Enhancing Customer Experience and Boosting Revenue with the Right Payment Platform

In today’s challenging global economy, businesses are exploring various strategies to optimize their revenue streams. One often overlooked yet highly effective approach involves enhancing the customer payment journey. Jeanette Mbungo, the Vice President of Payments Operations at CSG Forte, with over two decades of experience in the payments industry, provides valuable insights into this strategy, as outlined in The Fintech Times. 

Mbungo’s responsibilities encompass a wide array of critical functions, including risk management, customer success strategy, operations, implementation, onboarding of customers, and support services. She sheds light on how organizations can bolster their bottom line and streamline the fragmented digital payments landscape by providing a multi-channel, seamless payment experience.

Friction during the payment process can result in transaction abandonment, translating to lost revenue. Alarmingly, over 90 percent of billing companies receive complaints about payment inconveniences, ranging from login and authentication issues to limited autopay options.

To counter these challenges, organizations must adopt a one-stop payment platform that accommodates customers’ preferred payment methods, including Automated Clearing House (ACH) and credit or debit card payments. Such a platform guides customers securely and seamlessly through the payment journey, enhancing customer experience (CX) and driving positive outcomes.

Eliminating payment process frustration, adding value, and increasing security can significantly impact an organization’s revenue. Seamless payment experiences foster customer loyalty and confidence, potentially leading to more on-time payments, autopay opt-ins, and reduced payment abandonment.

Moreover, a reliable digital payment platform offers long-term returns by improving Payment Card Industry (PCI) compliance and increasing the completion rate of digital payments. This leads to shorter call center times and minimizes the risk of customer data breaches.

Security is paramount for both organizations and customers. The best payment solutions incorporate safeguards within the process to minimize the exposure of customers’ sensitive personal information. Some platforms generate custom online invoices sent through secure, personalized links, further reassuring customers about the safety of their transactions.

For those customers who prefer human interaction, implementing an agent live assist payment platform can maintain data security. Call center agents can send customers real-time, secure links to unique online payment pages on their chosen channel, enabling direct payment without divulging personal data over the phone.

As customers face tighter budgets, providing tools like a bill explainer can encourage on-time payments. The most straightforward bills tend to be paid first, according to a recent survey, leading to increased revenue.

Additionally, offering convenient options such as installment and auto-pay choices can reduce cart abandonment rates and increase payment completions. Allowing customers to pay in installments not only keeps them engaged with your products but also decreases call center volume, as it provides affordable terms and reduces collection calls.

PCI Data Security Standard (DSS) requirements vary based on company size, necessitating ongoing monitoring and updates of compliance protocols. Partnering with a payment solution provider can ease the burden of maintaining PCI compliance, allowing organizations to focus on core strategies.

Investing in a real-time, PCI-compliant payment processing platform reduces risk, effort, and costs by outsourcing demanding requirements like firewall management, HIPAA compliance, and network segmentation.

Successful organizations understand the importance of partnering with a payment solution provider that comprehends their unique needs and growth potential. Whether a small-sized merchant or a large software vendor, selecting a payments partner that can adapt to the organization’s requirements is crucial for long-term success.

As businesses seek avenues to boost revenue in the current global economic climate, improving the customer payment journey should not be overlooked. By offering a seamless, secure, and convenient payment process, organizations can future-proof their operations, increase revenue, and enhance PCI compliance, even during economic downturns.