How to get paid faster by making bill payments easier for customersAs South Africa's payment system sunsets cheques and accelerates its move away from cash, consumers and businesses are looking for convenient and simple instruments for bill payments. However, the payments ecosystem has grown more complex over the years, with payments providers and banks offering a dizzying array of tools and options. Source: pixabay.com Small and medium-sized businesses are struggling to keep up with the rapidly multiplying list of options – from debit and credit cards to EFT and instant EFT through to cash and multiple pay-to-scan service providers. They know they should ideally make it easy for customers to pay using the channel of their choice yet remain wary of the transaction costs and complexity of participating in multiple payments ecosystems and platforms. Furthermore, the billing and payments process has become a headache for many businesses, especially those with high transaction volumes. The pain points are numerous – from the challenges of getting invoices out on time each month to getting customers to pay as quickly as possible and accurately tracking outstanding payments and payments receipts. The good news is that there are now payments and fintech solutions that tame the chaos and simplify the complexity, creating value for businesses. Such solutions help to bring down the costs of accepting bill payments, while improving the customer experience and dramatically speeding up the flow of payments into the business. Some key characteristics of these solutions include the following:
About the authorPaul Adant, solutions architect at Netcash |