Contributed content from Chandra Chakravarthi, Content Marketing Specialist at Sertifi.
As technology continues to evolve, today’s consumers are demanding processes that are faster and easier. If your business is using outdated processes for payments and document signing, you’re in danger of pushing impatient customers towards your competitors.
The need to go paperless and shift to a digital way of payment capture is necessary if you want to maintain a relationship with your customers and attract new ones.
Here are 4 positive ways that customers are impacted when you offer a unified sign-and-pay option.
1) Customers can conduct their business on-the-go.
In today’s IoT world, you’re highly dependent on your cell phones to help you get things done. The need for pen, paper, and a printer is slowly diminishing. Did you know that the average American checks his or her phone 47 times a day and spends about 4 hours a day looking at their screen? With that much of their time spent on smart phones, it’s essential for a business to understand that their customers are always on-the-go, therefore, need a customer experience that weaves seamlessly into their daily lives.
Companies need to examine how easy it is for their customers and future ones to interact with them. For example, let’s say you own a cloud-based business with different product lines that cater to both small and large enterprise customers. However, your current billing system isn’t flexible enough to support the different payment plans that you’ll have to offer. This results in delays in billing and posting payments, which inconveniences your customers and creates a poor user experience. On your company’s side, the Accounting team loses valuable time because they must chase down clients via phone calls and emails to explain the problems associated with their payments.
These days customers expect a digital-first approach to how business is conducted. It’s more effortless and quick. By providing customers the ability to electronically sign and pay in a system that supports those functionalities, you’re removing an obstacle that closes the deal faster.
2) Customers rest easy knowing that their payment data is secure.
Data security should always be top-of-mind for any business dealing with personal data. And as with any new technology, there are also new challenges coming up due to hackers become more adapt at breaching systems. By offering the highest levels of security protection and following PCI compliance, you’ll show customers that you care and value their information. Offering safeguards such as 2-factor authentication, tokenization, and audit trails establishes trust and credibility in the minds of your customers.
It doesn’t matter how great your product or service is. If you’re not following best practices in data security, then it’s not something your customers are likely to forget, especially if their payment information is compromised. So far this year, 228 data breaches have occurred and 4,078,539 records have been lost due to those breaches.
One way to mitigate the risk of your customers payment information being compromised is to move away from paper authorization forms. Paper authorization forms are risky, and if they were to fall into the wrong hands, then your business will bear the financial burden and loss of reputation. It’s not worth the risk when they are some easy steps you can take.
A streamlined payment solution can support other offerings as well such as recurring billing and a subscription-based model. Offering different payment methods to your customers adds value for them and keeps them engaged.
3) Everything is easily accessible when you need it.
Keeping track of contracts and other important documents in paper-form is a hassle because you’d have to store them in a safe place and in a location that you’re not likely to forget. However, there’s a risk associated with that. Someone could tamper with a paper-based document, or there’s a possibility you could accidently toss it into the trash without realizing it.
These scenarios can be easily avoided using an integrated eSignature and online payment solution because all your important documents will be stored in one central location that is safeguarded and PCI compliant. You’ll also receive notifications for billing and contracts that have been signed and processed. You can rest easy knowing that you can access these documents anytime and anywhere with just your cell phone and Wi-Fi. That sounds much more appealing rather than sifting through files in the office, doesn’t it?
4) Going digital streamlines business processes.
Opting to go digital to provide a better customer experience has a positive impact on your organization’s team too. According to organizations that have welcomed Frictionless Business by using Sertifi, converting manual processes such as signing paper contracts and making payments to an online experience will speed up your closing process by 90%. Your Sales team spends less time chasing down payments and unsigned contracts. It also helps them close deals faster, which ultimately impacts the organization’s bottom line.
From an Accounting team’s perspective, digitizing the payment process allows them to view audit trails in a more detailed way. Your Accounting team can view all the activities associated with a specific payment. If there’s a discrepancy in a transaction, then team members can refer to the audit trail to help them identify the issue.
Streamlining the payment process from the beginning to the very end and keeping it all in one system so your team doesn’t have to leave the portal unifies an integral part of your business and makes everyone’s jobs easier. By adopting a modernized way to collect eSignatures and secure payments, all parties involved save time. The more you can do to enhance and streamline the closing experience, the more likely you are to have loyal and engaged customers. They will eventually become advocates for your product or service because they’ll see you as someone they can trust in your industry.
About the Zuora and Sertifi Partnerships
Providing a cost-effective solution with dedicated integration support, Sertifi empowers the subscription economy to securely close business faster. Schedule a demo today to see the integration in action.
Are you planning to attend Zuora’s Subscribed San Francisco being held June 5-6, 2018? Sertifi is a strategic silver sponsor. Stop by the Sertifi booth to learn more about its full integration into Zuora so you too can offer customers an impressive sign-and-pay experience!