Self-service payment automation requires better data management and finding extra knowledge of consumers and businesses.
A payment vendor proficient in automation will work with its clients to design an automated data flow that works for their business. This empowers customers, optimizes their experience and ensures safe, efficient bill payment.
Customer engagement should involve more than one-size-fits-all payment reminders and notifications. Ideally it should help the customer complete processes like bill payment independently and on time.
That’s where smart messaging and automation come into the picture. Smart messaging can automate outbound collections and reminders, delivering communications to the customer at the right time and in the right format so they (and you) succeed.
For example, you can send automated payment reminders at predetermined points in the bill pay cycle, perhaps two weeks before the bill is due, two days prior to the due date, and when the bill payment is one day past due. These can be highly segmented based on your audience’s previous payment behavior, so those with a history of late payments get more reminders or more urgently worded reminders. You can further segment by demographic characteristics, preferred communication channel and language to maximize your reach.
You can embed helpful tools in messages to drive self-service. For instance, you can use customized links in reminder messages that allow payers to go directly to their payment screens, without having to fiddle with passwords or account numbers. The easier you make the bill payment process, the more likely the customer will pay, independently and on time.
Finally, you can use automation to generate comprehensive reports on messaging metrics such as click-to-open and click-through rates. These are critical in helping your business further refine your engagement programs moving forward.
By implementing these automation strategies, your business will offer customers the ability to easily complete their bill payments whenever and however they want. That’s no small win, considering that bill payment may be the most frequent touchpoint – or in some cases, the only touchpoint – with your customers. It’s extremely important to deliver a payment experience that’s smooth and simple.
Luckily, a payment vendor focused on customer experience can work behind the scenes to facilitate that success. Look for a payment platform with an innovative, tech-forward approach, especially toward automation.
Your vendor should be able to accommodate a full menu of payment methods (including digital wallets and cash), facilitate one-time or recurring payments, provide real-time access to payment information, protect from fraud, and elevate customer engagement. With that partnership in place, you’ll be poised to serve all your customers with top-notch, self-service options no matter what the future of bill payment holds.
