Billing and payments are a natural extension of any business and provide a unique opportunity to engage and assist customers at one of the most important touchpoints in the customer lifecycle.
For billers in competitive markets (e.g. insurers, communications service providers, subscription service providers), an intuitive billing and payment experience that offers a wide range of payment methods and channels can serve as a way to attract and retain customers, and reduce churn. For essential bills such as taxes and utilities, an optimal billing and payment experience ensures more on-time payments and fewer delinquencies and service interruptions, which can improve cash flow.
One-way billers can provide consumers with such an experience is to offer a wholly inclusive payment experience. It’s essential to make it easy for every customer to pay with the widest array of payment channels and methods including text, web, IVR, chatbot, voice assistants and AutoPay. More options ensure customers can pay in whatever way fits best with their lifestyle and preferences and is shown to increase customer satisfaction scores.