Category: Resources

Deferred Payments vs. Installment Plans

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Purchasing a good or service from your business may be more manageable if the customer can break up their payment or settle their balance at a later date. The revenue will still come your business’s way in the future, while the flexibility can convert some undecided leads into paying customers. Deferred payments and installment payments are two options that make purchases easier for the customer.

At CSG Forte, we help businesses drive revenue by providing tailored payment solutions that are compatible with flexible structures.

What Is a Deferred Payment?

Deferring a payment means the customer can access the product or service now and pay in full at the end of a three-phase process.

The first phase is the purchase agreement. You provide what the customer needs with little to no upfront expenses. The customer agrees to submit a deferred payment, meaning they will settle up in full later. You and the customer enter a purchase agreement that includes a deferral due date.

The second phase—the deferment period—is the time between the agreement and the payment due date. You can send due date reminders to your customers during this time, either independently or through the payment service provider.

The third phase is the payment period, which begins on the payment due date. Your customer is responsible for paying the full balance at that time. Some deferral agreements allow the customer to begin a payment schedule starting on the due date.

Common Reasons to Defer Payment

Deferred payment is an option when the customer needs a product or service immediately but has immediate financial constraints. Common deferred payment use cases include:

  • Business-to-business (B2B) transactions: Businesses can receive essential products and services quickly and agree to a deferred payment date.
  • Retail purchases: Consumers can take home expensive goods to use that day with payment deferred, meaning they can repay the merchant later.
  • School tuition: Universities and student tuition financers set due dates after the student receives some or all of their education.
  • Healthcare: Practitioners often provide the care patients need when they need it, then allow patients to pay the bill later.

What Is an Installment Payment?

An installment payment is one a customer submits as part of a payment plan. Within this structure, you provide access to the good or service that your customer needs. The customer agrees to repay their balance over time in regular installments.

Many installment plans require monthly payments with a minimum amount. Customers can submit payments manually on or before their due date or schedule automatic withdrawals from their bank account through Automated Clearing House (ACH) processing. Many agreements allow customers to pay more than their minimum amount for faster reconciliation and lower interest.

Your business can offer installment options independently or with support from a third-party payment service. A payment service provider will grant access to merchant- and customer-facing resources curated and managed by a business that specializes in payment collection.

Common Use Cases for Installment Payments

The installment payment model is a common solution for large B2B and business-to-customer (B2C) transactions. Some examples include:

  • Consumer purchases: Consumers can enter an installment agreement when purchasing expensive items such as appliances, furniture, electronics or music equipment.
  • Inventory and equipment: Businesses might enter installment plans to finance the purchase of equipment, materials or products essential to their revenue.
  • Real estate and car financing: Financing options for major purchases require monthly minimum installments with interest.
  • Credit card payments: Credit cards grant consumers and businesses purchasing power with a purchase limit and installment requirements.

Common Benefits From Deferral and Installment Agreements

Deferring or dividing large payments can benefit the merchant and consumer alike:

For merchants, the advantages include:

  • Customer satisfaction: Meeting customers with flexible payment options builds brand loyalty.
  • Increased sales: Offering a lower upfront cost boosts conversion rates and creates room to upsell.
  • Tax deferral: Deferring earnings allows businesses to disperse the earnings of one sale across numerous statements.

Customer benefits include:

  • Immediate access: Deferral grants immediate access to valuable goods and services.
  • Financial planning: Consumers can form a savings plan and budget with a set date in mind.
  • Buying power: Customers have funds available to complete other pressing transactions that impact their cash flow.

The Key Difference Between Deferral and Installment

While deferral and installment agreements share some common principles and benefits, installments offer advantages over deferral:

  1. Cash flow: An installment agreement establishes a payment schedule and disperses the entire balance across those dates, creating consistent revenue from one sale.
  2. Recovery: Installments allow customers to pay smaller amounts that are easier to include in their budget than a lump-sum payment.
  3. Bookkeeping: Revenue from installments enters the books as you receive it, meaning you report the revenue you have received and not what your customer still owes. Deferred revenue requires revenue recognition as a debit or amount owed.

