Phone technology has exploded over the past couple of decades. Consumers use their phones to manage payments for all kinds of goods and services every day. So, why not incorporate that technology into your own company’s operations? Adding various payment methods can only boost overall client satisfaction, and for firms in some areas, it might be the difference between success and failure.
What Exactly is Text 2 Pay?
Text 2 Pay is a new payment service that allows users to authorize payments by SMS or text message. This solution will function on any cell phone without the requirement for a dedicated app. The procedure for setting up and operating this payment method is straightforward:
· The customer uses a secure web form to give payment information (bank account or credit or debit card).
· At the moment of the transaction, the consumer texts “PAY” or a prompt of the seller’s choice to a secure text line.
· When you make an ACH payment, the transaction is completed automatically. The customer receives a text receipt that includes a confirmation number in addition to the receipt.
· Payment data are updated for the vendor in real-time.
This approach is very convenient when it comes to recurring payments, such as subscriptions and payment plans. In these circumstances, the consumer receives a text informing them that a payment is due shortly. After that, the customer can either text the system to have the money processed immediately or call the system to have the payment processed later. Phone a number to execute a payment by an automated voice system or link to an online form.
How Text 2 Pay can assist your business
Many firms find themselves in a high-risk category by lenders. This commonly includes CBD shops and Native enterprises. The CBD business is still in a difficult position in today’s politics, and Native tribes are subject to special legal status in the United States.
Many traditional banks and payment processors simply refuse to do business with these high-risk businesses because of their reputation for danger. This results in tribal areas frequently being classified as “credit deserts,” where individuals and companies find it difficult or impossible to get satisfactory loan terms.
These businesses are frequently left with no other choice but to accept cash payments solely. Of fact, fewer Americans are hoarding cash than ever before. Business owners who are unable to acquire electronic payment solutions, particularly in rural and remote places where banks and ATMs are few and far between, face a difficult situation.
Text 2 Pay is an excellent payment solution for such firms, allowing for cash-free payments even without a card reader or a genuine card. It can also be helpful in various inconvenient situations., such as when the consumer loses their card at home, the card is too damaged for your card reader, or the card reader itself breaks down.
The outbreak of COVID-19 reveals another excellent justification for integrating Text 2 Pay into your organization. It is vital to reduce the number of contact points, which is why contactless payment solutions are being implemented on more credit and debit cards. Text 2 Pay offers another contact-free alternative for clients to pay for items and services, keeping them and your staff a bit safer in these socially distant times.