These days, most people have countless responsibilities to deal with. Between work, family, and chores, it's too easy to fall behind with bill payments. Tracking expenses can be difficult. Not only is this a problem for the debtor, it also has a serious impact on the company that is owed the money. Online payment portals are a way to help eliminate the problem of late or missed payments.
Rather than having to mail bills or send e-mails that could easily be ignored by customers, business owners can improve their chances of receiving payments on time by opting to use this innovative and convenient service. There would be no need to wait for payments.
The Popularity of Online Payment Portals
Nowadays, increasing numbers of people are making their financial transactions online. Cash and checkbooks are rapidly becoming relics. Most people pay their bills through their cell phones, and more than 50 percent of bills are now paid over the Internet. We are living in an increasingly technologically advanced society, and convenience is the key to attracting and retaining customers, as well as to receiving payments. Modern consumers are always looking for a faster and easier way to pay their bills, and online payment portals can offer the ease and speed they are searching for.
Why Use an Online Payment Portal?
Both businesses and customers can reap the benefits of online payment portals. Some of the advantages include:
Ease of Access
As customers have 24/7 access to the payment portal, they can make their payment at a time that fits their schedule. They can also pay from a laptop, desktop computer or mobile device from any location. Since there is no longer any need to find a checkbook, write a check, withdraw cash or make a telephone call to pay their bill, they are more likely to make a payment on time – an advantage for both consumers and merchants.
Range of Payment Methods
An online payment portal can accept a large range of payment methods, including ACH payments, eChecks, and credit and debit cards. By offering popular options customers use every day, it is more likely payments will be received on time.
Not only can customers keep an eye on their payment history and receive real-time confirmation of their payment, merchants can also receive complete records for their own use. Because all billing information and customer accounts are conveniently stored in a single location, access is quicker and easier.
Because companies can integrate online payment portals, such as those offered by BillingTree, with their existing systems, they can upload their designs, marketing materials, and logos for a seamless transition to the portal from the website.
Payment processing is very secure, and takes place via portals that are SSAE-16, HIPAA and PCI certified. There should be no concerns about any financial or personal information being stolen or leaked.
By utilizing online payment portals, merchants are giving themselves the best possible chance of success in today's competitive marketplace. Profitability will increase, and companies will be able to strengthen their focus on their business rather than on the payment-collection process.