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How Technology Can Simplify How Your Business Takes Payments

By February 22, 2022February 23rd, 2022No Comments

Taking payments is vital for all businesses that serve consumers,

without the proper payment systems and technology in place, both cash flow and financial management can be severely impacted and as a result, affect an organisation’s success.

Over time, complex payment practices can become massive hurdles that both customers and employees must overcome to complete a transaction. This can result in a loss of business if not refined and made simple. If a business needs to create finance schedules, subscriptions or multi-point payments, the process can become even more difficult to manage.

All Businesss payments technology

Historically, remote payments were taken over the phone through contact centres or in-store, and there was little flexibility between these options. As technology has progressed the way that we process payments as a society and the growing number of choices in how we can pay has risen rapidly.

In this article, we outline how technology could simplify the way in which business takes payments and what the modern consumer demands

How do open banking payments help me

What is the Current Customer Preference?

Traditionally customers preference for remote payment processing was simple and limited in terms of choice. Payments were serviced by manned call centres, which was satisfactory at the time because there were not any other options.

As technology has advanced so have customer expectations. Consumers no longer accept single-method payment processing and actively voice that they would rather have multiple options to choose between.

Because of this, contact centres are having to actively evolve and update their payment systems to a more modern and responsive set-up. 

What Should a Modern Payment System Look Like?

They Are Agile In How They Can Take Payments

The best-performing payment systems are those that are agile and can take a payment over nearly any channel. This includes things like social media, website, chat, mobile text, phone calls, etc.

The modern consumer expects to be able to pay in the simplest way possible, if they are on a web chat they would prefer to make the payment without picking up their phone and dialling a number to follow a prolonged payment process. Think of how much easy it would be if the agent in the web chat can provide a secure link for the customer to pay which is done in seconds. The consumer feels like they have had great service, your workforce is impacted less and there is a much smaller risk of an abandoned purchase.

Agile Payment Channels

Customers also like to pay via the medium that works best for them. For some it’s by credit card, others using their digital wallet like Apple Pay or Google Pay. More and more customers are happy paying by Open Baking transfer, and many still prefer Direct Debit.

Payments should also be able to be made over multiple currencies to serve different regions and be pushed through different gateways resulting in money for different transactions being placed in the right account for simpler accounting. Having this all-in-one modern payment application means there is minimal time spent on each transaction with as few processing issues as possible.

They’re Easy to Use

Regardless of how convenient your system is for your customer, it doesn’t do much good if your employees can’t manage them, or it takes time to log into different portals and sections of a system. Your payment processing setup should be easy to use for both your customer and your agents.

Does your payment system allow:

  • Customer details to be safely and quickly recalled when needed? Ideally, details should be secure with sensitive information shielded from your agents and networks for compliance and security. Having a single portal without multiple logins and passwords makes it easy for any agent and cuts down on training for different platforms.
  • Simple Recurring payments or subscriptions. Having the ability to create different payment schedules or simple one-time payments in seconds allows your agent to provide flawless customer service. The easier they are to create the less time and manpower and overheads are needed from the organisation taking payments.
  • Single Log-In and aggregated workspace. Many call centres and customer service departments may be used to having to log in to a multitude of different platforms to recall data, communicate and process payments. A modern payment system should alleviate this requirement and provide an easy to navigate platform that allows agents to be agile and fast in servicing a consumer’s needs.
lady using voice automated payment system
It Can Easily Be Integrated to any IVR System

IVR (Interactive Voice Response), is a method of automating your phone system so that, if the customer prefers, they can service themselves or quickly navigate to a representative that can best help them. A payment system that can be directly implemented into an IVR will make payments fast and painless to any customer dialling in.

IVR’s are a huge step up in user experience because they provide a simple process for customers who only wish to make payments over the phone, they can do this by selecting the correct option on the IVR menu for a completely automated experience or to an agent that is best suited to help them i.e., single purchase agents or refund departments.

This helps the business as well as the consumer as it reduces handling time, requires less manpower and overheads, speeds up processed income and elevates the user experience. These positive experiences are likely to promote customer retention and recommendations through word-of-mouth or online review platforms.

They Include Tokenisation

Tokenisation refers to a system in which valuable pieces of information such as customer card numbers or birth dates are encrypted in a system as random strings of data called tokens. These tokens then sit in a system until you get rid of them or need to use them again.

The most significant aspect of tokenisation is the security it represents. Tokens are encrypted using your own unique system processes, they are also rendered next to useless and unexploitable for hackers.

Not only does this increase your security and in turn your customers’ trust in you, but it also vastly decreases the liability your business is exposed to. Protecting you from adverse data breach events that could result in heavy fines or the loss of business.

Tokenisation for businesses with digital reference
PCI DSS Compliant
PCI DSS Compliance

Finally, all modern payment systems should be PCI DSS compliant. This is required for all payment processing businesses that take card payments (you can read more about PCI DSS Compliance here), failure to be compliant can result in financial penalties, investigation costs and loss of customer trust and ultimately business.

Even though there are 300 plus requirements involved in being PCI DSS compliant, technology can alleviate these factors by taking the call centre or organisation out of the scope of compliance by protecting them from the exposure of sensitive customer data, such as card numbers.

Being PCI DSS compliant is a very good way to keep customer data safe, by remaining compliant you will be actively protecting your customers and your brand’s reputation by avoiding breaches, data hacks and ultimately fraud of customer accounts.

PayGuard - A Modern, Agile and Easy to Use Payment System...

The easiest way to implement all the factors discussed in this article is to get in touch with PayGuard. Our award-winning technology incorporates all the points made above and more.

Our platform incorporates each element highlighted above and acts as an aggregator that brings the different elements needed in a modern payment system; from PCI Compliance to multi-channel payments, Open Banking transfers, multi gateway access, easy customer data recall, refunds, subscription set up and much more. PayGuard can easily be integrated with existing phone systems and includes tokenisation that protects customers data.

To find out more, contact us using the form below. We are always happy to talk through your options and how PayGuard can help take your business to the next level!