When it comes to strategic imperatives, our clients and many other companies are prioritizing ways to deliver outstanding customer experience (CX) to build competitive advantage. No wonder: 4 out of 5 people say experience is as important as product quality and price when making purchase decisions, according to Salesforce.
But which customer experiences matter most?
Once you’ve added a customer, owner or patient, your billing and payments process largely determines how satisfied that customer remains. Our new white paper, Integrating Communications and Payments Improves Customer Experience, describes how seamlessly connecting billing communications and payments improves these high-stakes touchpoints, plus delivers significant operating benefits.
After all, the customer experience with billing and payments drives reputation, repeat business and referrals. It even influences whether people pay their bills in full, according to predictive analytics firm Waystar.
Simplifying complex interactions
Catering to rising customer expectations can make billing and payments increasingly complex. People want to receive and access their bills and make payments when, where, how and with whichever device they choose ‒ which can change every time.
That’s the beauty of integrating the process on a single, powerful yet easy-to-use cloud-based platform. Combining customer communications management (CCM) technology with an electronic bill presentment and payments (EBPP) solution streamlines and improves CX. It also delivers big operating benefits to billers and bill processors such as healthcare revenue cycle management firms and auto finance and mortgage servicers.
What customers want
Integrating billing communications and payments delivers against key customer values:
- Ease of use. Seven out of 10 customers say connected processes are very important to winning their business, according to Salesforce. Integrated billing and payments reduces necessary steps to access and resolve bills and simplify account management for customers.
- Convenience. Creating easy connections along the billing cycle removes barriers to payments so customers don’t miss deadlines and incur late fees. Send payment reminders by SMS/text or email with links to payment portals or slip e-statements into digital wallets, which light up the phone screen to alert users of new messages, and offer two-tap payment links.
- Personalization. More than 3 out of 4 consumers expect businesses to know their needs and expectations, says Salesforce. Leverage your analytics and seamless technology to customize content and channels for each customer.
- Choice. Unifying omnichannel touchpoints throughout the billing cycle lets customers opt for their preferred mix of mail, email, text and digital wallet and online, agent-assisted or mailed payments.
Companies with strong omnichannel customer engagement enjoy an 89% average retention rate vs. 33% for those with weak omnichannel programs, according to Aberdeen. Integrating the critical billing and payment interactions on a customizable omnichannel system gives companies a powerful platform to deliver the CX that keeps customers.
In creating these linked interactions, it’s important to balance what companies are trying to accomplish and what motivates customers, according to a client: “Do we only touch customers because they owe us money? Or do we offer value or give back?”
For more insights into achieving that balance, please download our white paper Integrating Communications and Payments Improves Customer Experience. Or contact us at firstname.lastname@example.org.
About the Author
Bryan joined Nordis Technologies in 2016 to manage and grow the company’s already-large vacation ownership client base. He also is responsible for business development and market expansion in the healthcare and financial services markets. Before joining Nordis, Bryan spent more than 21 years with Interval International, a leading global provider of vacation ownership services. Bryan graduated from Northwestern University with a bachelor of science in political science.
Bryan Ten Broek
Vice President – Business Development