Letting Your Customers Choose How and When They Want to Pay Part I
There was a time when people once got their news from the morning newspaper and nightly newscast, but today people can read and view breaking news in real-time on their mobile device or desktop computer. The choice, speed and flexibility today’s technology gives us has forever changed the way we live. Our lives are becoming more and more digital, and our financial lives are no exception.
Communicating Across All Channels
Gone are the days of only sending a paper invoice to each of your customers and receiving a corresponding check in the mail back from them. Today’s customers demand channel options that fit into their busy and varied lifestyles. So it’s imperative that you give your customers the options they want, which allow them to choose to receive and pay their bills by mail, email, mobile or web. While a customer may choose to mail a check with a paper bill this month, that same customer may decide to pay a bill online next month and may decide to use a mobile app the following month. No matter which channel they choose, the bill must look the same and be recognizable across all of them.
Paper is Still King
While there is no doubt that we are moving towards a more digital lifestyle, paper is still king. According to InfoTrends, 2011, “Although mail volumes have been declining rapidly in the U.S., 71% of consumers still feel more secure holding an official paper copy of their bills.” On the other hand—and at the same time—more and more people now wish to transact online and on mobile devices and they want the ability to pay their bills anytime, anywhere. This challenges all of us in this industry in how we do business and how we communicate with our customers.
Be sure to come back next week to read about some of the different channel options.