Understanding The Advantages Of Text To Pay Services For Your Business

Electronic payment solutions have changed the landscape of the payment world, and handling payments in 2021 should be a streamlined and efficient process for both the business and the customer. Let’s understand about Text To Pay Services.

Text-to-pay services offer instant payments. So, it is a lucrative option for every American. As most of them carry a smartphone, mobile payments become viable. The modern consumer expects to be able to make payments via phone more than anything.

What Is Text To Pay?

A Text to Pay Service operates the same way as regular SMS messaging. However, there is only a slight difference. The text here is more like a prompt link to initiate payment.

I have seen charities and NGOs accepting donations in this way. For instance, you may text DONATE to 82191. It’s just a sample. But the real thing also works the same way.

Text to Pay Services – For Your Business:

• First, you have to buy a vendor’s connection. Then, you may register for the provider’s text-to-pay option. 
• If you’re a business, you will have access to a dashboard. Hence, your sales team can manage the payments that have been received and those that are pending. They do this through real-time text interactions. 
• A reputable service will also allow you to incorporate canned responses. Therefore, your employees can quickly help customers by solving queries. 
• The common queries can be solved in no time. It also becomes easy to retrieve any details quickly.

Portals will also usually contain analytics and reporting to assess performance. Both the canned responses and analytics can help drive customer loyalty and advance promotional efforts.

Text to Pay Services – For Your Customers:

• You will get a payment link through the text message
• You may have to enter your card details or wallet ID through a text message, also
• Either of the two methods works as Text-to-Payment gateways
• The payment amount can get added to your customer’s phone bill, meaning there is no need for them to supply sensitive data.
• Often, a customer will have an account with a text-to-pay payments company,
• You need to add your card data or Bank A/C info just once

The Advantages For Your Business:

Text to Pay Services also offer more specific advantages for your business, mainly:

1. Ease of Use
2. Faster Payments & Notifications
3. A Personal Touch

Ease Of Use:

Making payments via a smartphone means quicker payments. It also implies better customer experience, Thus leading to higher satisfaction rates for your business. Payments via text also help customers track data easily. So, retrieving information is now easier than before.

The risk of losing browser data can’t threaten you anymore. It’s better for businesses too. They can save employees from spending hours on unnecessary customer service.

Faster Payments and Notifications:

Paying directly from a smartphone means quicker payments for customers and in turn your business. Payment notifications for customers are visible and immediate: text messages are opened 98% of the time compared to the 20% open rate of email.

A Personal Touch:

Using Text to Pay Services allows customers to customize their experience, setting out their communication and notification preferences upon enrollment. This creates a feeling of control within the payment situation and the schedule by which they receive notifications.

An improved customer experience leads to:

• Improved customer loyalty.
• Improved retention rates.
• Demonstrating your business cares about its payment scenarios and customers.

Reduces Friction

Text to Pay is one of the most accessible payment gateways. Your business may use this viable option to collect inbound payments. Alternatively, you may leverage this option to collect client payments as well. 

It is a more lucrative external payment option for a business. Not only is it convenient. It works without the internet, too. Besides, users can pay on the go with Text to Pay. 

You only need two settings to use this option. 

Firstly, there should be a stable mobile network. A VoLTE connection is not mandatory to access this payment gateway. 

It would run even on a standard 4G or 5G. 

Secondly, fewer risks are involved, as browser details, cookies, and other data are not exchanged. 

The payment process is as simple as replying to a few messages. It does not involve any complex processing. 

In the US, 53% of people prefer easier and more convenient payment options. In this regard, the text-to-pay method fits their needs well. 

Certainly, that would discourage fewer customers from abandoning their payment. 

Hence, the method can increase sales by removing customers’ pain points. 

Better Accessibility

More than 96% of the people have a smartphone. At the same time, text messages have an open rate of 98%. So, we can call it a highly accessible option for payment in the US.

The business also benefits from its accessibility. 

More customers notice a text prompt than an email prompt. So, it’s likely that they won’t discard payments and cancel the order.

Best Payment Option for Your Business?

Text to Pay is really suitable for some business types. Explore this section to see if your business is also on the list.

I feel six types of businesses can benefit from the method. 

Services Companies and Utility Brands

Businesses like water, telecom, and other civic service providers can benefit from this payment option. Most importantly, it may help any brand related to collecting micropayments. 

All the above-stated businesses bill a large scale of customers monthly. 

With SMS billing, they can bail out from paper billing overnight. 

Since all customers have smartphones, it shouldn’t be difficult for them.

Healthcare Companies

Text to Pay is a viable option for clinics and hospitals. They may send e-bills through messages to customers. 

As a result, healthcare customers can get real-time notifications for payment. 

Even patients can avoid the hassle of withdrawing money from ATMs to pay. 

They can pay quickly through the text option.

Retail Companies

Frontline ecommerce stores can leverage this payment option. The Text to Pay option allows ecommerce customers to pay lucratively. 

The purchases are often synced with order confirmation text notifications. 

Hence, it becomes more hassle-free and noticeable. 

Transport Services

It is one of the most convenient options for paying from mobile. Hence, lis=ftsharing vendors can use it to collect customer payments on the go. 

Your internet connectivity and bandwidth may depend on your real-time location. However, your mobile’s tower is primarily static. Hence, Text to Pay is a better option on many occasions. 

Some of the text-to-pay options include the internet, though. 

However, most apps can process text to pay with very low bandwidth, too.

The Bottom Line:

Incorporating text-to-pay services into your business is simple. It is fast and secure as well. No doubt, it holds a vast number of advantages for your business. We have only listed a few benefits here. 

With time, technology will evolve. At the same time, it will become a more user-friendly payment option. 

More customers will also start using it in due course. Once cash payments become out of use, text-to-pay will be one of the leading payment methods. 

To discuss the further benefits of incorporating text-to-pay services, contact Agile Payments today. Let’s also discuss how your business could take the next step.

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