The Challenges of Deferred Payments and Installment Plans

Deferred payment means deferred revenue, just as fractional installment payments mean fractional revenue. You can still factor the money from a deferred or dispersed payment into your budget, but be careful—a default could leave you with less than you need to fulfill your own obligations. Customer defaults could also impact your credit score.

CSG Forte’s Tailored Solutions for Payment Plans

At CSG Forte, we support merchants’ installment agreements by developing complete payment solutions that help to mitigate customer default. We implement dependable collection strategies and innovative technology to facilitate installment agreements and maximize recovery.

With our platform, your customers will experience a smooth, secure payment process that connects you with the revenue you earned. The automated communication systems will deliver timely messages reminding customers of due dates and account balances. Customers can pay how they prefer by using a credit card, debit card or ACH processing. The software integrates seamlessly with your existing accounting programs.

We set our platform apart by implementing features and capabilities like:

  • Seamless integration with business operations
  • Enhanced data security and fraud prevention measures
  • Ongoing support from our customer service department
  • A user-friendly interface for your business and your customers

Cross-Industry Success With CSG Forte’s Installment Payments

Our payment solutions have made a difference for merchants and service providers across multiple sectors. We have experience tailoring our solutions to the needs of healthcare providers, insurance companies, retail stores, software vendors and more.

We encourage you to contact us online to learn how we can tailor a payment solution to your needs.

SEC Code Glossary: A Quick Guide to Entry Class Codes

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In the world of electronic payments, the National Automated Clearing House Association (NACHA) governs and dictates the regulations for processing electronic transactions through the Federal Reserve. The regulations are serious, utilized in legal proceedings regarding transactions and relied upon by banks, payment processors, and both federal and state governments. NACHA keeps the order for the industry, and it’s important to abide by every one of its regulations.

Whenever a transaction is submitted, NACHA needs an SEC code along with it.

What Is an SEC Code?

SEC stands for “Standard Entry Class” and is a code that denotes the way a customer authorizes a payment. When you apply for payment processing, sometimes you will find that certain types of payment methods are associated with lower costs. An SEC code tells you or the entity involved in the transaction what type of transaction you’re dealing with. Using the right code helps everyone stay regulation-compliant and accurate. Incorrect codes can lead to errors, delaying or even rejecting payments. Mastering SEC codes ensures payments move smoothly and securely around the world.

Common SEC Code Meanings

There are dozens of SEC codes out there, each with its own meaning. Let’s take a look at some of the most common codes to help you navigate this world.

POS/POP

Point-of-Sale (POS) and Point-of-Purchase (POP) entries refer to single debit payments made in-person via credit/debit card (POS) or converted check (POP). Both the card and the check are used to record the account information in association with the payment, and the original payment method is then returned to the customer.

PPD

Prearranged Payment and Deposit (PPD) refers to Direct Deposit entries and any Preauthorized Bill Payment applications. In this way, these payments can be both debits or credits (meaning funds can be removed or deposited into an account) and either single or recurring (occurring as a one-time payment or scheduled multiple payments).

WEB

A Internet Initiated Entry (WEB) is simply any debit via the Internet. These entries may be single or recurring.

The receiver must authorize these debits via the Internet. In other words, if the authorization was actually received in person, via U.S. Mail or by phone, for example, even to suffice for a payment from the Internet—it’s not really a WEB entry.  However the authorization was received is how the transaction must be classified via the SEC code.

Also, bear in mind that you may only initiate a credit here as a reversal of a WEB debit. You can’t submit a credit using the WEB entry code.

TEL

Telephone Initiated Entry (TEL) entries are single debit entries authorized via the telephone. In this oral authorization entry there must be a pre-existing relationship between the receiver (person authorizing the payment) and originator (person/entity receiving the payment). If there is no relationship already in place, then the receiver has to make the phone call.

