The rent-to-own business model comes with its fair share of challenges, especially regarding payments. But what if it were possible to increase the efficiency of your RTO business, and improve payment completion rates, just by using the right mobile payment app?
In this blog, we will look at specific features of business mobile payment apps that can drastically change a rent-to-own business for the better – allowing for more payments to be made on time.
Why a Mobile Payment App Could Help Your Rent to Own Business
As many rent-to-own business owners know, getting paid, and getting paid on time, can be a big challenge.
However, with the right mobile payment app – through simplicity, user-focused design, recurring payment functionality, and payment flexibility, RTO businesses can increase on-time payments significantly.
Allow RTO Customers to Make Payments with Ease
Ease-of-use makes for a great customer payment experience. And payment technology companies that develop their payment solutions with the end-user as the focal point of their design can often create payment solutions that increase on-time payment rates and simplify payments.
Payment apps with an intuitive user payment flow, consumer-centric messaging, and simplicity can often greatly improve customer payment satisfaction.
Offer Payment Flexibility
Census.gov states that just over 90% of all Americans own a home computer. Still, there is a segment of the population that does not own a home computer. And, when working with rent-to-own customers or “moderate-income customers,” owning a computer could at times be a challenge financially.
As we wrote in our blog on ways to improve rent-to-own payments for customers and merchants, “moderate-income-customers” are defined as people who have no credit history, bad credit, or not enough cash on hand to purchase certain items outright.
Furthermore, some people are very comfortable paying with their mobile devices and prefer it out of convenience. So mobile payment apps could be a first choice.
Make Automatic Payments Available to Your Customers
In one of our previous blogs, we discussed businesses that should absolutely use payment platforms that offer recurring payments, also known as automated payments.
Businesses that utilize mobile payment apps that include recurring payment functionality simplify the payment process and introduce to their customers a way to make on-time payments automatically. This is great for merchants as automatic payments can increase the number of payments that get paid on time. Additionally, it can make paying much easier for customers.
Build Your Brand
As we discussed in our recent blog about mobile payment apps for businesses, payment apps are great for building a business’s brand. A business’s branding worked into the design and feel of a top-tier payment platform not only sends the message that your company is on top of payment technology, but it builds a certain level of trust with customers letting them know that they are making their payments to the correct business.
Simplify with Card Scanning and Check Scanning
An optimal user experience through ease-of-use and convenience can significantly improve customer satisfaction. In the end, this can mean fewer calls made to call centers and more on-time payments.
With a top-of-the-line mobile payment app for rent-to-own businesses, card scanning and checking scanning can save customers time and reduce errors regarding card numbers and checking information.
Offer Speed, Security, and Communication
Mobile payments apps for RTO business also offer speed, added security, and a direct line of communication to end-users.
Mobile payment apps, in many cases, are known for performing faster than responsive websites. Additionally, they can provide an additional layer of security through hosted tokenization, and biometric login functionality.
Another major plus for mobile payment apps is that rent-to-own businesses that utilize a payment app have a way to communicate updates, new services, features, and other information to their customers through push notifications.
Recap: Mobile Payment Apps for Rent-to-Own Businesses
Like many business types, rent-to-own businesses can face challenges when it comes to getting paid. By making use of the right mobile payment apps, many RTO businesses can increase the number of payments made on time and build trust with their customers.
PaymentVision’s mobile payment app for businesses can simplify payments for RTO customers through simplicity in design, payment flexibility, recurring payment functionality, and other exceptional features.
Connect with us to discuss how we can improve payments for your rent-to-own business.