Could SMS Payment Solutions Be the Future of Billing?
Companies everywhere are always on the lookout for the next new technology that can improve their organizations. It can only be by putting in place the latest innovations that businesses can stay ahead of their rivals. Also, by using cutting-edge advances, they can streamline their operations more effectively. One area in which business owners are always seeking innovation is in billing and payments. They, therefore, turn to the best payment processing solutions providers to find the latest options. One of those modern options is SMS payment solutions. Nobody wants to pay their bills. However, when they do pay them, the process of making payments should be as fast and easy as possible. This is where SMS payment solutions can come into play.
The Problem with Traditional Payment Methods
At one time, we lived in a world where snail mail was king. Business owners never thought twice about manually producing an invoice, mailing it, and, then, waiting for a paper check. Times, however, have changed considerably. Now, people consider snail mail to be hopelessly outdated. Companies that rely on this old-fashioned payment method often fail to receive payments on time. Some even fail to receive payments at all. It is no wonder that so many small businesses permanently shut their doors before five years of operation are up.
This is no wonder, however. After all, the average person receives about one piece of personalized mail every seven weeks. Paper invoices and paper checks have had their day. Regardless of the merchant sector, it’s time for companies to look for another payment method.
Finding a way to harness the power of smartphones could be the ideal alternative.
Why SMS Payment Solutions?
If you take a look around, you’ll see most people seem to have a smartphone permanently attached to their hands. This is especially true among younger people. The Millennial generation is especially fond of their cell phones. Almost 100 percent of people between the ages of 18 and 34 are smartphone users. This means that finding a way to use that potential is paramount for any company that wants to receive payments. That is where SMS payment solutions can come into play.
Could Apps Not Be the Answer?
While some companies are now beginning to use apps as a way of receiving payments, there is a hidden danger. Lots of modern consumers are now experiencing something called “app fatigue.” This is because there are now so many apps to choose from. Organizations don’t just have to persuade customers to download their apps. They also need to persuade them to use them. One problem with this is that apps take up a lot of memory and data.
Another problem is if a person doesn’t use the app enough, it could be deleted. Therefore, businesses need to put in a lot of effort to make a payment app successful. They will also have to invest a lot of money. Apps require ongoing maintenance. They also have security risks and need to accommodate different operating systems. In short, they can be a drain on resources and time. While this may not be an issue for big-name companies, for the average business, it’s out of the question.
Why Do SMS Payments Work?
Text messaging is still incredibly popular. People who have smartphones check their messages on a regular basis. Texts are speedy and direct. They don’t require a person to download anything, and they won’t eat up data or memory. The average person has his or her device in his or her pocket 24/7. Therefore, the person has his or her payment tool at his or her fingertips. Also, even the least tech-savvy person these days understands how to send a text. It’s no wonder that fintech companies are now capitalizing on this.
BillingTree’s SMS Payment Solutions
BillingTree offers cutting-edge SMS payment solutions that enable consumers to make payments easily via their smartphones. They also enable consumers and clients to opt into compliant reminders, notifications, and communications.
Companies can find BillingTree’s SMS solutions as a standalone option to collect payments. They can also find it as part of the Payrazr or CareView platforms. Clients have the ability to send a payment request via text. Then, the consumer can make the payment via text. This is especially convenient for any customer without a regular bank account or credit card. The system can simply subtract a payment from the consumer’s prepaid cell phone balance. Alternatively, it can also add the amount to the consumer’s cell phone monthly bill. This eliminates the need to give out any payment details to the merchant. Consumers feel secure in the knowledge they are safe from cybercrime. Meanwhile, merchants receive their payments quickly and easily. BillingTree’s SMS payment solutions are an ideal addition to any payment armory.