Additionally, all TEL transactions have to be recorded and kept on file for a minimum of two years from the date of the transaction. If the transaction is not recorded, then the originator needs to provide the receiver with a written notice that confirms the oral authorization before the payment settles.

CCD

The SEC code Corporate Credit or Debit (CCD) is also known as “Cash Concentration or Disbursement.” A CCD payment is either a credit or debit – and occurs specifically between corporate entities. It can be a single entry or recurring.

All business bank account transactions are listed under this SEC code. Prior to the transaction date, a signed authorization must be obtained either separately or included in the contract between the businesses.

ARC

An Accounts Receivable Entry (ARC) is defined as a check conversion that is originally received via the U.S. Mail. This includes the United States Postal Service (USPS), as well as courier services like FedEx and UPS. According to NACHA, this does not include personally delivered or night drop-box items. Corporate checks are also not included.

CTX

Corporate Trade Exchange (CTX) entries are initiated by originators to pay or collect their obligations. The funds are transferred to other organizations and so mirror the same business entity requirements as the CCD entry code. Both credits and debits are allowed.

RCK

The Represented Check Entry (RCK) entry refers specifically to single debits that occur as a result of check representment. Check representment occurs after an item is returned Non-Sufficient Funds (NSF) or is bounced. The service will simply represent the check at a later, scheduled date after it is returned. Some businesses choose to initiate check representment in order to attempt to recollect their funds. For merchants that use RCK entries, a notice must be displayed visibly at the POS.

BOC

Back Office Conversion Entry (BOC) entries are single debit entries that are initiated by source documents (checks) received at POP or staffed bill payment locations (in-person). These checks are collected first and then converted to ACH transactions during back-office processing.

CIE

A Customer Initiated Entry (CIE) is a credit initiated usually through a bill payment service by an individual. These are meant to pay an obligation.

XCK

The Destroyed Check Entry (XCK) refers to a replacement entry that is initiated when an original check is unreadable, lost or destroyed and cannot be processed.

SHR

A Shared Network Transaction (SHR) is used for transactions at POS terminals in shared networks. Debit card transactions at retail stores are examples of an SHR. The SHR then supports transactions between the customer, bank and merchant.

MTE

Machine Transfer Entry (MTE) codes are used when someone initiates an ACH transition at an Automated Teller Machine (ATM). The MTE code tells the relevant entities that the fund transfer, withdrawal or deposit happened at an ATM.

IAT

International ACH Transaction (IAT) codes appear with financial institutions outside the United States. Any transactions that occur across borders are subject to international payment regulations, and the IAT code ensures compliance with international screening requirements.

ENR

Automated Enrollment Entry (ENR) codes are often used by federal agencies to enroll their customers in direct deposit programs, such as Social Security or veterans’ benefits. They simplify the enrollment process.

COR

Notification of Change or Refused Entry (COR) codes come into play when ACH codes are corrected or changed. Any outdated or incorrect account numbers that need changing are adjusted and sent with the COR code. The COR code tells the original entity there was an ACH transaction error. COR codes keep ACH transactions accurate without extra delays.

DNE

Government agencies use Death Notification Entry (DNE) codes to inform financial institutions of an account holder’s death. These codes are needed to terminate benefit payments sent to the account holder.

ADV

Automated Accounting Advice (ADV) codes are only used by financial institutions. They help them track ACH entries and keep their records accurate.

ACK

The Acknowledgment Entry (ACK) code gives the original company a transaction receipt. When corporations complete transactions, the transaction’s originator can ask for acknowledgment of successful payment. The ACK code lets them know their funds were transferred successfully.

Streamline Your Payments With CSG Forte

Navigating the complexities of SEC codes and payment processing is challenging. How do you keep everything accurate, compliant and secure on your own? CFG Forte is your partner in simplifying the payment process without sacrificing scalability and reliability.

