August 22, 2022
A 2019 Consumer Payments Trend Analysis report found that 83% of people wanted to pay digitally, either with a mobile device or through an online platform. Digital payments offer a range of benefits: ease, convenience, accessibility, and a lower cost of processing. Plus, when you provide consumers the channel of interaction they use most, you‘re more likely to receive payments faster. But increasingly—for both consumers and receivables management teams—unauthorized or fraudulent use of credit cards is a real concern.
Choice is key. Some consumers want the immediacy and accessibility of text while others prefer to manage online communication via email. And even with digital interactions becoming almost mainstream, some still find calling into an IVR platform or reaching out in-person to an agent a more comfortable option. Yet no matter which route, when it comes to sharing sensitive data, all consumers demand safety and security. And especially post-COVID, when many firms have shifted their agents to home-based work which is outside of traditional PCI-compliant environments, maintaining privacy is a big concern.
A “deviceless payment” system is the answer. This payment solution offers the flexibility of choice linked with a payment step that is automated and encrypted. Moving the entire payment process online and taking an agent out of the process—in effect “cutting the cord” to providing credit card data over a voice line—allows the consumer to achieve a more secure transaction. The use of a deviceless payment system can also lower processing costs as you don’t need a human involved in the activity.
What’s the difference between the digital options? And how can a deviceless payment system be integrated into the operational model? There are several possibilities:
Deviceless payments allow you to reduce the potential for fraud and give consumers greater peace of mind about data security. When coupled with omnichannel communication options, firms eliminate barriers to a single-call/single-transaction resolution, thereby improving payment rates
Learn how RevSpring’s Deviceless Payments solution provides a safe and secure way for receivables management teams to take consumers’ credit card and ACH payments at the first point of contact.