In this episode of #ConversationalMessaging Podcast, Gupshup CEO Beerud Sheth & VP of Marketing Srini discuss how incorporating conversational messaging in the payment collection process can work in favour, not only of the consumers but also the business. Listen as they talk about why this matters, how it works, and how to get started.
Less Painful Payments
The payment process nowadays, despite the online option being made available for so long, is still inconvenient for consumers. More often than not, consumers’ lack of easy and customer-friendly payment options leads to late payments that may result in not only bad consumer experience (i.e. incurring late fees, experiencing service interruptions, etc.) but also lower collection rates, longer collection cycles, and lower cash flow for businesses. Beerud thinks we can end this pain both from the business and consumers’ perspective by making the payment process conversational and interactive, but still efficient.
The goal is to make every message meaningful, interactive, actionable, and conversational to accomplish the purpose.
Beerud Sheth, CEO of Gupshup
The One-Click Process
Beerud talks about how we can 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.
The High Returns
Beerud believes that it’s now time for businesses to start transforming their payment process with Conversational AI. 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.