Not all sales are In-Over-Out. That’s when the customer comes into a shop, goods are exchanged over a counter for payment in full and go out the door with the customer.
Many businesses take partial payment. Either a deposit followed by final payment on delivery of the goods or service. Or payment in instalments which spread the cost. Or recurring payments, depending on usage.
In these instances, it’s easy for payment admin to snowball. Keeping track of payment becomes an activity. Updating records is important so customers who’ve paid don’t receive reminders. Then there’s the reminders themselves. Whether you’re sending letters, e-mails or SMS, it involves time, effort and cost.
With all that goes into tracking and chasing payment, it’s easy to forget that payments is not your core business. It’s important, of course; no payment means no cash flow, and can mean business failure. But for most companies, payment is just a means to an end. It’s the bit they need to get past to get their real business done.
Fortunately, at PXP Financial, payments is our core business. It’s our specialism. And we aim to do it better than anyone else. That’s why we’ve recently partnered with Prommt to enable secure pay-by-link or SMS payments. It’s ideal for any business that takes partial, instalment or recurring payments.
Pay-by-link does exactly what it says on the tin. You send a secure, personalised payment link via e-mail or text. Customers click on the link and enter their payment details to pay via PXPs ANYpay secure payment gateway. PXP then returns a unique token which can be stored on file (within the PMS, ePOS or CRM) for subsequent transactions. The token is unique to the card itself and can be used cross-channel.
Sending reminders is just as simple. Our integration with Prommt via the ANYpay gateway means you have visibility of payment status. So, customers who have already paid would not receive reminders. And customers for whom the final balance or next instalment is due receive a timely reminder with payment link attached.
Ninety percent of texts are read in 3 minutes and 98% by the end of the day.[1] So, communicating with customers via text achieves better results than direct mail or e-mail. Our clients in the lending sector also tell us that their personal loan customers find SMS reminders less obtrusive than calls on the same number. Customers are also more likely to act on a well-timed text.
PXP Financial has recently announced a new partnership with Prommt to enable secure pay-by-link or SMS payment. The new functionality is available to all PXP Financial customers now via the ANYpay gateway. This new service is also available with PXP’s own Acquiring services.
If you’d like to learn more about how PXP and Prommt can transform the way you request, collect and manage payments, book a demo today. Simply email sales@pxpfinancial.com or complete the form below.
[1] https://econsultancy.com/brands-drive-loyalty-mobile-messaging-sms-push-notifications/