At CSG Forte, we’ve spent over 20 years perfecting our payment approach. Our comprehensive suite includes built-in Payment Card Industry (PCI) compliance, tokenization and encryption, keeping you secure and compliant.

Choosing the right SEC codes is just the first step. As your partner, we’ll give you the tools and support needed to streamline payment processing. With CSG Forte, you can access a secure, cloud-based platform that turns payments into a profit center. Ready to simplify your payment processes? Contact CSG Forte today to see how we can advance your payment strategy!

 

Navigating the Complexities of Payment Processing in Government Institutions

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Constituents demand seamless online experiences, and that extends to payments they make to government agencies. Discover the challenges associated with collecting government payments, and explore government payment solutions that will help streamline your operations.

6 Challenges of Government Payments

When setting up a payment processing solution, government organizations must manage compliance, security, system integration and more—all while making the system easy to use. As a result, they might face the following challenges:

1. Protecting Constituents From Fraud

There are two significant concerns when it comes to security for government organizations collecting payments—losing funds and losing trust.

First, there’s the impact on your financials. The Association for Financial Professionals (AFP) reports that 80% of organizations were targets of fraud in 2023, up 15 percentage points from 2022. Additionally, around 30% of the organizations that lost money due to fraud were unable to recover any of the funds.

Further, there’s the impact on your constituents. In 2023, data breaches impacted more than 353 million people. To ensure your constituents feel comfortable paying taxes, penalties or other fees online, you must prioritize cybersecurity. Here’s how:

  • Require two-factor authentication (2FA) or biometric authentication to better secure constituents’ accounts.
  • Replace sensitive data, such as credit card numbers, with randomly generated tokens.
  • Disguise card data during payment transmission.
  • Set up hosted payment pages to ensure your organization doesn’t hold onto data unnecessarily.

2. Adhering to Compliance Standards

Meeting compliance standards keeps data safe. One of the most significant is the Payment Card Industry Data Security Standards (PCI-DSS), which applies to any organization that collects cardholder data. You can complete your own compliance assessment on the PCI website, validate your compliance through a third-party Qualified Security Processor (QSA), or enroll in a PCI-DSS compliance program.

Federal agencies that collect cardholder information must also comply with Office of Management and Budget (OMB) guidelines on personally identifiable information (PII). Maintaining compliance builds trust with constituents and reduces the risk of data breaches and other security threats.

3. Keeping Track of Data

Given the volume of transactions, tracking payment data can be challenging. With a reliable payment processing solution, your organization can access transaction breakdowns and insights into payment methods. You can analyze general data or dive deeper into the specifics by looking at specific transactions.

4. Accepting Multiple Types of Payments

Your platform should allow you to accept multiple types of online payments, including:

Multiple payment options give constituents more flexibility and allow them to make convenient payments. You can also expand your offerings with multichannel payment processing, including:

  • IVR solutions: Accept payments with a pay-by-phone interactive voice response (IVR) solution. An IVR answering service lets you accept payments 24/7 and is more secure than live agents transcribing card numbers and other payment data over the phone.
  • In-person solutions: Some constituents may prefer making in-person payments or you may need to accept payments at a government office. It’s key that you offer an in-person payment solution that integrates with your digital payment options, making payment on any channel easy.

5. Scaling According to Future Needs

The ideal payment processing solution handles a high number of transactions without disruptions or delays. For example, local governments often see a spike in payments during tax season, and their payment processing solution must be able to scale to meet these inflated annual demands. Additionally, fast-growing municipalities should be able to meet their new residents’ needs.

6. Integrating With Existing Systems

Many government organizations use complex legacy systems or software solutions, which can make integrating payment solutions more difficult. Look for a platform that can integrate with your organization’s current web interface to streamline payments for constituents and simplify operations for you.

