Discover The Transformative Impact of Text to Pay
October 11, 2023
Discover The Transformative Impact of Text to PayMore and more of our day-to-day functions have moved to our phones, and payments is no exception. Text to Pay is not merely a trend—it’s setting a new standard in the payments industry. The rise of features like text message invoicing adds a layer of agility and security to a fast-changing market. We explore the latest mobile payments trends to help you stay ahead of the curve.
Embracing Flexibility in Text to PayThe rapidly evolving landscape of digital payments requires versatile solutions. Features like text invoicing are paving the way for greater flexibility in payment methods, third-party integrations, and customization options. And the data shows that, overwhelmingly, customers prefer it. For example, a report from the GSM Association shows that the global mobile payments transaction volume exceeded $1.2 trillion in 2022.
What is Text Message Invoicing?Text-based invoicing—also called SMS payments—is a convenient method of sending customers invoices and receiving payments via text message. In most cases, the customer receives a link and follows it to review payment details like amount, due date, or itemized charges. The link usually redirects the customer to a secure payment portal. Once finished, the customer receives payment confirmation in a subsequent text.
Direct Links For PaymentThe need for flexibility extends to the transaction itself. With just an internet connection and banking information, customers can complete transactions directly from text messages.
SMS Payment PromptsFlexibility also means offering a range of payment options. Customers can respond to prompts like “Reply 1 to pay with a credit card ending in 1234” or “Reply 2 to pay with a bank account ending in 4321.”
The Many Advantages of SMS PaymentsCustomers and businesses alike have discovered the unrivaled convenience of mobile payment solutions like text-based invoicing. In a fast-paced world, convenience and efficiency are key factors that can set your company apart from the competition. Text invoicing can be a major differentiator.
- Going paperless: Enable customers to enroll in paperless text-message invoicing and eliminate the waste involved in mailing bills when they are ready for payment.
- Increasing efficiency: Reduce the time spent invoicing customers and receiving payments.
- Single entity solutions: SMS payments use a single gateway—simply input one location and send to customers with a single click.
- Choose how to pay: Customers can choose from two available payment options to secure a payment starting within the text message.
- Reminders when it’s time to pay: Easily schedule text-based reminders for customers when their bill is due to be paid.
- Store your payment information: The consumers’ bank account or credit card information is stored during the initial enrollment process.
With Mobile Payments, Security is CrucialThese days, consumers are more careful than ever when it comes to digital financial transactions. According to the Federal Trade Commission, consumers lost almost $9 billion to fraud in 2022—an almost 30% increase from the previous year. Text message invoicing is a convenient and efficient way to interact with customers. But it’s crucial to ensure that this convenience doesn’t compromise the safety of sensitive data.
- Personal data remains secured: With an established text message payments provider, no secure data, account details, or personal information is released via SMS.
- Follows latest security protocols: Everything sent to the customer via text message complies with the Payment Card Industry Data Security Standard (PCI-DSS).
- Reduced risk from hard copies: A digital invoice doesn’t require customers to open a letter—or risk identity theft by improperly disposing of it.