The new reality in payments is mobile wallets. But why are so many lenders still clinging to outdated payment options that frustrate borrowers and minimize efficiency? Some common misconceptions around usage, security and costs may be keeping lenders from adopting wallets as payment options. But that resistance is also keeping them from gaining critical advantages.
Modernizing and personalizing payment experiences is key for your business to remain competitive and profitable. As a lender, the risk of change may seem a barrier, but that shifts when you fully understand the business value. So here we’ll unpack it by highlighting some top strategies to optimize payments, why it matters and how it can have a transformative impact on your business.
For decades, something has been broken in the bill pay industry. Loans and recurring billable services serve consumers of all ages who have a wide range of needs, preferences and circumstances. Yet typically, the model for paying those bills has been the same for everyone.
Businesses that rely on recurring payments know there are often a stack of related costs that can cut into profits. Billers may factor it in as part of doing business—but many underlying causes that drive up costs are preventable.
With NFL season on the horizon, sportsbook operators are anticipating the return of high-volume weekends where outages are a looming concern. So how can you avoid them?
Bill payment is now predominantly digital; typically limited to the traditional options of ACH or card payments. Yet many consumers still prefer to pay in cash. How can lenders and billers better serve those customers, and why is it important?