There are several ways to make the payment process simpler for customers. You can offer a variety of payment methods, automate reminders, limit the amount of information a customer has to enter, and adapt your checkout process to the needs of your ideal customer. If you’re not sure how to make payment simpler for customers, check out some of our tips.
Using automated reminders can reduce customer stress and boost on-time payments, while also preserving credit scores. Customers can also be reminded of pending payments with a friendly nudge and a smile. Reminders can be sent through email or text, and customers can choose which payment method to use. They can also opt to pay by cash if that’s their preferred method. Automatic bill payment reminders are helpful tools to improve customer satisfaction and reduce the number of late and severe payment delinquencies.
For example, when sending payment reminders through regular mail, it’s necessary to pay for ink, paper, envelopes, and postage. If you add recorded delivery or express delivery, the cost goes up significantly. But automated reminders are less expensive and much easier to process. Plus, they can be sent on the date of due payment or at a time when customers are checking their email. Whether it’s a single message or a series of emails, automated reminders can help your business collect late payments.
Mobile payment options
New payment options are emerging every week. They help businesses reduce friction between customer interest and purchase. Fewer customers write checks or hand over cash in person. Credit card swipes are replacing in-person cash and check deposits with mobile payments. Mobile payment systems offer convenience and lower costs for small businesses. However, there are some important things to consider before choosing a mobile payment processor for your business.
Mobile payment methods can increase customer spend. While overall cash payments are down, customers are spending twice as much as non-users. Besides avoiding long lines, mobile payments offer quick and convenient customer service. Customers no longer have to sign receipts, enter PIN numbers, or dig for nickels. This makes them more likely to return to your business and make additional purchases. Customers also appreciate how convenient it is to pay using their mobile phones.
Adapting your checkout process to your ideal customer
Optimal payment processes are based on customer preferences. These processes are client-centric and offer a variety of tools and payment options, while also ensuring cross-functionality. For example, a customer’s preferred mode of payment can depend on the device they use to pay, their location, and their time constraints. Considering these considerations, you should adjust your checkout process accordingly.
Online retailers should only ask for information they need in order to process payments. By only requiring information they need to fulfill the transaction, they can reduce friction and speed up the process. This is especially important since the GDPR (General Data Protection Regulation) has become a hot topic. The entire payment process can also be contained within one page. By visualizing the steps involved, buyers can easily navigate and complete the payment process.