Omni-Channel Payment Solutions: Benefits of Offering All the Right Alternatives

By now, you’ve probably heard the buzz phrase “omni-channel payment solutions” floating around online. And if for some reason you don’t know what it means, never fear.

To sum it up, omni-channel means that, as a business, you can offer every possible, available channel – phone/IVR, online, mobile– through a single payment processing platform to reach out to consumers to increase overall payments.

Studies are showing that when businesses communicate with customers through their preferred channel, an invoice is more likely to be paid ahead of those of other, less customer-centric billers.

When it comes to omni-channel payment solutions, the key is understanding that customers today want – and expect – to engage with companies on their own terms, when it’s good for them. And they want the option of selecting the channels that suit their individual communication and payment preferences.

With the increasing industry shift towards offering a wider range of payment options, more and more companies are realizing that omni-channel payment technologies can indeed provide a competitive edge.

If you are not sure where to start, here’s a quick intro on some of the channels you should be offering if you want to keep ahead of the competition:

Phone/IVR

Interactive voice response (IVR) is a solution that allows customers to interact with an automated telephone-payment system to make ACH, debit and credit card payments 24/7. Typically, an IVR portal can be accessed via a toll-free number or can be routed from a company’s existing telephone system. How does it work? Upon arrival at the portal, callers are presented with pre-recorded call flows and scripts, some of which are custom recorded and others pre-built for optimum usability, speed to market and corporate-brand continuity. With IVR, capturing payments is simplified via touch-tone prompts and account-data validation. And when added to other channels, it is the perfect approach to round out omni-channel payment solutions.

Online payments

If you like to give customers the option to pay bills online, sign up for memberships, pay donations online, pay rent or nearly anything else that can be handled over your website, look no further. Billing customers online gives businesses unparalleled convenience and accessibility anytime, from anywhere, regardless of business hours. Not only do online billing solutions deliver an enhanced customer experience, but they provide a noticeable reduction in operational costs and quicker payments.

Mobile payments

With mobile capabilities, businesses can accept payments via a customer’s smartphone or tablet. A cost-effective, 24x7 solution, mobile payment options provide companies with the technology tools to extend the digital customer relationship throughout the life of the customer-company experience. By offering a mobile channel, companies can accept payments and deliver real-time access to payment information via IVR, web or text message. Additionally, they can offer mobile one-click payment options.

Finally, remember: Depending on need, companies can start with any – or all – of these channels. And they can add or eliminate any as business and customer’s needs change.

At the end of the day, companies that can successfully integrate a seamless, omni-channel payment experience to their customers stand to save the most time and money.

The range of payment methods provided by BillingTree’s Payrazr enables organizations in the collections space today to meet more individual consumer needs – assuring customer satisfaction and driving revenue. Contact us today for details.