4 Convenient Payment Options for Businesses to Offer

In this blog, we’ll look at a few convenient payment options that businesses can offer their customers and clients. These are payment methods that will simplify making payments and make the payment experience better overall for both merchants and consumers. This, of course means more on-time payments.

IVR Payments

This one is easy, IVR payments. IVR allows customers to make payments over the phone. And it’s a whole lot better than the phone payments made over the phone when a live bill collector is on the other end.

With IVR payment systems, customers can simply call and make payments at their convenience by following a series of voice prompts. It’s painless. Also, merchants can charge convenience fees with IVR payments to help offset payment processing costs.

IVR payment systems have many use cases but are often used by municipalities and for utility payments.

Mobile Payment Options

Everyone has a smartphone these days it seems. Mobile payment options, whether through a mobile payment app or a mobile-friendly website can also be very convenient for end-users.

Research shows that user experience and attributes such as payment flow, navigation, speed, terminology, and security can all be important factors in determining the success of a mobile payment system. With that said, if a company utilizes a well-designed, user-first, mobile payment platform, consumers can enjoy the convenience of making payments on their smartphones.

Recurring Payments

Recurring payments, or automated payments, is a fairly well-known payment method. This type of payment option allows a consumer to specify a date and time for a payment to automatically be charged to their account.

Automatic payments can be set up monthly or bi-weekly. Payments can be made with credit cards, debit cards, ACH, and HSA.

Recurring payments are great any time a regular “recurring” payment needs to be made. For example, collections agencies, auto dealerships, gyms, chiropractic offices, and other similar business models can all benefit from automated payment functionality.

Business Types That May Benefit from Offering Automated Payments

  • Collection agencies
  • Auto dealerships
  • Rent-to-own (RTO) businesses
  • Gyms
  • Chiropractic offices

Pay by Text

Pay-by-text is another convenient payment option that allows businesses to accept payments via text. Also, pay-by-text allows businesses and organizations to send out payment reminders, alerts, and receipts via text.

Pay-by-text is also secure and uses a secure SMS payment gateway. This means that businesses can send bill reminders through text prompts to customers who are opted in to receive messages.

Recap: Convenient Payment Options for Clients and Customers

Offering convenient payment options can have a tremendous impact on the bottom line for organizations in some cases. For example, if customers can make their payments with ease through a payment app or IVR, this can often mean less calls into call centers and fewer missed payments.

If you are interested in learning more about how PaymentVision can help your organization with convenient payment options, fill out the simple for below. You’ll receive information by email and can also schedule a short call with one of our reps to discuss IVR payment systems, pay-by-text, mobile payment applications, and recurring payment functionality.