One of the latest, yet hardly utilized, forms of payment are text payments. These convenient SMS-based notifications allow you to keep your customers up to date and gives them the chance to pay with a single reply.
BillingTree’s 2-Way Text Pay is the perfect tool for businesses seeking to make the payment experience more convenient for customers.
As far as payments go, everyone loves simplicity and speed. That’s why so many businesses are turning to online portals and SMS payments to give their customers a more luxurious experience.
In today’s landscape, there is competition for every niche, and the one thing that sets companies apart (especially those with similar products/services) is the customer experience. With faster response rates, and the ease-of-use of SMS text, you can send friendly reminders to your customers or patients, and they can send a quick response to pay their bills; it’s fast, simple, and memorable.
When you compare the cost per transaction of each marketing channel, you’ll likely find that text payments are the cheapest, on average.
However, the real savings come from the level of engagement you see from your customers. While more and more emails are going to spam, SMS has over a 90% open rate. According to Digital Marketing Magazine, “Around 75% of people would like to have offers sent to them via SMS, rather than see adverts on mobile apps or while they’re browsing the internet.“
Improved On-Time Payment Rates
Nothing compares to the response time of SMS payments. When you consider the length of time it takes for mailed bills to arrive, the possibility of losing an emailed invoice to the junk folder, and the arduous hunt of tracking down patients for their card information, mobile payments seem to be a shining light in a sea of darkness.
Also, if you plan on future-proofing your business, you should know that “85% of young adults are incorporating their mobile devices into a host of information seeking and transactional behaviors,” according to Pew Research. This amount of usage and engagement by a user trumps that of any email or social media marketing to date.
If you follow the ever-growing trends of mobile payments, you’ll understand the importance of setting up these systems early on. You don’t want to miss the boat when it comes to the next big thing in business.
Implementing 2-Way Text Pay gives your patients the freedom to pay how they want, where they want, adding to their experience, and increasing your overall brand value in the end.