Benefits of Digital Government Payments

Reliable digital solutions—such as ACH and credit card processing for government agencies—can streamline your operations, keep constituent data safe and scale according to your future needs. Here are more benefits of implementing digital payment solutions:

  • Expand revenue streams: With online and IVR payment options, your organization can accommodate people who don’t have immediate access to funds by allowing them to pay via credit card.
  • Reduce late payments: Giving constituents more ways to pay may reduce the likelihood of late payments.
  • Receive payments quickly: With a simplified payment processing solution, you can receive payments quickly, which improves cash flow.
  • Receive more data: Gain access to transactional data and identify trends that guide your organization.
  • Devote fewer human resources to processing: With more streamlined operations, your personnel can focus on high-value government initiatives rather than spending excessive time on manual accounting and reconciliations.
  • Simplify tracking: Credit card and ACH processing for government payments provide an easy-to-access payment record that simplifies tracking efforts.
  • Provide an easy payment solution for tourist locations: If your city frequently welcomes international tourists, a digital government payment solution means they will not have to carry local currency and can easily pay for parking or other amenities with a card.
  • Allow constituents to set up automatic payments: Automating government payments gives constituents peace of mind that they will not miss a personal income tax payment, business tax payment or other regular payment.
  • Increase trust with constituents: A convenient, secure and frictionless payment experience increases constituent satisfaction and may increase their confidence in your organization.

How CSG Forte Helps Streamline Government Payments

CSG Forte understands how challenging government payments can be to manage. Our government payment platform enables your organization to manage payments swiftly, whether you’re dealing with local utility payments, state taxes or grant payments.

With our solution, you can accept debit card, credit card, ACH and digital wallet payments. We also allow you to charge constituents a convenience fee to recoup the cost of merchant fees, which you must pay every time an individual pays via a credit or debit card.

You can also explore IVR payment options to provide the utmost convenience for your constituents. Our payment platform is Level 1 PCI-compliant, with features like tokenization and encryption to keep payment data secure and increase trust with your constituents. If you want to integrate your new payment platform with your existing web interface, you can work your way toward successful implementation yourself or receive support from a dedicated integration specialist.

To see how CSG has already helped other government organizations, explore case studies from Lucas County, Ohio, and Kinston, North Carolina.

Contact CSG Forte to Learn More About Forte for Payment Processing

CSG Forte has decades of experience assisting over 81,000 merchants across North America. With our solution, you can reduce administrative burden and rely on a customizable platform that prioritizes security and user-friendliness.

Leave the complexity to us. For more information on implementing CSG Forte at your government organization, talk to a CSG expert today!

 

How Can ACH Payments Simplify Payments for Property Managers?

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As a property manager, dealing with late rent payments, manual processing and human errors each month can be frustrating and time-consuming. Luckily, digital payment options can ease many of these burdens by providing your business and its tenants with streamlined payment collection solutions that offer enhanced security, traceability and convenience.

Automated clearing house (ACH) payments are becoming an increasingly popular option among property managers and landlords—and for good reason. These systems effectively simplify how your business facilitates taking payments, providing better experiences for your renters. Explore the key advantages of leveraging ACH payments below.

Using ACH for Rent Payments

An ACH payment is a type of electronic funds transfer (EFT) that allows users to send and receive money electronically between bank accounts. ACH is especially useful for property managers and landlords to simplify how they facilitate payments associated with their rental properties.

ACH transactions can optimize property management payment processing for various types of transactions, including the following:

  • Rent collection
  • Contractor fees
  • Security deposits
  • Utility bills
  • Homeowners association (HOA) dues

Benefits of ACH Payments for Property Managers

Property managers can deal with a high volume of monthly transactions, and leveraging ACH can help them manage payments more effectively. Explore some of the key advantages of using automated clearing house payments for your business.

Enjoy Cost Savings

As a landlord or property manager, processing paper checks for your tenants can quickly become expensive. ACH payments offer a cost-effective way to collect rent payments and security deposits. Streamlined payment processing means fewer labor costs associated with collecting and correcting renter transactions. Your business also does not have to deal with hidden fees.

