Mobile-Friendly Payment Portals are Paying Off for Businesses
Mobile-friendly payment portals are essential for businesses to maximize efficiency and customer satisfaction. The switch to mobile is pervasive throughout all aspects of web technology, and consumers expect it to be easy to spend their dollars. For B2B companies, mobile-friendly payments are increasingly an option to receive invoice remittances, improving cash flow and simplifying relationships with clients and vendors.
There are things to think about when considering the transition to mobile-friendly payment options, however. In many industries, businesses are accustomed to paying vendors through other methods. The switch may involve customer re-education and developing resolutions to common concerns. When it is time to introduce a mobile-friendly payment portal, a payment processor can help.
Consumer-facing businesses aim to streamline all aspects of the buying experience. In particular, with online stores, it is essential to give customers the option to buy as quickly and seamlessly as possible. If it is too complicated, they may simply leave the site without making a purchase.
According to a recent study, if a website and its payment portal are not mobile-friendly, 75 percent of users will leave without making a purchase. This is detrimental to the business for many reasons that go beyond the loss of the sale. The poor customer experience results in a loss of trust, so consumers are less likely to return to the site. When they leave to buy elsewhere, they may develop a positive brand association with a competitor.
Mobile-friendly payment portals satisfy consumer demand and help e-commerce sites maximize revenue. The benefits also extend to service providers, like utilities and subscription services. In order to make it as easy as possible for customers to keep their accounts up-to-date, companies should allow customers to pay wherever they are. Because of this, it is wise for businesses to include mobile-friendly payment portals in their suite of payment options.
High-value, high-transaction entities also want to make it easy as possible for their clients to settle accounts. By using mobile-friendly payment portals, there is less risk a payment may be delayed because of transit or processing. Payments that are made more quickly than by paper check result in a more efficient client relationship.
It is easier for B2B companies to offer and honor early payment discounts and to make credit available since the money is coming in faster. This easy payment also improves cash flow for the business. Because most accounts are settled on time, the need for collection activities is greatly reduced.
Challenges with Mobile-Friendly Payment Portals
For B2B businesses in particular, the transition to mobile-friendly payment portals can be an administrative adjustment. While the receiving business may receive more rapid payment, the paying businesses may still prefer to issue checks or settle accounts in a way they have become accustomed.
In order to overcome this reluctance to change, a B2B entity may want to reassure clients that the payment portal is secure and provides added benefits, including the option to make recurring payments through a variety of methods. Because mobile-friendly payment portals are easy to use, businesses can promise clients their use ensures their accounts are always up to date.
Work With a Payment Processor
Integrating a mobile-friendly payment portal is best achieved by working with a payment processor such as PaymentVision, whose business is to help companies streamline their financial activity. PaymentVision’s solutions ensure companies can accept mobile-friendly payments made through smartphone or tablet, 24-hours-a-day. The portal uses secured PCI-certified systems and offers complete support for tokenization. Get a free demo today.