When it comes to billing, shopping, exercising, even receiving medical care, electronic and virtual options are gaining traction faster than just a few months ago. Enabling all those activities is digital payments, which are taking off.
- A Boston Consulting Group survey of 5,000 global consumers found 24% of 18-to-24 year olds, 20% of 25-to-34 year-olds and 17% of those aged 35 to 44 enrolled this spring in online or mobile banking for the first time.
- Digital payments are accelerating and will account for 67% of transactions by 2025, according to Bain Consulting. That’s a 10% increase from its pre-COVID-19 2025 prediction of 57%.
- 29% of U.S. consumers will increase their long-term use of digital channels, according to May 2020 research by Kameleoon and Widerfunnel/Go.
However, consumers have been underwhelmed with their online experiences since the onset of COVID-19. Nearly two-thirds, or 61%, of 1,000 Americans are disappointed by the lack of personalized digital experience, according to the Kameleoon and Widerfunnel/Go survey.
Getting digital right
Offering digital payment methods is an essential part of any company’s omnichannel communications and payments strategy—but it’s not enough to build loyalty or repeat business alone. Billers that deliver a digital billing and payments experience that meets customer expectations for ease of use, convenience and personalization will stand out in the marketplace.
Automating payments also means less manual reconciliation, which accelerates processing and minimizes the chance of human errors. And it often speeds up collections.
You can realize all those benefits with Nordis by adding or expanding your electronic offerings with ExpressoPay®’s biller-direct branded payment portals as well as the latest in online bank bill pay, Mastercard®’s Bill Pay Exchange (BPX). Both integrate with Expresso®, giving you seamless management of the entire billing and payment cycle.
Our electronic bill presentment and payment (EBPP) system is fast and flexible, making it easy to personalize the experience for patients, owners and customers and to speed onboarding. It’s also loaded with easy-to-use self-service account management and payment features that consumers and customer service reps love. For example:
- Create branded payment portals
- Integrate with automated voice response systems as well as customer service centers (IVR/CSR) for other ways to receive and manage payments
- Keep your merchant relationship because ExpressoPay works with any provider of merchant services
- Accept ACH, debit and credit card payments, PayPal and Apple Pay via mobile, IVR/CSR and online
- Offer customizable one-time, recurring and payment plan options
ExpressoPay is secure and compliant, meeting the strictest regulatory and compliance requirements including HIPAA, SOC2, SSAE 16, and PCI Level 1.
Mastercard Bill Pay Exchange
Nordis is one of the first companies to offer this innovative digital payment channel from Mastercard and its subsidiary Transactis, a digital payments pioneer. Transactis’ payment processing engine also powers ExpressoPay.
BPX gives billers a way to enhance the experience for their customers that prefer to make payments using online bank bill pay instead of directly with the biller. With BPX, consumers can consolidate their bills and payments on their bank’s website or mobile banking app, eliminating the need to log on to each biller’s website or payment portal. Enhancements to the online bank bill pay experience include the ability to view statements, manage their bill delivery and payment preferences, and select alternative payment methods such as credit cards. Billers benefit from a reduction in print and postage expense associated with paper billing, fewer manual account reconciliations and real-time payment confirmations that reduce contact center inquiries and related expense.
Facilitating digital payments
With Expresso, Nordis also makes it easy to send digital bills and payment reminders by email, SMS/text and ExpressoWallet®. Including click-to-pay links increases both faster payments and more on-time payments. Consumers using digital wallet statements pay four days faster on average, with overall online payments increasing 14% and call center inquiries dropping 33%, according to ACI Worldwide.
We’re ready to help you start realizing the benefits of digital payments, supported by omnichannel communications. See What Nordis Can Do for You.