5 Powerful Benefits of Text to Pay That You Can’t Ignore
Are you part of the 4% of businesses that offer text payment?
No? Then keep on reading.
The world of payments is ever evolving and text to pay is something you should be considering getting familiar with, especially if you haven't given it much thought.
Imagine giving your sales associates a tool that allows them to become highly efficient, consistently delivers exceptional customer service, and always end conversations with a custom invoice that customers can easily pay for.
By implementing conversational texting combined with payments, you're giving your team exactly that, a tool they'll love and one that compliments their everyday tasks.
Not only are you able to easily secure payments from customers whether you find yourself interacting with them over the phone, on web chat or in store, you are able to actually be more flexible than ever by also offering them Buy Now, Pay Later (BNPL) options in all 3 scenarios.
Now, let’s do a deep dive into all the doors that open when you implement text to pay.
#1 Meet the Most Powerful Duo: Texting and Payments
Text to pay not only allows you to open a whole new channel of communication with your customers, but it essentially allows your business to set up shop on all your customers phones around the world. You are one text away from creating a connection that leads to a sale.
In fact, 48% of consumers actually prefer to have direct communication with businesses via text messaging.
Texting is one of the only methods of digital communication that gives you one-to-one access to customers.
While social media is a great way to connect with customers, all outreach efforts are one-to-many, and not all of your followers are actual customers.
On the other hand with conversational texting, it means that the customer that you are chatting with has already interacted with your business – and that's your chance to shine! With the opportunity to have one-on-one conversations, you can build a deeper connection and capitalize on that window of opportunity.
Ikeono can even integrate directly into your POS, allowing you to use sales data to strategically reach out to customers and organically lead conversations to sales through personalized recommendations and advice.
Texting gives merchants the upper hand and provides unbeatable convenience for customers, it’s a win-win you can learn more about here.
#2 Give Them a Branding They Trust
You might be worried about whether or not your customers will trust receiving a text message with a link that asks them for their credit card number. Will they actually go through with it?
Ikeono’s text to pay is powered by Stripe which means you can easily customize your checkout experience.
Boosting your customers' confidence is all about the details. You can customize the checkout experience and make sure it feels on brand – you can add your logo, brand colors, and other personalized touches like your unique font or button shapes. Creating a cohesive look and feel that's instantly recognizable to your customers is key to making sure that they trust the way you do business.
One thing to remember is that customers are receiving this payment link from your business phone number which they can verify on Google My Business to put their mind at ease, and the payment link always comes after some type of conversation with your business. Check out this post to learn more about the safety of text to pay.
#3 It’s the Smarter, Safer Option
Businesses have been offering cash and credit cards as payment methods for a long time now, and only 16% of small businesses offer more than three forms of payment options (cash, check, and credit card).
Incorporating text to pay might feel like an extension of the current methods your store offers, but it’s actually much more than that.
Internet outage? No problem
Don't let an internet outage hold you back from making sales in-store – you can use texting to keep your business running.
Imagine this: a customer is ready to make a purchase, but your internet goes down. Alright, no problem, you don’t need to close up shop, simply text them a payment link and they can pay for their invoice right away.
The payment link is sent via text message through your store’s phone number and they can use their phone to make the payment either through a saved credit card or a digital wallet like Apple or Google Pay.
Always PCI compliant
Are you still taking payments over the phone?
Reading credit card information out loud can be a major security risk not only for your customers, but for you as well.
Text to pay lets your customers make purchases with just a few taps on their phone, without ever having to disclose their sensitive information. Plus, it's PCI compliant. Ikeono’s text to pay is powered by Stripe and they are the gold standard of payments security, you can read more about it here.
Using credit cards in a new way
Offering your customers more flexibility with Buy Now, Pay Later options like Klarna, Afterpay, and Affirm gives them a chance to go beyond the terms that they have with their credit cards.
They can make purchases with an extended payment plan and 0% interest over a longer period of time compared to the 30 days they usually have with their credit cards.
It also lets them enjoy the perks that their credit cards offer while extending their payment plan for big purchases.
#4 Elevate Your Customer Experience – Do Things Differently
You can make your customers feel like they are part of an exclusive club by texting your VIP customers to let them know about exclusive watches and sought-after jewelry pieces. This creates excitement and anticipation around your products because this list of customers now know that they are the first to get notified when you receive a product.
Sending that text will not only make them feel special but it gives you a window of opportunity to capture the sale right there and then. Once one of your clients shows interest, you can easily send over an invoice that includes a payment link.
The beauty of conversational texting is that it requires the customer to have interacted with your business in the first place. Whether through an order, or a web chat interaction, you can choose who to include in these types of exclusive notifications – in the same way some designer houses will only sell to clients that have previously purchased from them.
#5 Get Access to a Larger Customer Base
BNPL options can make purchases that may have otherwise been impossible, possible. This is achieved in two ways: making high-ticket items more accessible across all generations, or attracting more clients who may need to space out payments, usually an attractive option for Gen Zers and Millennials.
Data shows that Gen Zers and Millennial customers are more likely to use BNPL frequently than their older counterparts.
Convenience and size of the purchase are the top reasons Gen Zers and Milleannials use BNPL loans, and most of their money goes towards clothing, technology, shoes and accessories, home decor, beauty products and jewelry.
Integrating BNPL in the payment methods you offer not only expands your client base, but also makes bigger buys more accessible for everyone.
Getting ahead of the game
In 2022, BNPL services were used by 360 million people worldwide. And it’s not stopping there, in just a few short years, this number is expected to increase to 900 million.
This means that there will be an increase of 157% BNPL users by 2027. It's clear that consumer behavior towards payment options is changing – rapidly.
That's why it's more important than ever to stay ahead of the game and make sure your business is ready to meet these evolving consumer needs.