Using SMS for Payments

Digital transactions and transfers already make up the bulk of the market, where it is possible to transfer money and pay bills through a banking application installed on a smartphone. Payments made through SMS are becoming increasingly popular in the market and, nowadays, you can even make charges with the use of this technology. If your phone is capable of sending texts and you have a service that offers this solution as well as  generates a secure payment link for that company's customers, you can take advantage of this tool. Today, we see many companies, from all industries, using this service. Even NGOs and foundations make payments via SMS, proving its effectiveness and ease of use.

The Basics

SMS stands for Short Message Service. You probably know it as text messaging. An SMS payment is when a business sends an SMS or invoices to the customer for the purchase. The message contains a link to a secure payment form that allows customers to enter their payment account information to confirm their purchase. If your business is interested in accepting SMS payments, here’s what you need to know to get started.

SMS payments are one way to use SMS in your business. These are contactless payments, so anyone with a text-enabled phone can pay to a company by SMS. If your business wants to start SMS payments acceptance, you need an SMS payment provider. SMS payment providers enable SMS payments by combining text with secure PCI-enabled payment processing capabilities. 

Many SMS payment providers are also credit card processors or facilitators, while others are exclusively SMS payment providers. If you’re already working with a credit card payment facilitator, check to see if you have an affiliate payment provider. This allows for the easiest integration. Otherwise, another SMS payment provider will work as well.

How to Start Accepting SMS Payments

Your first and most crucial step to start offering SMS payments as an alternative payment method is to choose an SMS payment provider that is right for your business. Find out if your credit card facilitator offers SMS payment processing and compare the features and costs of other SMS payment providers.

After choosing an SMS payment provider, work with your company to choose the right plan based on your needs. Once that’s done, you can set up an invoice with your company, create an account, and get a third-party merchant account if needed. There are several praiseworthy business account services to choose from. 

Link your customer database to your provider, create contact and contact time rules, and create basic text messages to send across multiple payment statuses.

Providers typically offer the option to receive payments using your current company phone number or virtual SMS number.

SMS Payment Solution

Intuitive interface: You should be able to customize the message content, response logic, and other settings. A simple interface allows you to control information and agility and make changes without paying a service fee.

Easy Transactions: If customers can store payment information for future payments, it will be more convenient for them and increase sales.

Backup System: Failure if payment is not made are backup communication options such as voice and email phone numbers.

Two-way SMS: This option allows you to set up an automatic SMS response triggered by the selected keyword to provide more information or give your customers the option to talk to agents.

High Quality Connections: High quality service provider connections help prevent text messages from arriving.

Dedicated Numbers: You must use unique phone numbers, not random or shared numbers. Dedicated numbers increase deliverability and customer confidence that phishing attempts are not targeting them.

Bulk Deposit: Transactions are credited in bulk, making it easy to check your books.

Affordable: Some SMS payment providers charge based on the number of individual SMS messages sent. Others pay for a series of text messages you send. Individual plans are probably the cheapest if customers tend to pay early when sending their first text message. If payment takes a long time, the chat or ticket method is more affordable. If you are sending a large number of paid SMS messages, the best option price is by volume or range.

SMS Services Grow Businesses

Ideally, you should start SMS payments before or after the sale. When you sell a service, you can instantly bill and receive payments via SMS while you’re with your customers, whether in a physical store, event, or wherever you are.

You can also use SMS to track other forms of communication, such as emails regarding the collection of expired invoices. Text messages are harder to ignore than other types of communication. Emails are easily buried in one’s inbox, but texts rarely go unopened. Also, since the message arrives on your mobile device, it’s more convenient to pay by phone than to write a check. If customers are easy to pay, they are more likely to pay on time.

If your business is already using SMS marketing services, adding SMS payment options can help you grow your sales. If you are already talking to a customer via SMS and the customer is interested in purchasing a particular product or service, you can send an SMS invoice for that product.

For more information about the SMS services we at Cloud Contact AI offer, visit our home page!





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