The Win-Win of Digital Bill Payment Solutions for Customers and Billers
September 6, 2023
Digital transformation has become one of the biggest buzzwords across almost every industry over the past few years. As more companies begin incorporating advanced technologies into their operations, it's becoming incredibly clear that everyone will need to do the same to keep up with the competition.
According to a recent McKinsey survey, digital payments are rapidly overtaking conventional cash payments, with almost 90% of Americans using some form of digital payment technology in their day-to-day lives.
Adopting digital bill payment solutions will help you keep your customers happy as technology evolves. If you're still new to accepting bill payments online, this guide is for you.
What Are Digital Bill Payments?
It's a simple concept, really. Digital bill payments are payments made online, either through a company's website, your financial institution, or a third-party mobile application.
Here's how an all-in-one bill payment solution works for most customers:
- You log in to your payment account.
- You open the bill pay tab and select your payee.
- The service transfers funds from your account to your chosen recipient.
It's that easy.
Depending on the type of bills you're paying and your personal preferences, you might choose to make one-time payments or create an account to make recurring enrolled payments. For extra convenience, you can often set up automated payments for things like utilities, insurance, and subscription services.
Some platforms also offer e-billing services, which enables your providers to send you digital statements instead of paper ones. And personalized notifications remind you about upcoming bills and changes in your payment status, which helps you stay up to date on all your payments.
What Are the Benefits of Offering Digital Bill Payments?
We know customers prefer digital billing, but why? What makes it such a revolutionary innovation? Here's how today's bill payment technology changes the billing game for everyone.
Benefits for Customers
The biggest customer benefit of digital payment services is their convenience. These solutions give users total control over how, where, and when they pay. And they provide complete visibility into payment processing status so your customers can have peace of mind.
Here are some more examples of how digital billing helps your customers:
- On-time payments: Automatic bill payment capabilities eliminate the need to remember payment due dates, reducing the chances of late payments. This software truly allows customers to “set it and forget it.”
- Transparency: Automated notifications alert customers when funds are transferred from their account, or when transactions are completed. Real-time confirmation of a successful payment provides reassurance and peace of mind.
- One-time payments: On-demand payment solutions allow customers to make last-minute payments quickly and securely via the channel of their choice (e.g., digital, in-person, or phone).
- Better security: It's easy for someone to steal physical forms of payment like cash and checks. But digital payment solutions have advanced cybersecurity features in place to protect customer information from falling into the wrong hands.
Benefits for Billers
Digital payments help more than just your customers. Businesses that implement digital payment solutions can expect more engaged customers, greater revenue potential, and an improved reputation among their competition.
Here are just a few examples of how digital payments can make billers' lives easier:
- Fewer late payments: A more streamlined payment experience eliminates some of the typical barriers preventing people from making payments on time, reducing the number of late fees and helping you improve customer satisfaction.
- Eco-friendly billing: Digital payment options can significantly reduce waste associated with paper-based billing statements and payment methods, helping your organization become more sustainable.
- Fewer billing errors: Request for payment (RFP) functionality enables you to ensure you're charging the correct customer accounts.
- Faster transactions: Because digital payments eliminate the need to physically deposit cash or checks at the bank, you can increase your business's real-time cash flow and save your employees valuable time.
- Scalability: Digital payments save valuable time and energy, which can help you scale your operations and provide new offerings to your customers.
How KUBRA Can Help
Now that we know how and why digital payment technology is so advantageous, it's time to discuss your options. You need to find digital payment companies that offer a comprehensive software suite complete with advanced e-billing features.
Making digital payments is easy with KUBRA's billing and payment solutions.
KUBRA EZ-PAY is an all-inclusive digital payment solution that lets your customers pay how they want when they want. The platform supports various payment channels, including:
- Credit cards
- Debit cards
- Apple Pay
- Google Pay
The cloud-based EZ-PAY platform consolidates all account management tools into one streamlined user dashboard, eliminating the need for customers to manage multiple applications and services. And advanced features like custom configurations help simplify the payment process, so your customers can make last-minute payments with ease.
Your customers need to know their payment information is protected. You can provide this security and keep your customers' payment information safe with KUBRA SHIELD-PAY, our secure digital payment processing solution. KUBRA SHIELD-PAY integrates seamlessly with various third-party websites, which lets you process payments through a PCI DSS-compliant, KUBRA-hosted webpage.
And with almost two-thirds of customers using digital wallets to handle their everyday transactions, the KUBRA SHIELD-PAY digital wallet add-on helps you deliver excellent service to even more customers.
KUBRA iDoxs® Suite
Ensure all your customers adopt your e-billing platform with the KUBRA iDoxs Suite. This solution supports a variety of delivery models, including options for both enrolled and one-time payments.
Some of the biggest benefits of KUBRA iDoxs include:
- Payment tracking: Customer analytics and document archival enables customers to track payment activity across all their channels from one user-friendly web portal.
- Personalized notifications: Custom automated messages help remind your customers about upcoming payments, payment status updates, and new statements.
- Flexibility: Self-service capabilities enable customers to manage their accounts on multiple devices, including desktop, mobile, and phone.
Finally, integration with third-party billing services helps you ensure your customers get your e-bills by making it easier for customers to view and manage their accounts.
Choose KUBRA for Digital Bill Payment Solutions
Are you looking for a better way to bill? Consider implementing KUBRA's advanced online billing solutions in your business.
Since 1992, we've been on a mission to deliver the best customer experiences possible for our clients. Whether you need a convenient digital billing platform or an enhanced customer communication system, our products and services will help you reach your goals.
Let your customers experience better with KUBRA. Contact us today to request a free demo or consultation.