Kevin’s Corner:
Digital Payments for All – Really
Published 8/8/24
Many of us will find a digital way to do everything. Take paying bills as an example. If you provide me a chance to pick AutoPay and paperless options, I will select it every time. I just want the software to take the “to-do” off my hands and send me a notification when the task is complete.
But not everyone is the same. There are many people who are not digital natives, and they can face barriers to adopting a range of online services.
InvoiceCloud research has shown that some demographics are hesitant or unable to participate fully in the digital financial ecosystem. Specifically, our research took a closer look at the payment habits and challenges of the unbanked, those 55+, non-English speakers, and check writers.
Let’s take a high-level look at the barriers a few of these populations face when it comes to accessing digital payment options.
55+
Older adults may find digital technology intimidating or challenging to use. They are also more likely to be subject to predatory financial scams that can create distrust towards online payments. Providing this population with educational resources on safely navigating digital options and the dangers of check fraud can help. It’s also key to offer user-friendly interfaces designed with clarity and accessibility in mind.
Other 55+ payers may be slow to adopt digital payments because they’re simply not as accustomed to the technology. How-to guides highlighting the convenience of digital payments can make a huge difference, particularly for automated phone options (also known as interactive voice response or IVR), which older people may find more comfortable.
Non-English or nonnative English speakers
Digital platforms that are predominantly in English can be daunting for individuals who aren’t comfortable with the language. Payment providers shouldn’t just offer their services in multiple languages, they should implement a multilingual approach across all payment options.
Payment reminders, receipt confirmations, and educational marketing materials must be translated with the same care as payment interfaces. Customer support should also be provided in multiple languages to remove any hindrances to digital inclusion.
The unbanked
This demographic may lack access to traditional banking services. They may be unbanked by choice due to general suspicions about banking. Either way, their lack of participation in mainstream financial structures makes it challenging for them to engage in digital transactions.
Ease of use is critical. Digital payment options should be easy to find and use, and solution providers should strive to offer the highest level of customer service through all channels. Robust support over the phone with a live agent can help assuage stress, and IVR technology is an effective way to drive the unbanked population toward self-service. Even informational materials—like virtual or physical “cheat sheets”—are a great way to help customers navigate digital options.
Alternative mobile solutions are another important element of a fully inclusive experience for the unbanked. The Pew Research Center found that 97% of Americans have access to smartphones, including those that are unbanked. Digital wallets like PayPal offer banking services without the need for traditional bank accounts, allowing the unbanked population to load cash directly onto these applications for payments.
Get your copy of our comprehensive research report to learn more about populations that have been historically reluctant to digital payments and how we can overcome these barriers to adoption together. These insights are just a piece of the work we’re doing at InvoiceCloud to make digital payments accessible to everyone. As we continue to innovate and expand our digital capabilities, the InvoiceCloud team is always ensuring that our approach is inclusive, thoughtful, and supportive of those who are currently on the margins of today’s digital revolution. We truly believe that if leaders in digital payments actively consider accessibility every step of the way, a future of digital payments for all is not just possible—it’s imminent.
With gratitude,
Kevin O’Brien
CEO