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Meeting Customer Needs in Today’s Experience Economy
payment
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Welcome to the experience economy
Where customer expectations and demands focus on the actual experience of everyday interactions. While the experience economy has technically been around for over two decades, the focus on convenience, personalization, and speed has accelerated in recent years. Consumers are spending more time than ever before on their mobile devices (nearly four hours every day), assessing every interaction with every business or brand, deciding whether or not it lives up to their interactive, simple, and ease-of-use criteria. They attach this new baseline to every area of consumption—dining out, retail, healthcare, education, fitness, and more. And the data backs up these trends. 80% of consumers cite speed and convenience as top priorities. Personalization impacts consumer purchasing decisions for 80% of consumers. And if an experience isn’t positive? Nearly 60% of consumers won’t recommend a business to a friend or family member. Trends in billing and payment are no different.
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of consumers
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%
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Prioritize speed and convenience
Are impacted by personalization
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CONTINUE
FRICTIONLESS | CONNECTED | ENGAGEMENT
A Payment and Revenue Solutions Company | corebt.com | 1.866.567.CORE (2673)
A Payment and Revenue Solutions Company corebt.com | 1.866.567.CORE (2673)
80% of consumers cite speed and convenience as top priorities.
Personalization impacts consumer purchasing decisions for 80% of consumers.
If you wanna read the mobile one... click here
Everything you could possibly need to copy and paste to make a DESKTOP Ceros experience.
04 – A Mobile Experience
03 – A Connected Experience
02 – The Experience Economy and Revenue Cycle Management
01 – INTRODUCTION
Contents
05 – A Convenient Experience
The experience economy and revenue cycle management
The experience economy, and the expectations assumed by nearly all consumers, impacts the most important aspect of any buyer journey— checkout and payment.
CONNECTED
MOBILE
CONVENIENT
Would switch to a new business, offering a contactless payment option
Agree that consumers want a tap-and-go or mobile payment option
Say they will continue to use contactless payment options, even after the pandemic is over
74
of businesses
70
over
For consumers, this shows up in multiple ways. Contactless payments create a simple, easy experience at checkout. And for mobile users, it’s becoming a standard at checkout. Over 60% of consumers report that they would switch to a new business that offered a contactless payment option in order to use it. 70% of businesses agree that consumers want the option for tap-and-go or mobile payment. Experience-based checkout isn’t simply a passing trend. 74% of consumers say they will continue to use contactless payment options, even after the pandemic is over.
Beyond a touchless checkout experience, another payment and billing trend that’s gaining traction is ecommerce. The pandemic accelerated consumer efforts in this area, but it was already on track to eclipse brick-and-mortar spending. In 2019, global retail sales saw around one-sixth of total sales online with a 20% growth rate. That number is projected to outspend in-person sales by 2036 or sooner.
Traditional, paper-based invoices and cashier or front desk checkout experiences won’t last in this digital transformation of billing and payment, but the digitization and experience-driven changes face a few challenges. In order to deliver on this new demand, revenue cycle management must embrace new technologies, implement more touchless payment options, and consider the impact of an omnichannel experience—reaching customers on the platforms they prefer—while creating convenient, secure, and reliable interactions. To truly engage customers in the experience economy, revenue cycle management must implement a three-pronged approach—deliver an experience that’s:
In 2019, global retail saw a growth rate of
20
Traditional, paper-based invoices and cashier or front desk checkout experiences won’t last...
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Traditional, paper-based invoices and cashier or front desk checkout experiences won’t last in this digital transformation of billing and payment, but the digitization and experience-driven changes face a few challenges. In order to deliver on this new demand, revenue cycle management must embrace new technologies, implement more touchless payment options, and consider the impact of an omnichannel experience—reaching customers on the platforms they prefer—while creating convenient, secure, and reliable interactions. To truly engage customers in the experience economy, revenue cycle management must implement a three-pronged approach— deliver an experience that’s:
A Connected Experience
While estimates show that in U.S. households, over 40% of recurring bills are paid automatically and two-thirds of all consumers with recurring bills utilize an automatic payment option, a connected experience is more than just an automated one.
How to implement a connected payment experience for your customer:
When you offer a connected payment experience, not only are consumers satisfied with a checkout and payment process that is grounded in experience, your backend processes are impacted as well. Front and back offices sync to stop revenue leakage, internal integration with other systems create a seamless, internal experience, and create a cohesive workflow from payment acceptance to processing, reconciliation, and insightful reporting.
If your business communicates with your customer(s) via text, offer text-based payment options. Include a direct link to make a payment in a text message. At checkout, offer multiple payment options that appeal to your customer. Options might include Apple Pay, Google Wallet, Venmo, credit card options, eCheck, and/or PayPal. If your business is likely to send multiple invoices or bill requests to your customer, allow your customer to see an up-to-date accounting of what’s been paid vs. what is owed. And when multiple systems are billing the same customer, remove those silos and the inevitable customer friction by integrating each platform—providing the customer with a single view of what is owed (rather than multiple, disconnected invoices). Collect payment at time of service with contactless payment, text-to-pay, and/or other digital collection options.
