Simplifying Payments With 1-click Bill Pay

AI-enabled Payments, Conversational AI, Conversational Commerce, Conversational Messaging, Generic
On January 5, 2022

Money transactions and cash flow are crucial, daily aspects of our lives. They include utility bills for electricity, gas, water, and travel, food, & luxury expenses. Paying them on time can be hectic and overwhelming, while delays can cause extra charges or late fees. So, during one of our Gupshup’s Conversational Messaging podcasts, Beerud Sheth, CEO of Gupshup and Srinivas Vijayaraghavan, VP Marketing, discussed implementing a new way for seamless payments and how it can benefit customers in their day-to-day lives. Listen to the podcast here.

Let’s learn how one-click payments make our lives easier.

Importance of utilities

For companies and businesses, it is necessary to have a cash influx at all times to keep them running. That is why utility providers or even credit card companies stipulate a deadline for bill payments. Thus, paying bills by the given dates and when these dates fall close to each other make it a hassle. However, most companies tend to have an auto-messaging system to remind their customers to make the payments. Even after all these advancements that might make payments easier, the process is tricky and lengthy.

A consumer does not want to bear extra charges, nor does a company want to face losses due to delayed collection of payments. And, nowadays, there is not one but many bills to take care of. But, between bill payments, life takes over with family, work, vacations, and busy schedules. We procrastinate, neglect, and forget bills payments. All this is to say that payment collection requires some amount of work for businesses.

The messaging strategies

Most of the messages are static. They have not done anything to transform customer engagement. This is another reason why there are delays in these payments. Usually, a utility company sends you a reminder to make the payment. However, these messages don’t have a call to action for you to fulfill the request. One has to find the invoice number, the amount to be paid, and other details, enter all of them, then proceed to payment. A successful payment amounts to ten clicks or more. For instance, within the payment app, you look up the merchant, the invoice number, the amount, and then authorize the payment. This tedious process is one of the primary reasons why many customers tend to delay payments.

To shorten the payment procedure, Gupshup aims to use a more interactive message notification with an action plan or a straight link to the payment app. The overall goal is to cut down the time taken to make a payment. Consumers will pay the bills as soon as they receive the message rather than postponing it for another time. Prompt payments will, in turn, reduce customer penalties and also be a great help for the business. It is like enabling special capabilities, i.e., payment integration and AI, to get a smart payment message. All you have to do is click the button, authorize the payment, and the business will know that the payment has been made. That’s the power of conversational messaging.

Enhancing the process

There is a lot of intelligence that goes in smart messaging, one of them being, a strong linking system. Gupshup ensures to have a link in their messages. This link directs you to the site or payment app, through which one can easily pay without much delay or effort, made possible by two components: AI capability and payment integration. The AI looks into all the necessary information, including the invoice number, payment date, merchant information, the amount, and other essential details.

In the second step, the AI creates a link that contains these details. The payment is possible with the help of Gupshup’s numerous payment partners. It is common to worry whether the payment was transferred to the correct account. Therefore, the AI’s next assigned task is to send you an automated text message confirming payment. This technology has been specifically designed to be an intelligent way out of the extended payment processes. All the data and your money are securely transacted.

One-click bill payments are quick and hassle-free, but these are not the only benefits. You have shorter collection cycles, higher collection rates with extremely high ROI because there is neither any money invested nor effort. Gupshup primarily acts as a middleman. All your payment-related work is already being processed; your only task is to authorize the payments. It does not take much time and there is zero effort from businesses and consumers.

The final takeaway

One-click bill payments are the only solution that will help you get through this mundane process of payments effortlessly. It will help not only the users but the companies too by simple payment procedures. Not only does the entire payment process need to be more interactive and conversational, but it also has to be very effective. And, that’s exactly what Gupshup aims to achieve.

Gupshup helps revolutionize the payment process by simplifying the traditional ten-click process to a one-click process. This means that instead of the consumers having to do a series of steps and processes just to complete a payment (which may need extra time), they just have to click a link and authorize (may be a fingerprint, pin, or however the consumers set their security settings) their payments. Consumers can now stop worrying about late fees or anything else, as they can do their payments anytime, anywhere.

Businesses need to start transforming their payment process today. It’s not complicated at all – Gupshup can do all the work. This is an investment that requires zero effort from the businesses and consumers but with an incredibly high return. #LetsGupshup to know more.

Disha
Content Strategist

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