actioned from any mobile device. It means you can reach customers where they are, increasing the chances of a timely payment.
In addition to being a fast and convenient payment option, SMS payments eliminate the need for customers to visit your office. They can also be connected to existing systems. It allowed for the smooth collection and streamlined accounts receivables.
By sending a payment reminder, you’ll be able to encourage on-time bill payments. It can lead to better CSAT scores and increased customer retention. It can also help you boost customer loyalty and repeat business.
High open rate
It’s crucial to connect with your mobile audience promptly and effectively. Email and text messaging can deliver timely information to your target audience. SMS can directly connect to your audience compared to other marketing channels. Brightening your message is only necessary if relevant to your target audience.
Sending your mobile clients SMS notifications, discounts, appointment reminders, and other essential alerts is one of the best methods to keep their attention. With a cadence of up to one to three messages per month, you can effectively keep your brand in your customer’s minds. The most significant benefit of using SMS as a communications tool is its delivery speed. According to SMS analytics, 97% of text message is read within 15 minutes of being sent. In addition, the average text message is opened within 90 seconds of being delivered.
The most successful marketing tactics are those that engage your target audience promptly and effectively. Using SMS as a medium can boost your open rate and improve email conversions. Moreover, the ubiquity of mobile devices has made it easier to deliver relevant information to your mobile audience.
Accounts receivables efficiency
Whether you’re in the business of selling a service or a product, optimizing your accounts receivables is a good idea. Not only can it increase liquidity and cut costs, but it can also help your business grow. In addition to improving your bottom line, it will enhance your customer relationships and make your employees happier.
Automating the process is one of the finest methods to boost your receivables. An automated system will speed up the process by eliminating errors and manual data entry. It will also reduce your float time. It is essential for businesses with a high turnover rate. A system that can send automatic payments to your customers can reduce the strain on your internal resources and make your business more efficient.
Another way to make your accounts receivable more efficient is to give customers more options. Many utility companies have programs that allow customers to pay over 24 months. You can offer your customers an online payment portal. It will help you collect more money faster and avoid the headache of managing late fees.
When automating your accounts receivables, the best way is to integrate it with your existing accounting software. An accounts receivable solution that can accommodate invoices in all forms is a must. You will also want to make sure it works in all countries.
PCI compliance
Regardless of the size of your business, PCI compliance is critical. It helps protect your customers’ card information and helps prevent credit card fraud. It also reduces the risk of data breaches.
Another option is to perform an external security audit. This type of audit will help your organization find any potential vulnerabilities. It can also help you prevent overstatements and will help you position your organization for an easy transition to a higher compliance level.
The Payment Card Industry Data Security Standard is a set of rules and regulations that all merchants and agencies should be aware of. It consists of twelve broad requirements. These requirements include physical security, remote communication, encryption of certifications, and multi-factor authentication.
You must complete an annual on-site security audit if you have many transactions. If you don’t, your acquiring bank can take away your ability to process payment cards. You might also be fined.
