People are inundated with responsibilities. Many people fall behind on their bills simply because they are too busy or cannot keep track of all their expenses. This hurts them and creates a damaging impact on the businesses providing services to them.
Instead of waiting around for payments, sending out emails or mailing bills that customers may ignore, business owners can be proactive about collecting payments and make the process easy for their customers using an online payment portals.
The rise of online payments
People are increasingly choosing to pay their bills online. According to The Financial Brand, 46% of people have paid a bill with their smartphone in the last 30 days. Also, according to Credit Union Times, in the United States, 56% of all bills are paid online.
One study found that online bills paid through ACH jumped up ten percentage points from 2010 to 2016, and bill payments through credit cards doubled. Debit card usage for bill payments increased four percentage points, while check usage decreased 20 percentage points.
People are searching for easier and faster solutions for paying their bills. Online payment portals can offer these solutions and much more.
The benefits of online payment portals
There are many benefits of online payment portals for both customers and providers. They include the following:
- Customers can access online payment portals 24-7 from their desktops, laptops, or mobile devices. They can log on, click a few buttons, and swiftly pay their bills. Customers no longer need to find their checkbooks, go to the post office, or spend hours on the telephone trying to pay their bills.
- Online payment portals accept a wide variety of payment options like cards, eChecks, and ACH payments. Allowing customers to have so many choices increases the likelihood that providers are paid on time.
- Customers can review their balances, see their payment history, and track their future payments. They can keep better records and make sure all their bills are up to date.
- Customers can set up recurring payments, ensuring their bills are paid on time, every time. Recurring payments eliminate human error and provide peace of mind for customers.
- Through the Online Negotiation and Settlement tool, customers can create payment plans through online payment portals. Instead of being indebted to providers, they can pay down their bills on negotiated and agreed upon terms.
- Online payment portals enable customers to generate alerts when their bills are due. These alerts give customers notice to place money in their appropriate accounts for payment processing.
- Businesses can upload their logos, designs, and marketing materials.This creates a seamless transition from their website to the online payment portal.
- All the customer accounts and billing information are stored in one place, ensuring that companies can easily access them whenever necessary. Online payment portals eliminate the need for paper trails that clutter the office and inconsistent electronic invoices.
- Payment authorizations take place in real time, and confirmations are sent immediately after a customer pays a bill.
- Customers can call up the Interactive Voice Response (IVR) system using their phones if they need additional payment options. During standard business hours, they can interact with online agents as well as call knowledgeable agents who will walk them through the payment process.
- Online payment portals connect to reliable banking networks. Providers receive competitive processing fees saving them money on every transaction.
- Secure payment processing occurs through online payment portals which are PCI, SSAE-16, and HIPAA certified. Customers and providers do not have to worry about their sensitive data being leaked and stolen by hackers.
- Businesses can seamlessly integrate payment portals into their current systems through an application programming interface (API).
- The code base on online payment portals is dynamic, and providers can easily modify and adapt it to future developments and changes.
- The best online payment portals are tested for quality assurance and functionality, so companies can rest assured that all processes will occur seamlessly.
By utilizing an online payment portal, providers are setting themselves up for success. Putting the power into the hands of their customers and relying on a centralized payment processing website, will improve profitability and give businesses the opportunity to focus on more important priorities.