Cash flow is the lifeblood of any organisation, which makes taking payments on-time critical to success. In order to take payments efficiently and decrease debtor days, organisations of all sizes need to come up with innovative ways to entice customers to pay them promptly.
One way to do this is by increasing your customers’ options. Let them pay by their preferred method at a time that suits them. Remove all barriers and make it easy for them to pay you. Especially if you take payments in an industry which naturally consumers don’t always want to part with their hard earned cash for! Such as insurance and debt management.
The majority of businesses stick with traditional tried and true methods for their industry, however individual businesses all operate differently and some innovative thinking can go a long way to tighten up cash flow.
Here are some ways our clients have used our telephone payment processing services to solve customer payment problems. This will illustrate the true adaptability of telephone payment solutions…
We worked with Just Eat and essentially flipped the traditional use for telephone payments on its head. Rather than customers using them to pay for food, they used the telephone services internally – to call themselves! But why…
To make it a lot easier to sign up new restaurants to their service.
Previously they spent a lot of money on mobile payment devices that were expensive and unreliable. Or they had to leave the prospective customer to make payment once the agent had left their premises, which they often didn’t do – they lost a lot of sales.
Giving the agents a secure telephone payment service to call made all the difference. The agent set up the call and gave the phone to the customer to make a payment using their payment card, securely and on the spot – sale closed. Happy agent, happy customer and business growth.
Thinking outside the box can really open up the potential of secure telephone payment lines.
Pure Gym is another great example. Their issue was taking payments from members whose payments had not gone through as normal by direct debit. Members who therefore couldn’t enter the gym as their access was temporarily restricted until they made payment.
These members didn’t want to wait a week for their direct debit to be re-instated and often they were at the gym waiting to enter so paying online was impractical.
Pure Gym needed to address this issue so the business could collect payment and the member could use the gym straight away. The problem with a traditional live agent payment line was the fact that only about 10% of callers were calling to make a payment, so it wouldn’t have been viable to route every call through a live system. Pure Gym needed a solution that could sit in the background on every call and take payment whenever required.
We created a new bespoke solution for Pure Gym which involves the telephone agent taking a call as normal and processing all the non-sensitive payment information. Then our automated service calls the customer back automatically to take the secure information – the PAN and the CV2. We then process the payment and send the customer a confirmation via SMS. Fully PCI compliant and payment problem solved.
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These are two great examples of using innovation with telephone payments to dramatically improve business performance and customer satisfaction.
You may have previously thought that taking telephone payments would only benefit specific industries or businesses – this just isn’t the case, especially when you have access to a provider such like BCH who will work with you to design the perfect solution for your business.
With all services designed and developed in-house before we deploy them on our own PCI-DSS compliant platform you can be rest assured of a similar experience and positive outcome.