Save Time

Another key advantage of using ACH is saving significant time each month. Collecting, processing and depositing rent checks can require hours of manual labor every week. ACH payments automate the fund transfer process, enabling your team to save time and energy you can spend on other essential management tasks.

Boost Cash Flow

By providing renters with convenient recurring payment options, you can enjoy a more predictable income stream and better cash flow management. Automation helps reduce administrative and transaction costs, helping your business improve profits. ACH payments also streamline debt collection efforts, making recovering overdue or returned payments faster and more effective.

Improve Tenant Relationships

Landlords and property managers can improve their relationships and reputation with their tenants by offering ACH payments. These systems provide renters with increased convenience, predictability, flexibility and security, making monthly rent transactions easier than ever. You can support improved satisfaction and a positive rental experience for your tenants.

Simplify Reconciliation

ACH payments also support easier reconciliation processes by providing the following:

  • Detailed transaction information
  • Automated recordkeeping
  • Real-time updates
  • Fewer human errors
  • Audit trails

With more accurate and accessible financial reporting through ACH transactions, you can enjoy streamlined property management processes.

Benefits of ACH Payments for Renters

In addition to benefiting landlords and property managers, ACH payments are advantageous for tenants looking to simplify how they pay their monthly rent. The following are some key perks of leveraging ACH transactions for your renters.

Cost-Effectiveness

ACH payments come with few or no processing fees for renters. These payment solutions are typically more cost-effective than other common money transfer methods, such as paper checks. Most financial banking institutions require customers to pay for physical checks, a cost that adds up over time.

ACH costs are also significantly cheaper than processing paper checks, which can be subject to a range of internal and external fees, from network processing to postage expenses.

Convenience

Making ACH payments is very convenient for your tenants. When using ACH, property managers can make it easy for tenants to set up recurring rent payments. Tracking ACH payments is also a huge benefit. Your renters don’t have to worry about a physical check getting lost in the mail or arriving late. They can view their transactions online and ensure you’ve received their money. Offering convenient, automated ACH payment options can increase the likelihood of renters making on-time payments.

Greater Security

Another advantage for renters using ACH payments is enjoying safer money transfers. The ACH system is a government-established solution and must meet strict federal regulations for online payment security.

Nacha, which is the organization that oversees the ACH network, offers additional risk management services to protect these digital transactions and combat fraud.

Flexibility

Today’s renters want flexibility. Making ACH payments allows them to schedule their payments in advance and leverage automatic recurring charges, giving them greater control over their finances and peace of mind. Your tenants will also appreciate being able to pay via the methods most conducive to them and their preferences.

Fewer Errors

Human error can complicate rent payments. Whether they accidentally enter the wrong account number or payment amount as they complete their monthly rent transactions, a minor mistake can lead to late fees and headaches. An ACH payment solution lets them enter and authorize their banking information once, ensuring accuracy. Then, they can rely on automation to facilitate correct, on-time payments.

How to Set up ACH Payments for Rent

The best way to set up ACH payments for renters is to work with a trusted payments provider, like CSG Forte. We have extensive experience in the property management industry, and our platform makes accepting ACH payments from your tenants simple. We understand the importance of receiving rent payments on time to protect your bottom line.

CSG Forte will improve your payment processing and deliver outstanding data privacy and security, so you can feel good knowing your renters’ information is safe. We’ll help you streamline your administrative processes while reducing late payments and fraud.

Contact CSG Forte to See Our ACH Platform in Action

Property managers and landlords can easily capitalize on ACH payment processing with CSG Forte.

Give your tenants an easy, secure way to pay their rent and receive your payments on time every month. Our platform makes tracking funds and managing transfer confirmations simple. It offers access to over 20 banking institutions and enables same-day payment options for remarkable convenience for you and your renters.

Are you interested in learning more about our one-stop shop for payment processing? Contact CSG Forte to get started today.

What’s a Payment Channel?

