In 2017, about 64% of consumers made a bill payment from their mobile phone. (Statista, 2017) And the use of mobile payments is expected to grow 51% through the year 2021. (Statista, 2017) With the rise of banking and finance technology in recent years, customers expect easy ways to pay their bills. Enterprise finance departments are expected to follow suit and offer these options for a convenient billing experience. How do you keep up with customers’ demands and provide the best experience leveraging the most up-to-date technology?
Cue communications platform as a service (CPaaS). CPaaS gives your finance department the opportunity to integrate communications into your workflows and business applications to improve the customer payment experience while also making things easier internally.
Like where this is taking you? Keep reading to understand how CPaaS can become the star of your show.
Implement two-factor authentication
Need to secure your network or want to provide additional security for customer accounts? Implement an automated two-factor authentication (2FA) process to quickly verify customers’ identities. Send a verification code through text, email, or phone call to customers to use when they log in from a new device for the first time. It’s not a personal bodyguard, but it still ensures peace of mind.
Streamline bill reminders and payments
Your team’s time is valuable. Time spent manually contacting customers to remind them about upcoming payments and chasing after them to collect overdue balances can mean less time on the stage. How does the show go on? CPaaS can direct how your customers receive invoice reminders and pay bills at their convenience through voice, SMS, or email without having to speak with an employee. Make the collections process smoother than the red carpet by integrating with billing and CRM systems to send out a text or phone call with the option for customers to pay online or call in with a credit card. Now you can focus on other strategic initiatives and your customers will appreciate the ease of making payments. Watch the award trophies start to stack up.
Send internal alerts about expenses, budgets, dressing room demands, and more
The production always is more than the stars – make sure the crew knows what is going on. Similar to sending external notifications, you can save time on reaching out to your own coworkers about recurring reports and payments. Remind employees when it is time to submit their expense report or budget. Set up notifications so employees know when their paycheck is coming.
It’s time to make the finance department shine. We know there is a ton of pressure on finance departments to complete their job accurately and quickly while also communicating with customers and coworkers. See how easy IntelePeer’s Communication API platform can help you automate the ‘extra’ roles and give your team more time for the leading spot.
Finance departments aren’t the only ones who can benefit from CPaaS. Here is how four other departments can improve their business processes using CPaaS.