Enhancing Customer Experience: 4 Ways Electronic Payment Solutions Can Benefit Your Clients
Enhancing Customer Experience (CX) is a top priority for many companies. Research shows that a moderate increase in CX results in an average revenue increase of $823 million over three years for businesses with $1 billion or more in annual revenues. A great customer experience requires focusing on your client’s needs and preferences. It also involves a commitment to addressing and resolving issues quickly.
Here are some of the statistics
- The global customer experience management industry was worth $11.34 billion in 2022,
- The global customer service satisfaction rate is 77%,
- 70% of consumers are eager to spend more money with companies that deliver positive customer experiences,
- 90% of customers will splurge with companies that personalize customer service.
Flexibility
Offering flexible payment methods can help clients make payments faster. Clients who pay electronically are less likely to incur fees due to late charges, and they can easily review past payments and invoices online. Companies that rely on automated processes, like payment reminders, also benefit from lower labor costs and higher cash flow efficiency. For example, some stores let shoppers Buy Now & Pay Later with interest-free installments. This allows buyers to purchase expensive items, such as a designer suit or an engagement ring, without immediately breaking the bank. This is particularly important during economic uncertainty when people are more likely to lose faith in their banks and other institutions. By offering flexible payment options, your business can draw a wider audience. And it can improve customer satisfaction and loyalty. The result is a better buying experience that benefits everyone involved. The flexibility that comes with electronic payment solutions can be a real game changer for your business.
Convenience
As consumers become more comfortable with digital payments in their personal lives, they increasingly expect similar capabilities and offerings from their business relationships. A recent report reveals that 63% of customers will spend more at a retailer with convenience offerings like online sizing, shipping alternatives and free returns. In addition, customers appreciate conveniences like streamlined invoices and electronic check cashing. These features are part of a larger strategy to eliminate friction from the client experience and increase satisfaction, loyalty and retention. By leveraging the power of an all-in-one payment solution, you can offer multiple convenient customer payment options without the hassle of managing each separately. This provides a more cohesive, seamless experience that reduces the likelihood of missed payments and ensures you get paid on time. It also helps you stay competitive, remain profitable and stimulate your cash flow. All the while, you are delivering a superior customer experience and differentiating your brand from the competition.
Security
Due to the Covid-19 pandemic, consumers are increasingly concerned about privacy and are willing to take their business to a company that values their personal information. Electronic payment systems help your clients provide transparency to their customers while also protecting data with various security measures and protocols. These include data encryption in transit and at rest and preventing unauthorized access to credit card data through physical system monitoring. Additionally, a PCI-compliant PSP should have an address verification system that verifies a customer’s billing information with the cardholder’s bank to prevent fraud and other malicious activities. Moreover, with electronic payments, your clients can save on processing costs associated with printing, signing, stuffing and mailing checks. They can also strengthen vendor relations by facilitating quicker payments with rich remittance data for easier reconciliation. As a result, they can lower their overall payment processing costs by up to 80 percent.
Speed
With a digital payment system, your customers can purchase with a credit card or a mobile wallet. These payments are secure, instant and effortless, so clients can shop without being deterred by long lines or limited cash.
Integrating your point of sale (POS) with your payment solution streamlines checkout. This means that your team no longer has to enter sale amounts into the POS system manually, and data flows smoothly between systems, eliminating errors and saving time for everyone involved. Faster electronic payment processing also helps reduce costs and improve security, visibility and efficiency for you and your clients. As a result, you can increase sales and conversion, improve customer satisfaction and speed up your accounts receivables collection process. For example, enabling clients to pay online using their bank account lets them quickly get the products and services they want and avoid currency exchange fees. Additionally, you can automate payment reminders to help your clients remember to pay invoices promptly.
