11 September 2018
5 ways utility companies can make billing payments easy
Getting bills paid on time is challenging for any business, especially utility companies. Late payment affects revenue while chasing bills wastes time and productivity. Enter FlickPay – the billing payment solution that could actually have your customers paying early!
In busy times, paying bills is a low priority, especially when it’s a letter floating around on the bench or an email at the bottom of the inbox.
The latest fintech solution is MessageMedia’s FlickPay: a new way to pay bills on mobile by simply replying ‘P’ to a FlickPay message. It’s that easy.
Approximately one third of the population pay their bills late, with utility bills bearing the brunt of most delays. However, many late-payers are simply the “busy forgetful”: they want to do the right thing and pay on time, but they’re just too busy.
This causes a serious challenge for businesses. In 2017, cash flow and chasing payments were among the top five pain points for companies. Lack of revenue and unpredictability of cash flow aren’t the only consequences: chasing bills wastes time and resources. But calling in debt collectors isn’t the solution either: it’s expensive, a waste for smaller bills and is not going to win customers’ favor.
FlickPay is a fuss-free mobile payment solution that lets your customers pay your bills in two taps, on the go and without an app. It’s simple, easy and gets bills paid – fast. For the biller, FlickPay sits directly alongside your existing billing solutions with no change to your business’s everyday workflows.
Here’s how FlickPay gets customers paying faster:
1. FlickPay helps customers remember their due date
The ‘busy forgetful’ want to pay on time – they just need a targeted reminder that cuts through a frantic day’
An SMS from FlickPay sent just before the due date does just that, and we already know that SMS text messages are opened, read and actioned at greater rates than any other method.
With 90 per cent of texts opened in the first 90 seconds after arrival, chances are that your customer will receive and read the message almost instantly. Customers are more likely to respond to text and do so in higher numbers. Most importantly, mobile phone ownership rates are extremely high, and we virtually never leave home without them.
2. So easy it improves customer satisfaction
What if you could make it incredibly easy for customers to pay? So easy, in fact, that customers start paying earlier?
FlickPay lets your customers pay quickly and efficiently, using existing technology with no need for integration or new apps. And no more passwords.
Registration takes less than a minute with no further validation required. One-time registration means that regardless of billing company, customers never have to register again.
When the bill comes, just two taps – paid!
Happy customers are prompt paying customers, and FlickPay’s 95 per cent customer satisfaction rating means lots of happy customers! Systems that make their lives easier add significant value and increase brand loyalty, a vital factor when annual churn rates for the utility sector sit at 25 per cent.
You may even have customers paying early, like 65 per cent of our FlickPay customers today! What’s more, if you don’t have to send late payment reminders or debt collectors your customers will be even happier to continue doing business with you.
3. No apps
You might hear “you need an app for that”, but many consumers don’t want another app. App fatigue, a signal there are just too many apps in the market, is real. More than 20 per cent of users abandon an app after one use. Between 50 to 66 percent of apps are used less than once a month.
Customers now prefer to conduct many everyday transactions via SMS and, increasingly, expect businesses to interact with them in this way.
4. Avoid debt collectors
Debt collectors are expensive and intrusive. In any case, customers avoid them and their calls. They can also cause stress and aggravate customers. They might not be worth it for smaller bills; however, those small bills add up over a year!
Sending a reminder text from FlickPay after the due date is an unobtrusive, non-aggressive way to remind the customer that their payment is late. It’s cheaper than reissuing a letter, more effective than an email and less confrontational than a phone call. Instead, take advantage of SMS’s ability to prompt immediate action to resolve outstanding payments.
5. Make it secure
Avoid third party apps that might compromise your data or sending sensitive details with unsecure methods. Instead, FlickPay provides vault protection of your customers’ data with banking-standard maximum security.
Communicate with your customers on the platform they know and prefer, offering true simplicity. Give them one less thing to think about in their busy lives.
Find out more about FlickPay, MessageMedia’s new payments solution, here.
FlickPay – two taps, no apps.
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