5 Myths (and truths) About Text-to-Pay

If there’s any innovation in 2020 that can change a small business owner’s life, it’s probably text-to-pay.

Picture this. You finished helping a client, and now it’s time to get paid. So you send along an invoice via email or snail mail. 

And you wait. And then you wait a bit more.

Nothing. So you try to call, and the invoice still goes unpaid.

What do you do next? Clearly, your methods of emailing and calling aren’t working.

That’s where text-to-pay comes in. Sending payment requests and invoices through text message means faster payments (and more money in your wallet). In fact, 90 percent of mobile users open a text within 30 minutes of receiving it.

As the effects of the pandemic linger, and more individuals work from home, contactless payments have emerged as a safe, faster alternative to cash or checks. 

But we know that small business owners still have their doubts.

Myth #1: Text-to-Pay Features are Unsafe

The first and most common concern that people have when it comes to online payment features is that they are unsafe. Customers and business owners don’t want their confidential data compromised.

Your financial data is among the most important and personal pieces of information that you have, and it’s natural to want to protect it. However, another common misconception is that technology works the same way as it did 30 years ago, when in reality, it has come a long way.

Powerful encryption software, strict data security laws, and successful customer experiences are now the norm. You see this with mobile apps, such as Apple Pay, Google Pay, PayPal, and many others. 

If you are a small business owner concerned about the safety of mobile pay features, take solace in the fact that as of 2020, about 49.2 percent of purchases are now made online. This number is only expected to increase come 2021.

This means that the majority of consumers rely on technology to handle their payments, such as through mobile transfers, online shopping, in-app payments, and (of course) text-to-pay features.

In addition to internal safety measures to protect against cyber crimes, most companies require additional security controls, such as passwords, pins, and facial recognition to access mobile banking apps and other financial services.

Text-to-pay features are widely used, trending successfully, and extremely safe for both companies and consumers. In fact, they make it exponentially easier for you, as a small business owner, to get paid quickly and consistently.

Myth #2: It Takes Days to Get Paid

The second most common assumption about using pay-by-text features is that it takes longer to receive your money as compared to other methods. The reality is that text-to-pay is just as fast, if not, faster than other methods.

How?

Text payments work quickly by eliminating the time it takes for a customer to call, pay online, or visit your store in person.

Imagine this: You own a landscaping business. You visit a client’s home and perform $75 worth of services, though they are not home to pay you in person. So instead, you use your mobile system to send them a text that includes how much they owe and a link to a secure payments page. They open it, pay you, and voilà—the money is yours.

Now, we understand that your concern likely stems from the famous “you’ll see that show up in three to five business days” phrase. While this is still true for many online and mobile payment sites, it is also changing. Many newer companies, including GoSite, now offer same-day deposits to help you get paid immediately.

Myth #3: Text-to-Pay is Built for Large Companies

Learning about new technologies can be intimidating. You’re probably thinking “sure, text-to-pay may makes sense for large companies with abundant resources, but how does this fit into my small business's way of doing things?”

In reality, it’s a misconception that digital payments were built for large companies. Text-to-pay and other digital payment features were actually built with small business in mind.

Here are a few reasons why:

• Text-to-pay is extremely easy to use—you don’t need advanced technical skills to put it into action;
• It doesn’t require a large team to implement ;
• It is a better payment solution for maintaining personal relationships with clients; and
• It is a relatively new feature that will set your small business apart from others

Hopefully some of these reasons resonate with you, as a small business owner, and shed light on the exciting possibilities brought about by text-to-pay technology.

Myth #4: Less Personal Interaction With Customers Will Stunt Business Growth

Your customers come first. It’s that simple.

More often than not, the determinant of a positive customer experience is ease of access. Your clients want easy access to your product and services, access to your team members, and access to any accounts associated with, or available for, your business.

With a mobile pay option, your customers will have the option, ability, and access to pay you easily, accurately, and at any time of day. Despite the common assumption, this ease and autonomy often overrides a typical customer’s preference for personal interaction. 

In fact, some text-to-pay platforms will also allow you to customize text messages in order to create a more personalized digital interaction with your customers. 

Not to mention, personalization should still be a priority in all aspects of your business, not just through the payments process: customer service department, booking, and consultations—just to name a few.

This is what creates memorable and lasting experiences for clients, ones the lead them to leave positive five-star reviews.

Myth #5: Text-to-Pay Only Works Through a Mobile App

It’s called text-to-pay (or SMS payments) for a reason. Though it may sound counterintuitive, you can also send payment requests through desktop computers.

Regardless of the platform you use to disseminate billing information, your customers will receive the notice in the form of a simple text that includes the following information:

• How much they owe;
• Your company’s name (i.e. where the text is coming from); and
• A link to a secure payment screen.

This billing method is more conversational and user-friendly, which has increased small business owners’ likelihood of getting paid, as well as the turnaround time of their incoming transactions.

The most important thing to note is that you do not have to have a mobile app or platform to take advantage of text-to-pay technology.

In fact, GoSite is just one example of a company that now offers a text message small business apps feature for desktop. Therefore, we know firsthand how this piece of technology will positively affect your business’s return on investment.

Want to try text message payments from your phone or desktop? Get started with GoSite's free trial.