How to unlock the perfect payment experience

How to unlock the perfect payment experience

Have you ever wondered what makes some businesses effortlessly stand out, delighting customers at every touchpoint or interaction?

More often than not, it’s because they’ve mastered the art of delivering seamless and simplified omnichannel customer experiences that eliminate unnecessary friction.

According to Invesp companies with omnichannel customer engagement strategies retain on average 89% of their customers, compared to a 33% customer retention rates for companies with weak omnichannel strategies. Today’s top performing brands know all their customer facing channels - be that phone, website, chat, mobile apps and social platforms need to be easy to navigate so that today’s time constrained consumers can get the information they need… fast. Plus, they understand the importance of making it convenient, easy, and secure for customers to transact. Offering the ability to accept payments via multiple channels provides customers with both choice and convenience. Omnichannel payments that provide a consistent customer experience without hassles and hiccups, result in increased levels of customer satisfaction and build loyalty.

In this blog we’ll explore what the perfect payments experience looks like from a customer’s perspective. We’ll also take a look at how today’s technologies can help you unlock payment experiences that will truly resonate with customers.

The key elements

Understanding the key elements that contribute to delivering seamless payments experiences is an important first step for any organization. For today’s customers, fast and hassle-free payments are the new reality. That means payment transactions need to be intuitive to undertake and involve zero disruption to the customer journey.

Let’s take a look at some of the defining features that characterize a top-notch payment experience.

Speed and efficiency

Reliable and fast payment processes with minimal delays play a vital role in ensuring a smooth customer journey. For customers that means not waiting to have their call transferred to a specialist payments team when they are ready to proceed with a purchase or want to pay a bill. Similarly, when interacting online, customers find it extremely frustrating if they are required to switch between multiple screens, or log in elsewhere, to make a payment.

Security and trust

In addition to convenience, customers want to keep their sensitive payment information safe and protected. Security is now a top concern for customers, thanks to the increased awareness of cyber security threats and the growing issue of identity theft. By implementing secure payment systems, organizations can build trust in their brand and demonstrate their commitment to keeping customers and their sensitive personal data safe.

Prioritize PCI DSS compliance

The Payment Card Industry Data Security Standards (PCI DSS) outline specific security guidelines that help organizations guard against fraud. PCI DSS compliance is critical for all organizations that accept payment cards, and organizations often have a dedicated person or team to ensure that all criteria are met at all times. In addition to avoiding fines and fees, PCI DSS compliance goes a long way in securing sensitive personal and payment data.

Choice, convenience and visibility

Customers want to be given plenty of choice as to how they pay for goods and services and will expect to have a payment experience or a method that is appropriate to the channel they are currently using – phone, online, chat, social media etc. That means organizations need to ensure customers can pay using a credit and debit card, digital wallets, QR code or instant bank transfer in line with their individual preferences. Plus, the payment processes offered need to be accessible for all, including those with disabilities.

Finally, when it comes to undertaking digital payments, customers value being able to track and monitor their payments in real-time.

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The role of technology in the payment CX

Technology is revolutionizing how payments are conducted and now plays a pivotal role in shaping the entire payments experience. Let’s take a look at just some of options organizations can take advantage of to enhance the security, convenience and efficiency of the payment experience for customers.

Mobile payments

The widespread availability of smartphones means that organizations can offer customers a wide choice of digital payment options. These include embedding PCI DSS compliant secure payment links inside SMS text messages or emails. These links can be set to expire after a designated number of clicks, or after a certain time, and can be password protected. Following a successful payment, the link will then become inactive.

Online payments

Integrating PCI DSS compliant payment services into e-commerce platforms is a guaranteed way to reduce friction and improve the customer payment experience. Today’s innovative payment solutions make it possible to deliver and process payment links via fully compliant platforms that are pre-configured to work with an organization’s payment gateways and payment service providers (PSPs).

For example, organizations can now simplify payment operations and improve the customer experience by offering self-help tools like chatbots that will help them address their billing, payment, and account management needs.

Social media

Thanks to single use secure payment links that can be embedded into any interaction, organizations now can do even more with their social media channels and accept payments for goods and services. There’s no need to redirect customers to a separate e-commerce site. Everything is streamlined and secure, and customers can be offered a choice of payment modes and stay in their preferred channel.

Deliver the perfect payments experience with Sycurio

Dedicated to eliminating payment complexity and making it easy to deliver a consistent and PCI DSS compliant payment CX that fits your customer’s expectations, we make payment in any channel effortless.

With Sycurio, you can enable all your contact center personnel (whether they are office based, remote workers or work with you through outsourced service providers) plus IVRs, bots, AI and all your messaging, social and communication channels to deliver truly optimized payment experiences. All you need to do is decide which payment experiences you want to build.

Most importantly, we shield your entire organization from payment card data. A move that reduces your PCI DSS compliance requirements and costs. Plus, our solutions plug directly into your CRM systems, contact center solutions, call recording and digital communications platforms to give you a highly secure payment environment. All of which enhances the customer experience and improves your business operations.

The bottom line

Improving your customer experience isn’t always easy. Remember, a seamless payment experience contributes significantly to overall customer satisfaction and loyalty. Businesses that prioritize user-friendly, secure, and diverse payment methods can create a positive impact on their customers’ journey.