In 2022, we are all more tied to our smartphones than ever. 74% of Americans feel uneasy when they leave their phones at home, and 47% consider themselves “addicted” to their phones. About half of the world’s population uses smartphones, around 4 billion people. These devices continue to make themselves more relevant to our daily lives as time goes on.
Case in point: the emergence of text-2-pay for businesses. This technology, known as SMS payment, allows customers to pay via text, making it quick, streamlined, and simple. In this article, we will cover what it means to pay by text, how it works, and if it’s the right payment solution for your organization.
What Does It Mean to Pay by Text?
Smartphone technology continues to bring innovations onto the scene, and consumers directly benefit from the conveniences it brings. Technology is finding its way into everyone’s business, and payment processes are no exception.
Text-2-Pay is a modern solution allowing customers to authorize their payments through SMS. There’s no need to download any additional applications and it works with any smartphone.
How Do Text Payments Work?
The process of setting up text payments is simple. It’s more streamlined than other payment processing options. You’ll just send a text to customers prompting them to authorize their payment.
- The customer enters their payment information into a secure online form.
- When they’re ready, they’ll either text “PAY” (or a customizable prompt) to a secure text line, OR they can hit a button on the form that submits their payment automatically.
- All payment records are recorded and updated for the seller’s insight.
Once this process is complete, the customer benefits from the convenient authorization process, and the seller gets paid faster while also keeping records of transactions.
How Text-to-Pay Can Benefit Your Organization
For organizations looking for extra convenience and security, this payment model is a great option. Here are the top three ways text-to-pay adds value:
- Easy to use: The process is simple. Send your customer a text notification that a payment is due. The text has a link to a secure form the customer can easily access to enter their information and submit their payment. There’s no need to download apps, write checks, or make phone calls. It’s simple, secure, and straightforward.
- Improves cash flow: Getting paid quickly is vital in any business model, but sometimes clunky systems and processes make that difficult. Text-2-pay speeds up the process by using familiar technology and hardware without introducing complicated software.
- Meets customer demands: As it turns out, 72% of professionals prefer texting to other messaging platforms. You’re meeting them where they already are by sending them a text notification to authorize their payment. Nothing could be more convenient.
Get Started Using Text-2-Pay with CORE
Text-2-pay can be a great payment processing model for businesses that can leverage its unique benefits. Deciding if this model is right for your business comes down to knowing your customer base, then text payments might be right for you.
Are you ready to get started using text-2-pay? CORE is a leading authority in the payment processing space. If you’re a professional looking for a reliable partner, reach out to us today to find out how you can get started.
