Does Your Payment Solution Meet Customer Expectations?
Is your utility keeping up with the rapidly changing payments industry? Customers today expect a level of convenience and availability in their transactions that would have been unthinkable just a few years ago.
If you don’t have a plan to keep pace with their changing expectations, you may pay the price in terms of customer experience and CSAT scores. Problems with payments can rapidly become complaints about your whole utility across social media, causing your organization to take an overall reputational hit.
Thankfully, enhancing your payment process doesn’t have to be a huge task. In fact, modernizing your payment process can be done quickly, seamlessly, and without any disruption to your customers. The first step is to understand how to reach your payments audience and optimize their transactional experience.
What are your customers looking for?
By understanding what your customers want in a payment solution, and then picking a vendor who can meet those needs, you can boost customer engagement, increase loyalty, and even cut your operational costs.
A modern payment solution takes into account three areas of customer expectation to deliver the best experience possible. In a nutshell, these areas are:
1) Ease of use. Today’s customers are busier than ever, and they don’t have time for a prolonged payment process. They want to review their bill and complete the payment process in as few simple steps as possible.
2) Choice of payment options. Your utility customers come from a variety of demographics. Some will be quick to adopt the latest and greatest in digital payment options, while others still feel most comfortable interacting with a CSR. Your payment solution needs to support all these diverse needs through a central solution.
3) Security. Customers rightfully expect that your utility will do everything in its power to protect their sensitive financial information, and the news cycle keeps them very aware of high-profile cyber-attacks and data breaches. By investing in a secure payment solution, you safeguard both your reputation and their data.
Selecting the right vendor to enhance your payment strategy
A customer’s billing and payment experience have a profound influence on their perception of your utility as a whole, so enhancing this experience should be part of your broader customer experience strategy. But to transform your payments to an omnichannel approach, you need a robust combination of strategy, technology, and expertise. Balancing customer experience, security risk mitigation, and checkout conversion optimization is a challenging task.
The good news, though, is that you don’t have to reinvent the wheel. In fact, by working with a utility-focused billing and payment provider, you can draw on existing industry expertise to increase your revenue and improve customer relationships without increasing the burden on your internal teams.