Text To Pay: 5 Reasons To Accept SMS Payments In Your Business

It’s generally believed that over two-thirds of the world’s population owns a mobile phone. Additionally, these phones are connected to their banking details and SMS services from their respective mobile phone service providers. As a result, many businesses are leveraging convenience with their customers through mobile phone-driven services. One of the recent developments is the use of mobile text messages to pay for products and services.

Many customers regard mobile phone payment through messages as convenient and secure. Furthermore, the process is simple and clear to understand. You don’t need to remember too many passwords. You can text to pay from the comfort of your home if the business from which you’re purchasing is synched with a mobile phone service to receive payment text messages.

The future of business is expected to rely heavily on mobile technology. Therefore, if your business doesn’t allow customers to use this mode of payment, it might be high time to take the bold step of accepting SMS payments. In this article, you’ll see five reasons why your business should start accepting SMS payments. These are:

Convenient By convenient, it means you can meet with your customers where they want to pay from and how they’d like to do it. It’s believed that almost every mobile phone user keeps their phone within an arm’s reach most of the time.

It’s generally accepted that many mobile phone users may spend an average of two to three hours daily on their phones’ chat apps or social media platforms, like Facebook, WhatsApp, Twitter, and Instagram. Their engagement with mobile phones might also grow as there’s more content available on other platforms, such as YouTube, where you can watch videos.

Because of the proximity of phones to users, banks send alerts to loanees as a reminder to repay installments through SMS. It’s easier to see a text message than an email, which might be seen days later. Such a high level of convenience in paying bills can result in on-time, stress-free transactions through the mobile phone messaging app.

1. Speed

Unlike the use of documents in a banking hall, the process of paying your bills via SMS is speedy. What you need to do is initiate the method of payment through your mobile phone service provider. Afterward, key in the required details of your account and the recipient’s account, and then send the message. Depending on your business’s system, your customer must follow a simple procedure that can be done in two to three minutes.

In case your account doesn’t have enough funds to settle your bill, you’re notified instantly. To complete your payment process, you can choose to replenish your account from another account using the SMS service. Once this transaction is completed, you’ll receive a text message notifying you that the transaction was successful. SMS payment removes the need to go online and log in to a particular portal to complete a process through SMS quickly.

2. Secure

SMS payment is a method that ensures that your customers are safe from phishing and other forms of online scams. On the other hand, it also protects you, as online transactions can be an entry point for hackers to access your business information.

Once a client has made a payment to your bank account, you’re notified that your account has been credited. Additionally, with a text message payment service, you can reverse a transaction that was done incorrectly on the spot. Your finances will then reflect in your account in a matter of minutes when changed.

3. Personalized Service

When you’re signing for a text-to-pay plan, you can provide your mobile number, payment funding method, and your communication preferences during the enrollment process. These pieces of data allow you to receive a personalized customer experience.

If you’re enrolling for a regular payment plan, you can specify how many days you want to receive an alert before the date is due for payment. Giving your customers the ability to choose when and how this communication is done helps you deliver a customer-tailored service according to the needs and preferences of your clients.

4. Reduced Administrative Costs

With text-to-pay services, you can eliminate the handling of credit cards or other manual work involved in paying your bills. On the other hand, as a seller, you cut down on the level of paperwork involved in depositing finances. As a result, reduced administrative works leads to lower associated costs.

5. Wrapping Up

The future of money transfers will largely depend on text-to-pay services. Good network coverage and acceptance of the service by both customers and sellers are the driving factors. Billions of dollars are transacted daily through SMS payments.

The competition has taken the stakes high to give your esteemed customers convenience, speed, and security while sending money. Additionally, text-to-pay can help you provide personalized services and reduce administration costs for your business.