Are paid automatically
Of all consumers with recurring bills utilize an automatic payment option
of recurring bills
In scenarios where consumers have more than one bill or payment that is connected to another bill or payment—take healthcare or utility bills as prime examples—logging in and out of separate systems to make individual payments creates friction, reduces convenience, and presents a less-than-ideal interaction for a consumer that is highly motivated to receive an experience. In the retail space, as a consumer shops for groceries on their mobile device, on a designated grocery app, they are presented with suggested products based on past purchases.
Allow your customers to see an up-to-date accounting of what's been paid vs. what is owed.
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CONTINUE: a mobile experience
The act of grocery shopping becomes an experience with it’s multi-faceted approach to shopping—it’s connected to historical purchases, it’s suggesting different paths to the consumer, and it’s all completed on the platform and device the consumer prefers. For billing and payment options, consumers expect a familiar, frictionless experience.
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When you offer a mobile payment experience, you’re connecting with your customers on the channels and platforms they prefer. It increases speed-to-payment, delights your customer, and positions your organization for future innovation.
How to implement a mobile payment experience for your customer:
Offer digital payment options online, including Apple Pay, Google Wallet, Venmo, credit card options, eCheck, and/or PayPal. Send payment reminder notifications before a bill or payment is due, at the time the payment is due, and after the payment is received, via email and/or text message. Communicate to your customers how your digital payment options are safe and secure, including any compliance and regulatory certifications. Provide convenient “at time of service” payment options so there is minimal revenue drag
To keep up with the experience economy, an anywhere experience is critical. Consumers expect to pay bills on the go, just as they order dinner for delivery, groceries for curbside pickup, and household staples for 2-day delivery. Convenience, speed, and ease-of-use are all wrapped up in a mobile experience.
A Mobile Experience
Correlation is high for consumers that already take part in some form of online finance experience—for consumers that use mobile banking, 64% also use some form of mobile billpay. Plus, 36% of online shoppers report that they prefer using an eWallet at checkout while 23% prefer using a credit card (debit cards come in much lower at only 12%). It’s clear that consumers want options to make payments on-the-go. In the experience economy, the expectation is that consumers can pay anytime, anywhere. Access on their mobile device (and even text messaging) creates an even more personalized, and preferred, checkout experience. Of course, security is a growing concern for anything digital, but like all other interactions, education and messaging are critical for consumer trust.
Mobile-driven experiences are already mainstream. Over 80% of consumers say they want to make payments digitally on their phones or another online platform. 20% of consumers say they prefer to use an app to make payments. And what about consumers who prefer to make payments through the mail? Only 5%.
Want to make payments digitally
Prefer using an app to make payments
Use some form of mobile billpay
64
Prefer using an eWallet at checkout
of online shoppers
36
Prefer using a credit card
23
CONTINUE: a convenient experience
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And what about consumers who prefer to make payments through the mail? Only 5%. Correlation is high for consumers that already take part in some form of online finance experience—for consumers that use mobile banking,
It’s clear that consumers are interested in convenience. For payments, QR codes— matrix barcodes that typically link mobile users to a specific URL—illustrate the point perfectly. Since the beginning of 2020, 11% more of American consumers started using QR codes.
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How to implement a convenient, frictionless payment experience for your customer:
Where possible, offer a direct link to payment via text message, email, QR code, or mobile application notification. Reduce the number of steps to complete a bill or payment transaction. Offer touchless payment options as much as possible in-person. Present familiar payment platforms at checkout, such as ApplePay, Google Wallet, PayPal, Venmo, and credit cards.
When you offer a convenient payment experience, you increase payment collection, improve customer satisfaction, and pave the road ahead for satisfied customers. Providing convenience and a variety of payment channels isn’t just an added bonus anymore. It’s the baseline for all customer interactions, for every industry. If your checkout process isn’t built around your consumer’s number one priority, you’ll be left behind. With CORE, a secure PCI-compliant platform, your enterprise can modernize connected experiences through revenue automation, enable visibility into every step of revenue and payment activities, and incite immediacy by supporting anytime, anywhere payments.
With CORE, you can:
Implement best-in-class, connected billing and payment experiences Reduce friction and delight consumers Control receivables and maximize collections Gain actionable insight into experiences and processes
A Convenient Experience
But offering a convenient experience often means more than just a direct link to payment via a QR code. Convenience also means meeting speed and frictionless expectations. For consumers, definitions can vary—when 50% of consumers hear “real time” in reference to a financial transaction, they expect an answer immediately (while 24% expect an answer within seconds). Of course this translates into more than communication and messaging—it extends into reduced friction at checkout. A speedy checkout process increases engagement and improves overall payment completion.
If your checkout process isn't built around your consumer's number one priority, you'll be left behind.
Started using QR codes
Are expected to be made with a QR code
more of American consumers
of all digital commerce payments in 2024
25
Hear "real time" in reference to a financial transaction, they expect an answer immediately
50
Reduce the steps to complete a bill or payment transaction
Experts agree that this increase in popularity is due to their ease-of-use, safety, and convenience. They’re simple to use and easy to adopt. In fact, they’re so popular, over 25% of all digital commerce payments in 2024 are expected to be made with a QR code.
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over 25% of all digital commerce payments in 2024 are expected to be made with a QR code.
when
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