The Top 3 Digital Payment Issues and How to Address Them
In the fast-paced world of digital payments, ensuring a smooth and hassle-free experience for customers is paramount. Understanding both customer preferences and the challenges they face when making online payments is crucial for organizations aiming to enhance customer satisfaction and encourage self-service adoption.
A recent survey commissioned by InvoiceCloud, in conjunction with Regina Corso Consulting, gathered insights from over 2,000 US adults who are broadly representative of the US population based on age, gender, region, household income, and education according to US Census data and who have paid at least one bill online in the past 12 months.
The findings indicate that while 40% of respondents reported smooth online bill payment experiences, 60% faced challenges. Here, we delve into the top three digital payment issues identified and propose solutions to address them effectively.
1. Forgetting username and password
One notable hurdle, reported by 23% of respondents, is the struggle to remember usernames and passwords. To counteract this issue and streamline the payment process, organizations should optimize a guest checkout route for online payments. In fact, according to another recent Invoice Cloud survey, 38% of respondents prioritize convenience in their online payment experience, avoiding mandatory account registrations for one-time payments becomes crucial. Offering a seamless, hassle-free option aligns with customer expectations for efficient transactions.
2. Lack of payment reminders
Missing bill payments is a common fear for many, making payment reminders a critical aspect of digital transactions. The survey underscores the importance of personalized and intelligent payment reminders. Tailoring reminders to individual customer behaviors and payment patterns is key to achieving optimal results. Organizations should move beyond generic reminders and leverage available customer information to send timely and relevant notifications. This personalized approach minimizes the risk of customers forgetting payments and strengthens the overall payment experience.
Intelligent communications leverage information you already have about your customers to provide targeted reminders and notifications. For instance, your organization shouldn’t be sending a payment reminder email to someone who has already paid their bill. And one single email message about an upcoming bill isn’t enough to alleviate the ‘I forgot’ excuse when customers don’t pay bills on time.
3. Preferred channel not available
Another common issue revolves around access to the channels that customers prefer for bill payment. In today’s customer-centric landscape, providing these preferred channels is frankly, table stakes for an enhanced customer experience and healthy levels of customer satisfaction. If customers cannot access their preferred channels, the risk of cart abandonment and payment delinquencies increases.
According to this year’s State of Online Payments, the most preferred channels are mobile and online portals. However, different customers have different preferences. While most consumers may prefer digital options, others would rather traditional methods like mail or in-person payments. The key to ensuring that all customers have access to their preferred channel is by providing an omni-channel experience, which ties customer experience touchpoints together across multiple routes. With omni-channel features, a customer can begin their interaction on the phone and pick it up later online without losing context. This ensures that, no matter which channels customers prefer, they have access to an effortless payment experience.
Avoid digital payment issues with the State of Online Payments
To explore InvoiceCloud’s real-time payment solution or gain deeper insights into today’s bill payment preferences, schedule a call with a team member today and download your copy of the 2023 State of Online Payments report here. Stay ahead in the world of digital payments by proactively addressing customer concerns and offering an unparalleled payment experience.