Make customers' lives easier with online payments
How do consumers feel when they spend money? The truth is, there is a psychological impact associated with every payment your customers make – the “pain of payment”. This phenomenon has been a topic of research for many years. In a study done by MIT and Carnegie Melon, it was discovered that how and when payments happen have the biggest impact on the severity of their psychological pain. 1
As a business, it’s in your best interest to make the payment process as easy and painless as possible. In today’s world, that means online payments.
Being able to collect payments online is practically mandatory for businesses these days. What’s not so simple is finding a quick, easy solution that doesn’t come with a hefty price tag or tech-heavy implementation. Luckily, there are solutions for this challenge which allow customers to make payments online without creating an account or managing another login and password.
These solutions’ ease-of-use comes from their simplicity. Customers fill out an online payment form that includes information about who they are and how much they want to pay. Because they provide this information along with every payment, they don’t have to worry about passwords, credential checking or authentication.
An online payment solution provides customers with an alternative to more involved payment methods, like mailing a check, calling a call center, or setting up a bank transfer. It’s a self-explanatory solution that also helps businesses remove barriers for customers.
Behind the scenes, these types of solutions present the best of both worlds for businesses, and they can be set up in a matter of days instead of months. This is especially advantageous for unexpected occurrences (like a global health pandemic) where funds need to be collected as quickly as possible.
Not only is this option easy for customers to use, these solutions provide businesses with compliant record keeping, reporting and other benefits that could be missing today, like:
- A HIPAA, NACHA and PCI compliant payment portal.
- Detailed reporting on who is paying you and how they are paying you.
- Reduced amount of collection call and other fund recovery methods.
- Little-to-no IT resources to get up and running.
- Time and money savings with every online payment.
It’s pretty simple – if you want your customers to pay you, you have to make it easy for them to pay you. Be aware of the psychological barriers your customers face when it comes to handing over their money and understand that providing a pain-free payment process is as important as the products you sell and the services you provide.
Organizations of all sizes and industries can utilize this version of an online payment portal, from large corporations to small, local governments. If you are in need of a quick-to-start payment solution, be sure to find a solution that offers you control and flexibility. Choosing a solution with too many bells and whistles will greatly lengthen your implementation timeframe and cost.
Commerce Bank’s CollectPay Online® solution allows you to customize your payment portal to fit your needs, whether it’s a quick implementation or a new full-service solution. Learn more about Commerce Bank’s CollectPay Online® solution and how it can work for you.
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