In the early 2000s, advent of electronic invoicing and billing started to change the way customers thought about paying. It also changed the way business such as Mobile Shops business thought about accepting payments. There were obstacles in the beginning that slowed its adoption. Obstacles like low web usage, online security concerns, and a customer base that was reluctant to change their payment habits. Since then, however, e-invoicing, billing, online payments, and e-commerce small business have undergone a rapid transformation. Online Payments have gone from as an extra feature to a necessity in the way businesses accept payments.
According to Fiserv’s “2016 Billing Household Survey”* consumers adjust the method they use to make payments to suit their needs. Nearly 21 million each year are changing how they pay bills from one month to the next. Online shopping continues to grow in popularity, with many businesses such as Mobile Shops taking advantage of online stores to reach a broader audience. According to Fiserv survey findings, a 22% increase in number of online households that reported paying monthly bill through mobile.
So, what does this mean for your business? Well, now that your customers are paying more bills online, it’s time to consider advantages of electronic payments for selling.
Advantages of Electronic Invoicing and Billing for Mobile Shops :
Convenience: Offering your customers a variety of payment types and the option of paying online gives them the freedom to choose when, where and how they pay.
Control of finances: Many consumers utilize the option of online payments to pay all their bills in one convenient sitting or to get last minute bills paid on-time. With electronic invoicing, customers can check the mail as well as digitally monitor their banking activity.
Email reminders: Avoiding late payments and fees is easier when a reminder is sent out on or near the due date of a payment. Offering a “Pay Now” link streamlines the billing process even more.
Payment flexibility: Cash, check or charge? As with brick-and-mortar retail stores, customers want and need options that best fit their financial needs. Utilizing debit, credit and ACH payment options makes paying bills online as easy as paying for your morning coffee.
* – 2016 Billing Household Survey: Insights on Consumer Billing and Payment Speed, Security and Satisfaction
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