The value of offering your consumers online payment options is undeniable. More and more individuals have access to the internet via smart phones and other portable devices. And for many consumers, the ability to pay online is their preferred method for resolving their financial obligations.
Average year over year increase of 40%
Progressive companies that made the move to offering online payments five -- and even ten -- years ago have been reaping the benefits with increased revenue while decreasing the cost to bring those payments in.
PDCflow, once branded PDC4U, has been offering free hosted online payment services to its clients since 2005. We have collected data from many of our long term clients on the impact of online payments on their inbound payments and overall revenue stream.
Specifically, in the healthcare industry, we have seen the hospitals and medical billing companies who were early adopters of online payment services, increase their payment cash flow year over year by an average of 39.49%. Web payments have contributed an average of 40.46% to their year over year increase.
Why do consumers prefer to pay online?
- Convenience– A consumer can go online and make a payment 24/7, so paying their bills is done at a time that works best for the consumer and when they have the money available.
- Avoid Talking to a Cashier/Collector on the phone– Especially when dealing with past due accounts or collections, the consumer can avoid some of the embarrassment of being in the delinquent situation they find themselves in.
- More Control– The consumer feels more in control of their financial situation, and may even pay more online than a cashier or a collector would suggest.
- Save Money and Time– No need to buy a stamp or use a check plus the time savings of avoiding to send the payment through the mail, which can take a few days after the person gets paid. With an online payment option, a consumer can make a payment on payday, and the money is immediately posted on their account as paid.
8 Easy Methods to Increase Online Payments
But it isn’t as simple as build it and they will come. So how do you get the word out to your consumers that you offer online payment services?
There are many simple, low cost and no cost methods to informing your consumers that they can make payments 24 hours a day, 7 days a week.
The PDCflow Customer Success Team has compiled a list of 8 simple methods that you can begin using today to increase your online payment traffic and watch your inbound payments increase by as much as 40%.
PDCflow offers free hosted online payment services for both credit card and ACH payments for additional information please call 877-732-4814.