There’s no doubt that BPAY works as an excellent alternative payment method for any business. From payment speed to transaction security, the method simply operates as a faster, efficient and more secure payment avenue that trumps traditional options like physical credit and debit card.
Who, however, can benefit the most from the affordances of the platform? Despite its widespread use, there are still some businesses that might not be convinced, and opt for more traditional means - whether it be due to their customer preferences, or tendencies to follow long lasting customs. Let’s explore these potential businesses in depth.
For owners who require continuous, long term payments, the thought of manually handling the same transactions over and over again is a stressful one. More specifically, it’s a resource consuming one.
Setting up BPAY for these types of businesses is a salve for the entire process; business owners automate a payment vertical that is otherwise incredibly administrative, and transaction times are made faster. Even better, the exact same for owners can be said on the customer end, being able to establish payments directly out of their account at intervals decided entirely at their own discretion.
By taking the process out of the hands of intensive attention, these types of businesses reliant on subscriptions systemise the most significant feature of their entire business model.
Businesses with long-standing partners can utilise BPAY for better working relationships.
Similar to its implementation for subscription based business models, BPAY payments satisfy for any range of businesses with long term B2B relationships - although here, the benefits are largely for the sake of facilitating ease of access on the partner end, ultimately optimising aspects of their work process with you.
Unlike the use of credit and debit cards, BPAY payments work on direct transfers from one bank account to another, making the transaction comparatively more straightforward with fewer operational hurdles. This is to say, compared to their card counterparts, bank accounts won’t expire so frequently, nor have the same maintenance effort they normally require.
For the partner, this means a much more efficient user experience, ensuring that relationships don’t produce any unnecessary management costs to the cashflow of either yours or their business.
Involuntary churn, as it’s loosely defined, refers to the rate at which customers tend to cancel their transactional relationship with you, despite their wishes to continue using your service.
The reasons here often revolve around the inability to make a payment to your business - and in almost every case, BPAY offers a solution to the factors these reasons come to exist.
Does your payment profile have outdated payment information? BPAY has a direct link to the account that you’re likely to regularly use, meaning that the details being accessed are typically up to date.
Unsure if you’re got sufficient funds? BPAY is able to send notifications for upcoming bill payments and their deadlines, so that customers are able to set the deadlines they wish. Looking to increase customer retention rates? BPAY literally keeps your customer in a relationship with your business by automating their payments.
Of course, many businesses are already familiar with these benefits, and use BPAY payments for a variety of reasons across operational metrics they’re looking to influence.
Hopefully, these few reasons have brought on the few business owners that would benefit the most from BPAY employment.
Convinced? PayChoice offers BPAY solutions via our payment gateway - contact us for access and implementation, and get started on your BPAY offerings!