How Do You Increase Your Profits from Your Bill Pay Service?
I just finished presenting at the CS Week Conference, where we discussed how you can make your bill pay service more satisfying and profitable for both you and your customers.
Here are the highlights:
You & Your Customers Are Plagued By Lose/Lose Scenarios
Despite all of the billing and payment options offered to customers today, many customers are left in scenarios that are time consuming, frustrating and costly for both you and your customers. You must manage:
- Frustrated customers who leave and spout off complaints on social media
- Customers waiting on hold for the call center searching for answers
- Delinquent customers falling behind paying their bill
- Customers who receive expensive paper bills and then wait in line at your office to make a payment
Creating Win/Win Customer Relationships: Satisfying, Rewarding & Efficient
There is hope! Omni-channel experiences with interactive customer engagement offer an opportunity to significantly improve the relationship for you and your customers. Technology advances such as omni-channel integration, interactive bill presentment, virtual collection agents, and integrated marketing from your bill pay service drive win/win relationships.
Your bill pay service needs to:
- Ensure customer satisfaction and loyalty with omni-channel integration that enables each customer preference to easily pay their bills and seamlessly switch between electronic bill pay methods from month to month.
- Save $4 per call avoided, by providing easy mobile and web access to historical billing details, preventing customers from calling you with questions.
- Reduce gross charge-offs by 10% by offering a Virtual Collection Agent for delinquent customers. Customers prefer this website feature that emulates all of the capabilities of your best live agent collector. Virtual Collection Agents are proven to collect more money for less effort.
- Save $4 per visit to your branch office that you migrate to your mobile and web bill pay service. Integrated marketing campaigns across all channels drive this desired behavior that benefits both you and your customers. New marketing channels such as pay per click advertising, search engine optimization and QR codes are showing significant returns on investment.
To increase your profits from your bill pay service, you must understand each of the lose/lose scenarios plaguing customers today and leverage the latest technologies to migrate each of them into a relationship that is more satisfying and profitable for both you and your customer.
Use your bill pay service to increase the profitability of your organization. Discover the full story with our latest whitepaper on Bill Pay’s New Manifesto.
Thanks go to Crone Consulting LLC and Chartwell for their perspectives and data that contributed to this blog.
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