More Payment Channels the Merrier

October 5, 2016

For many companies, billing and payments represent their only regular, monthly touchpoint with customers. Wouldn’t your money be better spent on improved marketing campaigns across channels, and personalized service messages, rather than supporting a patchwork of independent channels? Or maybe you’d like to increase your competitive stance by adding additional channels that are too costly to support given your existing structure?

Transitioning to a holistic strategy for cash collection allows companies to not only present a consistent customer experience from channel to channel, but also drastically reduce the support cost and management requirements needed to maintain each channel. A consistent approach can have an impact on customer satisfaction too. Customers who payment hop and have different experiences may get frustrated. If the customer experience is dramatically different for each channel, the call center will hear about it (again driving up support costs!).

As technology and service offerings continue to emerge, payment hopping will become even more evident. A 2016 Fiserv study revealed on average, customers use 3.6 different payments methods each month – up from 2.9 one year ago, providing companies that have an existing multichannel billing and payments strategy a substantial competitive edge.

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