Consumers’ needs are constantly changing, but one thing remains the same—they expect an outstanding user experience (UX) every step of the way, from customer support to online payments. When it comes to making payments online, customers want to pay their bills whenever and wherever they want, and on the device of their choice, without the hassle of roadblocks like a one-time registration. In fact, lack of exceptional UX in the payments industry can lead to reduced customer satisfaction, lower electronic payment adoption rates, and increased staff workloads.
For many utility companies, billing customers and collecting payments can be a challenge. Specifically, organizations struggle with keeping costs down and improving efficiencies as a result of:
- High costs associated with printing and mailing a large number of paper bills
- Significant amounts of time spent manually collecting and processing payments
In the insurance industry, there are several key challenges that organizations need to address to remain competitive and keep policyholder satisfaction high, such as:
- Improving policyholder retention and satisfaction
- Ensuring accurate account reconciliations
- Keeping up with innovation
The primary challenge most organizations have when it comes to selecting an online payment system is that, on paper, many solutions look alike. They have similar features – omni-channel payment options, paperless billing, email notifications – and functionality. The problem with comparing online payment systems this way, however, is that a feature or function checklist doesn’t paint the full picture of a system’s performance.
When it comes to selecting an Electronic Bill Presentment and Payment (EBPP) platform for your organization, the list of criteria you can use to evaluate your options is seemingly endless. From product features, to customer experience and registration, to integration with software and electronic payment adoption rates – there are countless categories on which to base your decision.