In the past, collecting a payment in payment systems meant physically swiping a card through a POS device.
Recently, payment methods have diversified so much that both customer satisfaction and transaction counts and volumes have increased.
In this post, we will talk about collecting payments by SMS, a method that has become increasingly popular lately.
New payment trends have emerged, especially now that mobile devices can be used as POS devices. You may want to take a payment on your mobile device, but the cardholder may fear that their card details will be captured, or may not want to use their card physically. In this case, paying by SMS is a lifesaver.
- The transaction amount and the mobile phone number are entered on the mobile POS device.
- A payment form link for the transaction is sent to that mobile phone.
- When the link sent by SMS is clicked, the transaction details are displayed and a payment form for entering card details opens.
- The cardholder securely keys in the card details and completes the transaction with 3D Secure.
SMS is used not only for collecting payments but also as a payment reminder. In this case, SMS indirectly triggers the payment. Although an SMS sent to a customer costs only a few cents, it can save the collecting company thousands of liras in accounting and collection costs.
Instantly notifying the customer that their payment has been received and their invoice is ready at the moment the payment is made also saves time.
What are the advantages of the SMS payment system?
Advantages of the SMS payment system:
- Bulk SMS sending for bulk payments reduces the cost of phone calls and SMS.
- It lets customers pay by clicking the link sent to their phones and entering their card details.
- It has a reach volume 5 times higher than other payment collection tools.
- It can notify the customer instantly when an invoice is ready or overdue.
- To make payment easier, the link to the payment page can be shared by SMS.
- Reminder SMS messages can be sent throughout 24 hours to signal the urgency of the due date.
- To increase customer satisfaction, payment confirmations, notifications of service changes, or credit limit alerts can be sent.
