The rapid advance of internet technology and the use of mobile devices is changing the way people live, work, shop and do business. The new technology offers convenience and mobility, suited to our changing lifestyles. Electronic billing and payments make it easier for businesses to receive payments in a timely manner. One popular method of making payments electronically is paid by text or the SMS Payment Gateway.
What is SMS Payment Gateway?
Everyone is familiar with SMS messages or text messages, as they are better known. SMS stands for Short Message Service and lets users send short messages via phones and other devices connected to the cellular phone network or the internet. SMS payment gateways work like text messages, with the difference that payments are sent via secure channels. For businesses and charities looking for My Payment Savvy ways of receiving payments, SMS Payment Gateway is a secure and reliable method.
Pay by text is equally popular with businesses and customers for a number of reasons. For customers, it’s a quick and secure method of payment, once the initial setup is complete. For businesses, it ensures reliable and timely payments. It helps them to build a steady revenue stream and customer loyalty, two essentials for any company to succeed.
How to Pay by Text Works
Customers can create an SMS Payment Gateway right on their mobile phones by setting up an online account. This account will store their payment information securely and generate a code that the customer can use to make payments. Once the payment information has been stored in the secured online environment, the customer does not need to enter it again at any stage.
When a payment is due, the customer receives a text message as a reminder. Payment is made by replying to the text message with the code assigned to the customer. The transaction is actually cleared by the customer’s mobile service provider, and the amount of the payment is either added to the customer’s monthly bill or deducted from a prepaid account. This kind of transaction is speedy, safe and convenient.
SMS payments can be used to pay bills, make purchases, send donations to charitable and non-profit organizations, and even to make deposits or remit money, using only a mobile phone. Once the customer has set up an account, there is no need to enter sensitive personal financial information online again or to share it online with a customer service representative. Since people carry their mobile phones with them everywhere, payments can be made from any location at all.
Benefits for Customers
Pay by text services are popular with customers for a number of reasons. They fit in well with their mobile lifestyles and offer security and convenience as well. Payments can be made quickly and easily. Text reminders mean that they don’t need to worry about forgetting or missing important payments.
Perhaps the greatest convenience for customers is that once the account is set up, their financial information is stored in a secure environment. They will not need to enter it again or to share it over the phone. For customers, it’s a hassle-free way of making payments on time.
SMS payment gateways make it possible for people who may not have bank accounts or credit cards to make electronic payments. This also helps businesses by greatly expanding their potential client base.
Benefits for Businesses
For businesses, SMS payment gateways offer a quick and reliable method of receiving payments. They don’t have to worry about getting and verifying the customer’s financial information since that is already stored in the system. The streamlined payment process reduces the possibility of human error. Each transaction leaves an electronic record, which improves the accuracy of record-keeping as well.
SMS payment gateways also help ensure timely payments. Customers are sent a text reminder when the payment comes due and can easily complete the payment by replying to the text with the code assigned to them. It’s also easy to send reminders for past due bills, directly to the customer’s phone. This greatly reduces the possibility of missing and delayed payments.
All billing issues are handled by the cellular phone service provider. There are no concerns about lost or bounced checks or credit and debit card payments being denied. Streamlining the payment process helps to ensure a steady revenue stream for the business. It also builds customer loyalty by offering an easy and hassle-free method of payment.
Customers can opt to receive other messages from the business as well, making it a marketing tool. As well as payment reminders, businesses can send out messages about products, services, special offers, and discounts.
Which Businesses Can Use SMS Payment Gateways?
SMS payment gateways are a cost-effective and reliable way of receiving payments for businesses, charities, utilities, and property management companies. Especially in cases where recurring payments have to be made, pay by text is a good option to offer to customers. If you are looking for My Payment Savvy options for your business, you should consider offering your customers this method of making payments.
Pay by text options put a convenient and secure way of making timely payments in your customers’ hands. For businesses, this streamlined process reduces the hassles of late or missing payments and ensures a steady income stream. SMS payment gateways fit neatly into contemporary lifestyles, which accounts for their popularity with customers and businesses alike.