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Today’s consumers have tons of options when paying for goods and services. From pulling out cash to quickly tapping a phone or credit card near a terminal, payment methods have expanded to include an array of choices, each with its own perks and drawbacks. Offering these different methods of payment—also known as channels—creates benefits for businesses and customers. Before you set them up, you’ll need to know the difference between channels and how to implement them in your organization.

What Is a Payment Channel?

A payment channel is any way a customer might make a payment or anywhere that you, a merchant, might accept a payment. A payment channel includes a payment method, such as a debit card or a bank account, and the technical infrastructure that allows businesses and financial institutions to verify transactions and send funds. The infrastructure might include steps like securely sending card information entered into a website or checking the transaction for potential fraud.

Retail channels are a similar yet distinct concept. Retail channels cover different ways people can shop, like brick-and-mortar stores, catalogs and online shopping sites. Payment channels are generally related to these retail channels but are more specific to how people make payments. They correlate to retail channels but leave some room for overlap.

For example, at a brick-and-mortar retail channel, you might process payments on a physical point-of-sale (POS) system—a cash register—as well as on smartphones or tablets within the store. Your catalog might accept payments by phone but also integrate into an omnichannel approach. Customers could walk into your brick-and-mortar store to pay at the POS, or they could shop the catalog online and pay via online checkout.

Payment and retail channels closely relate to each other. Since you definitely want to create a cohesive, omnichannel experience, it’s essential to consider what payment channels you might implement. Some of the most popular options include:

Physical POS Systems

Most brick-and-mortar stores have a POS of some kind. These systems allow businesses to take in-person payments such as credit and debit cards, cash and checks. A physical POS can use more traditional technologies as a standalone system, but mobile POS systems are also common. A mobile POS uses devices such as smartphones and tablets to process payments, often with attached card readers. This option works well for businesses looking for easy-to-implement tech or for those on the move, such as field service providers.

Phone and Interactive Voice Response (IVR) Payments

Payments made over the phone can come in one of two varieties. The traditional approach involves talking to an agent to communicate payment details and share card information. An alternative to these contact center payments is to use IVR to walk customers through the process without needing to talk to an agent. The customer can enter specific numbers or say certain words to make the payment. Both methods are popular with service businesses and recurring payments.

Online Checkout Solutions

Online checkouts can come in many forms for everything from e-commerce and subscription services to rent and utility bills. They might integrate features for managing shopping carts, storing the customer’s information for next time or setting up automatic payments. Supported payment methods might include credit and debit cards and Automated Clearing House (ACH) transactions. ACH is the system used to electronically transfer funds between bank accounts and process electronic checks in the United States.

Contactless Payments

Many cards now have integrated chips with near-field communication (NFC) technology. A compatible POS system allows customers to tap their credit or debit card to make payments. Digital wallets like PayPal and Apple Pay can also use NFC technology to facilitate card payments and bank transfers. You’ll find these wallets integrated with online checkouts and supported by physical POS systems, which can collect payment data wirelessly from a user’s smartphone or watch.

The Benefits of Multiple Payment Channels

In a competitive landscape, offering convenience and choice can make a big difference in where your customers shop. Credit cards and debit cards are by far the most popular payment methods at the point of sale, but analysts expect digital wallets to become much more common. However, payment preferences can vary widely by industry, geography, customer demographics and other characteristics.

By offering a range of options, businesses and their customers can reap several benefits, including:

A Better Customer Experience

With more choices, customers can make payments how they want. These methods often come with unique advantages. Cash doesn’t have any processing requirements or fees, while credit cards can offer rewards and fraud protection. Online or over-the-phone payments are convenient and fast.

With multiple options, customers can pick the right one for their situation. From a business perspective, a better customer experience from payment channels can make it more likely someone will make a purchase with you or reduce the liklihood that their payment will be late.

More Sales Opportunities

Different payment channels can create new sales opportunities. Taking online payments can help a local shop reach customers worldwide, while a POS could help a storefront business take payments from customers who don’t typically carry cash.

