All businesses rely on a steady income stream to keep operations running smoothly, and for many, this includes collecting payments for goods and services from customers. As crucial as this process is for businesses, it can be challenging to determine the best way to streamline incoming payments. That’s because when it comes to consumer preferences around making purchases and paying bills, there truly is no one size fits all.
One major change impacting businesses is that customers are increasingly opting for contactless payment options, such as paying through texts, QR codes or utilizing digital wallets. In 2021, more than 40% of smartphone users in the United States used a contactless payment at least once.
For some people, this is more than a preference; for others, it’s a deal breaker. Consider that 63% of consumers are willing to jump ship to a company that offers contactless options. This is a universal trend, with people across age groups reporting similar preferences. And while the COVID-19 pandemic certainly contributed to an increase in contactless payments, the change looks like it’s here to stay.
What’s a merchant to do? The best way for savvy businesses to adapt to changing customer behaviors is to offer hybrid bill pay options, thus putting each customer’s preferences at the core. Offering more than one payment option creates customer loyalty while boosting business resiliency by helping ensure bills are paid in a timely manner.
Despite its many benefits, setting up a hybrid bill pay system can be a logistically challenging process. To facilitate the change and reap the rewards sooner, choose a partner that has the expertise to improve your customers’ billing experience while simplifying your operations.
Matrix provides customers with flexible, convenient bill presentment and payment options while giving your company the resources to enable this service. Matrix allows customers to choose whether to receive their bills by mail or email, or they can opt for safe and secure seamless mobile billing with mobile payment options. They can retrieve and view bills, make one-time or recurring payments, pay by text and see real-time account activity.
With built-in discounts and proven ROI, Matrix is a natural fit for many businesses.
Reduce your costs with our postal discounts and efficiencies, optimize cross-selling opportunities and boost revenue with targeted messages on your bills promoting your services and products.
Catering to customers’ preferences without adding a painful process to your company will keep billing simple and customers coming back for more. Contact us today to get started.