Make Members Matter More With Streamlined Payments

Payment digitization has transformed how businesses and consumers pay. Consumers, including borrowers, are looking for faster and more convenient payment options and are not afraid to seek out providers who offer their preferred payment technology.

Customer demands and preferences are constantly changing. They value convenience and speed during the payment experience in today’s fast-paced environment. As a business owner, it’s essential to provide payment options that satisfy their wants and needs. Offering multiple payment options can expand your customer base while enhancing the customer experience.

Over the past few years, credit unions have been at a major disadvantage when it comes to attracting new members. Contactless payment technology quickly became the norm during the first few chaotic months of the pandemic, forcing many businesses, especially those in the financial sector, to scramble toward implementing this new technology.

Timely payments from borrowers are vital to maintaining a healthy lending business. One way to increase payments is through an open and effective line of communication. No matter what type of loan you’re dealing with — car, personal or mortgage — lenders and borrowers should be able to easily communicate to ensure both sides remain in good financial standing.

Digital payment technology has made tremendous strides over the years, enabling anyone to receive or make payments from almost anywhere. Offering consumers digital payment options gives lenders a significant advantage but also opens the door to potential bad actors. Financial institutions store highly valuable information, making them the perfect targets for security breaches.

The financial industry has seen many changes over the years, and that includes the rise of digital and mobile payments. As customers have become more reliant on technology — such as their phones, computers and wearables — they’ve also become more accustomed to convenient and flexible payment options.

When you open your wallet to make a payment on a loan or bill, have you ever considered why you reached for a particular payment method? Whether you are trying to earn travel miles on a credit card or are being mindful of your budget with debit cards, we all have different reasons for making our payment choices.

Payment fraud has been rising for years as fraud schemes become easier to execute. The increased reliance on digital platforms, processes and payments has given fraudsters more ways to commit crimes. Studies show that in 2023, businesses’ cost of fraud could rise by $7 billion, bringing the total to $48 billion. With such staggering predictions, taking the necessary precautions to mitigate these attempts is essential.

Organizations are under immense pressure to do more with less in today’s economy. After relying on traditional business processes and legacy systems for years, they’re now having to step out of their comfort zones in search of ways to enhance operations and cut costs. Digital payment technology has emerged as a viable approach to improve and streamline back-office functions such as AP (accounts payable) and AR (accounts receivable), eliminating costly bottlenecks.

In today’s fast-paced world, convenience is essential, and businesses are always looking for new ways to improve their payment processes. An increasingly popular solution is text-to-pay, or Text Pay, which allows credit union members to make payments quickly and easily using text messages.