Accepting payment by text is becoming popular and has many benefits for your business. You will be more likely to get repeat customers, improve customer satisfaction, and increase sales. In addition, you’ll experience lower costs and higher security. If you’ve been wondering about the benefits of accepting payment by text, read on to learn more about the advantages of this payment option.
Customer Convenience
Providing your customers the option to pay by text is a great way to increase customer engagement. Not only does it allow you to save on manual processing, but it also enables you to send reminders and links for payments. This option will increase the timeliness of your customer payments, as well as increase your cash flow. It will also increase the average order value and conversion rates.
Pay by text is fast, convenient, and secure. The payment provider will process the transaction and send the money directly to your business. However, it is essential to note that you must obtain your customer’s consent before using this method. Otherwise, you could be subject to penalties or fines. SMS payments are ideal for businesses that sell services, as customers can pay directly from their phones. Furthermore, unlike online payment methods, they don’t require a password or username. In addition, they eliminate the need to send snail mail invoices.
Increased Sales
Accepting payment by text is a convenient and effective way to make your business more accessible to customers. Many customers prefer to use text messages to order products or book appointments. This method increases customer loyalty and reduces concerns about online fraud. Payments are sent through an encrypted site, ensuring the safety and security of payment information. Moreover, many companies offer discounts to customers who buy frequently.
In addition to enhancing customer experience, accepting payment by text can increase your revenue. Texting is an easy way to interact with customers and gain their trust. When prospective customer visits a brand’s website or Google listing, they see its phone number and are often unsure whether they want to contact it. Unfortunately, they may not have the time to make a phone call, and they don’t want to waste time making a lengthy conversation. However, texting allows customers to contact a brand directly, saving time and money.
Lower Cost
While accepting payment by text can be expensive for some businesses, it is an excellent option to increase cash flow and streamline customer payments. It’s also convenient for customers as they can receive reminders and pay by text without going online. However, a few factors must be considered before implementing this technology in your business.
First, you’ll need to work with a processing company that allows SMS text payments. Many companies offer this type of service. Most companies will provide a phone number for customers to text, along with a dashboard where you can manage the text messages. For example, some companies will allow you to set up canned responses so you can quickly answer common questions or confirm details with your customers. You’ll also be able to use transaction reporting to encourage repeat business, sign customers up for loyalty programs, and send promotional materials to your customers.
Increased Security
More businesses are exploring the benefits of accepting payment by text for their business. It is convenient to collect payments, and consumers have become increasingly comfortable with cashless options. However, companies should ensure that the amount by text system they choose is secure. This can be achieved through a partner platform adhering to certified security standards.
To ensure the security of SMS payments, payment gateways should use a PCI-compliant solution or a hosted tokenization service. This eliminates any potential risk of exposing sensitive financial information. The answer should also adhere to security standards, such as a fully encrypted authentication access method.
