Payment HoppingJuly 13, 2016
We have all heard the saying, “go where your customers are.” But what if your customer is a payment nomad? They pay a bill online one month, by mobile another and via a telephone call yet another. Maybe the fourth month, they send a check in the mail.
The fact of the matter is your customers want multiple payment options to satisfy their changing needs and expect the companies they do business with to fully meet these requirements. A recent Fiserv survey revealed that nearly 21 million households change how they pay bills from one month to the next. And, while maintaining a positive customer experience is top of mind for any company, the lack of consistency in payment methods makes it exceedingly difficult to determine what technologies to invest in as the incoming flow of payments for each channel can vary significantly from month to month.
Not only is providing multiple payment channels a considerable investment for a company, but efficiently (and securely) managing each channel calls for added staff and resources, which require even more time and money. Traditionally, companies have approached each channel independently, resulting in an inconsistent customer experience and a varying range of backend support from channel to channel.
Greater customer demand calls for a more unified multichannel management strategy to ensure customer experience does not falter from channel to channel. Your customers should have a consistent experience across every channel, so the look of their email bill matches the look of the online payment site, and the language on the print bill matches the language in the self-service telephone script. By ensuring processes are the same, and business rules are as close as possible, the customer experience can have the same tone, look and style from channel to channel.
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