As consumers, the majority of us live in a digital space. When we purchase direct online with our favourite retailer, we’re comfortable with shopping carts, instant payments and the resulting notifications via email or SMS. However when it comes to business, flexible digital payments aren’t as commonplace. This is changing though. And if it’s not already, should be at the top of your digital transformation list. If you’re not convinced, here’s our top 5 reasons why you should be introducing digital payment options for your customers.
1. Real-time payments:
They’re good for business and they’re what customers want. Leading finance site PYMNTS, noted that “Real-time payments are one of the most important trends defining the consumer payments landscape today.” But real-time doesn’t just benefit the customer. For businesses, real-time payments can drive real change and growth. They can help develop stronger trust between you and your customers, and by reducing the time spent on back-office manual processing, you’re freeing up your finance team to focus on more value-adding work.
2. Improved customer experience:
Put your consumer hat on. Think about a time when you’ve been invoiced and the resulting journey to making payment. While making a payment isn’t an experience consumers are seeking out, it is one that can change their perception of a business. Flexible, online options to pay when and how they want = a great experience. This in turn helps to retain them and keep them as a loyal advocate for your brand. Difficult steps to go through and an inability to pay through the channels they want = a lacklustre experience. This is more likely to damage your customer relationship and leave them looking around for other options. This is true for both B2C and B2B businesses.
3. Better payment results:
Removing barriers to paying means better payment results for you. If customers can pay easily, and how they want to, in the same moment that they receive your invoice they are in fact more likely to do so. No one wants to add to their to do list. And by enabling your customers to sort payment with a click of a button you are providing that catalyst for immediate payment action.
4. Save money:
In a recent survey, 62% of CFOs said digitizing payments had resulted in cost reduction. Looking deeper, offering customers flexible digital payment options will not only result in reduced processing costs for you, with customers more likely to pay and pay faster, you’ll be saving time (and potentially money) in chasing outstanding payments.
5. Business transformation:
This is really just one piece of the overall digital transformation puzzle that businesses are currently undertaking. While some are leading the way, many are playing catch-up. They are yet to see the gains that can be made through widespread digital adoption across the finance function (and beyond). To stay competitive as we climb out of a global pandemic, businesses must not only meet consumers’ needs, they need to be providing frictionless end-to-end finance solutions. Automating your accounts receivable will deliver internal efficiencies, cost-saving and drive better cashflow. Offering flexible digital payment options complements this as it’s not only about internal transformation. It also delivers strong customer experiences. In our cluttered world, this is what sets your business apart from competitors, ensuring you remain relevant in the eyes of your customers.
CreditorWatch Collect has partnered with online payments experts Payrix, and now offers payments as an add-on feature. Signing up to CreditorWatch Collect by Payrix means you’ll be able to offer your customers flexible, integrated, real-time payment options.