Firms are developing new and innovative ways to cater to the burgeoning mobile commerce for active smartphone users. Text message payments are the next best thing if you want to stay on top of trends. When it comes to texting, 98 per cent of people open messages, making it an extremely successful method of communication. This channel is a great approach to have your message read to obtain the sales you need, as many people all over the world always have their mobile phones within arm’s reach. You’ll learn more about what SMS payments are, how it functions, and when it’s a good idea to use them here.
What exactly is an SMS payment?
Short Message Service (SMS) payments, an alternative to more traditional payment methods like cash, cheques, and credit cards, allow customers to send a text message to pay for their purchase.
Allowing customers to pay for goods and services on the go, this mobile payment option eliminates the need for customers to enter into a webpage or stand in long checkout queues. Text-to-pay reduces the number of steps and channels a customer must move through to complete a conversion, a subsequent purchase, or a debt payment.
Although SMS payments allow customers to make purchases in as few as 160 characters, they are extremely safe. Your consumers won’t be exposed to any unforeseen hazards because they won’t reveal personal information directly in their text messages.
What is the process of making an SMS payment?
The first step in the SMS payment procedure is for a customer to provide your business with their phone number. This is the first step you must take to connect with your prospects, regardless of whether you’re utilising an automated lead capture platform or manually asking for and collecting contact information.
Your role is to execute a payment when a customer has submitted their mobile number and chosen to receive SMS from you. You can provide consumers with a link to a secure payment processing site via text message using digital tools. You can view and pay your invoice by clicking on this link and entering your account details. That’s all it takes to complete a new transaction, such as a purchase or a payment. The customer may then receive a receipt from your company.
SMS payments benefits
One of the most convenient ways for clients to pay for goods or services is SMS payments. It can expedite the purchase process and create a positive client experience for any business. Consumers who make purchases by text messaging are more likely to complete their purchase journey before dropping out of the sales funnel altogether. Text-messaging-based payments can be more efficient than other forms of money collection because they connect sellers with customers in a more personal way. Allowing clients to pay using their mobile wallets opens up new avenues of revenue for your business.
SMS payments allow consumers to bypass the checkout line at brick-and-mortar establishments with only a few clicks. To avoid counterfeit currency and unauthorised credit card purchases, you won’t need to check your clients’ identities personally or use money markers. When you’ve completed a transaction, text transactions allow you to keep the dialogue going with your customers and keep them coming back for more. If your current profits improve, your average client lifetime value will also increase.
Your payment processing and marketing operations will merge into one smooth experience when you start using a text message-based payment solution.
