June 2, 2022
The stats are compelling—approximately 80% of the total population in North America uses text messages. Further, over 95% of all texts (SMS messages) are opened within the first three minutes of receipt. These statistics show that text messages are certainly reaching their intended audiences. But they also indicate that if you’re looking to better connect with account holders, it makes sense to incorporate text messaging as part of an OmniChannel receivables communications and payments strategy.
Faster response and collection rates, engaging with consumers in a way they prefer to communicate, and the ability to reduce costs while reaching more people are the significant advantages of using texts. Yet, many remain wary of managing the stipulations such as opt-outs, timing, concerns about gaining or needing consent, charges, and record retention.
Reassigned numbers, incorrect numbers, incomplete or poor data management, and unclear notifications—when not managed, these do indeed pose risks. But the right technology makes a difference. Well-designed solutions are purpose-built to address these specific challenges and to help mitigate the risks of non-compliance. Compliance boils down to having the correct data and then managing that data.
So how do you respond? Do you just jump in and start? Yes and no. There are guidelines around how to use text, levels of consent/opt-in, and processing requirements when a consumer opts out. Any text technology should support:
Experienced firms with electronic and self-servicing solutions are well-positioned to help. In general, they are deeply engaged with regulations and understand how to translate laws into practice. Familiarity with email and other online interactions means such firms possess the necessary technical expertise to build and integrate text into existing communications channels. When text is offered as part of an OmniChannel solution set that also includes sophisticated payment options, better payment results quickly follow.
Learn how RevSpring’s eVoke Text simplifies the complexities of compliance, allowing you to turn texting into a business opportunity.