5 Reasons Every Business Should Accept Text Payments

Have you ever used your mobile phone to make a payment? Chances are you answered yes -- and that's because it's the easiest and most convenient way to complete a transaction. As business across the country begin to reopen, offering safe, contactless payments is key to safety and success. 

In an increasingly competitive world, businesses have found new and innovative ways to stay ahead, one of which is offering a safe and efficient payment solution. Successful businesses have adopted a new way to pay: Text payments.

About 91 percent of all U.S. citizens have their mobile device within reach 24/7. When you think about it, text payments make sense. They offer a convenient way for you and your customers to complete transactions on the device you are already using.

So, it's no surprise that text-to-pay has become the preferred payment method. With 96 percent of U.S. citizens being mobile phone owners, it’s imperative that your business appeals to the mobile consumer on their native device and optimizes for mobile in general.

What Are Text Payments?

Text payments, commonly known as SMS payments, are a form of mobile payments that allow your customers to pay for goods, services, or products via a text message sent from a mobile phone.

Text payments are simple and easy to understand. It requires no additional time, information, or work for your customer and is little to no additional cost for your business.

Your business can receive text payments from your customers in a variety of ways including:

• Adding the purchase to the monthly phone bill of the consumer;
• Deducting the amount of the purchase from the consumer's prepaid balance by the mobile phone provider; or
• Texting your customer and give them an option to confirm the purchase to complete the payment with their banking information that is already provided and held on file.

With the last option, when it comes time to pay, you would send out a text to your customer's phone stating they can make a payment and have the option to text back “yes” to complete the transaction.

Ideally, you should already have your customer’s payment information on file so that they simply can respond without the hassle of typing in their credit card information each time.

The Benefits of Text Payments

Text payments offer a myriad of benefits to both you and your customers. Here are five reasons why every business should accept text payments.

They're Safe

Social distancing is here to stay, which means offering a safe, contactless payment solution is key. Your customers have to feel confident that you can provide a safe, clean, and low-risk environment for them to visit. You can do this by demonstrating your commitment to their safety and providing a secure way for them to make a payment that's completely touch-free.

They're Quick

Consumers expect to get what they want when they want. With the desire for immediate gratification, businesses need to find ways to keep up and provide the speed necessary. Text-to-pay is a quick and easy-to-use payment solution that essentially anyone with a mobile phone can use.

They're Convenient

About 72 percent of business professionals prefer texting to other messaging platforms due to the speed and ease of use of a text message. Text-to-pay operates under a similar mindset. It’s incredibly easy-to-use and convenient for all parties involved.

Your customers don’t need to make an account or remember any passwords or usernames like with other payment sites. They also don’t have to enter their credit card or bank details over and over again -- all they have to do is reply to a text message and the payment is complete. 

Thanks to social distancing, many local businesses are now operating on sidewalks and through virtual storefronts. Text payments eliminates the need for bulking hardware -- giving businesses the flexibility to 

They're Efficient

With consumers carrying their mobile devices with them all the time, it means they will most likely view their payment reminder much quicker and respond to the payment request in a relatively timely manner. This can reduce past due bills and expedite the time for businesses to get paid.

With many text payment solutions, you have the option to set up automated text reminders as well as options for your customers to pay immediately. This will help you stay on top of your payments and get paid on time.

They're Secure

A common concern about paying via mobile phone is security. Consumers don’t want their private data out in the open, which makes them hesitant to provide their confidential banking information.

However, with text-to-pay, you and your customers can have peace of mind. Text payments are a secure form of payment. Oftentimes, it requires no personal or account details to be released, which makes it hard for hackers to steal the information.

The Future of Payments is Mobile

Much like everything, mobile has changed the way businesses and customers conduct business and complete transactions. We are no longer tied down to pushing buttons on a stationary, clunky cash register -- we now have the option to accept payments out in the field as long as you choose the right payment processor.

Consider GoSite’s all-in-one payment processing platform, you can collect and keep track of payments and transactions while on the go with our mobile app. Customers can pay you on the go, where and when it’s convenient for them using text payments.

GoSite provides the easiest mobile payment processing for your business by allowing you to accept payments everywhere and every way so you can focus on running your business and increasing your bottom line.