Flexible payment options can also help customers make payments on time, allowing businesses to maintain steady cash flow.

Additional Features

Some payment channels support useful features. For example, online checkout systems can help customers set up automatic recurring payments, which you can’t do with cash payments. Online checkouts also offer branding opportunities. You could even create email or SMS text message payment channels by including a link to an online payment platform in emails and SMS text notifications.

Payment Channel Security and Compliance Considerations

Protecting customer information and meeting regulations is crucial for any organization collecting payments. Most payment channels use different technological infrastructures, so you’ll need to pay attention to security and compliance requirements. Make sure your solutions follow best practices for technology standards and protocols, like end-to-end encryption, tokenization and fraud prevention methods.

Depending on your industry and the payment channels you use, look for solutions that meet the Payment Card Industry (PCI) Data Security Standard (DSS) and the Health Insurance Portability and Accountability Act (HIPAA). Working with a member of the Nacha Preferred Partner Program can help ensure security with ACH transactions, too.

How to Set up Multiple Payment Channels

Setting up multiple payment channels might sound complex, but a merchant service provider and a unified payment platform simplify the process. Here at CSG Forte, we use the Dex Payments Platform, a comprehensive solution for payment processing. Dex integrates with various online, in-person and phone payment systems for simplified management and various tools to meet customer needs.

Your team can integrate this highly customizable platform with application programming interfaces (APIs), or you can work with our experienced team to implement channels for your business. We can also help with hardware requirements.

CSG Forte offers full payment processing support for the following channels:

  • Physical POS: We can help build a physical POS solution and supply the tech, including card readers and our Virtual Terminal that turns existing computers into instant workstations. Our POS systems are PCI-validated with point-to-point encryption for extensive security.
  • Phone/IVR: Our phone and IVR services come with your own toll-free number and script-building assistance. Touch-tone and speech-recognition technology can help you build a great customer experience. We also have solutions to streamline and secure payments received through your contact center.
  • Online payments: Our robust online checkout solution is smart, speedy and stocked with options. Accept credit and debit cards and ACH payments, and allow customers to pay through your app or other platforms through robust APIs.

You can accept both credit cards and electronic checks on any of these channels, and each channel comes with our cloud-based Virtual Terminal for transaction management and our powerful payment gateway services. All of the reports funnel into the Virtual Terminal, so you don’t have to worry about piecing things together on your own.

These payment channels don’t necessarily have to correlate only to retail, as well. For example, government agencies could implement online payments to accept taxes on the web and leverage a POS system for in-office payment collection.

Payment Channel Solutions for Your Business

Whatever your industry, diverse payment channels can transform your approach. Expand options for your customers and your business with simplified payment processing. And what’s easier than setting up all of your channels with one company? Get started with CSG Forte today. Give us a call at 866-290-5400 to see what we can do for you.

Working with a Payment Gateway

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A payment gateway is a system that merchants use to accept credit and debit payments. The gateway creates a juncture between two important channels where money travels—one end of the gateway is the merchant, while the consumer’s bank awaits on the other side. The various elements that comprise a gateway are there to ensure the transaction’s security.

At CSG Forte, we develop payment processing platforms that operate as a robust gateway. Our custom payment processing solutions protect businesses across multiple industries while facilitating efficient transactions.

Payment Processors vs. Payment Gateways

A payment gateway exists in front of a payment processor, which is a financial institution or system that accepts the payments customers submit to your business. Your business’s payment processor may be a part of its merchant account, or you can outsource payment processing.

Financial information travels through the payment gateway before it reaches the payment processor. The gateway verifies and encrypts the information before it travels to your merchant account. It will deny fraudulent or invalid payment information. Payment gateways are especially important when processing e-commerce transactions because they offer powerful identification and verification capabilities.

Key Components of a Payment Gateway

A payment gateway should include these functionalities:

  • Payment data authentication: The gateway analyzes incoming data to verify its legitimacy.
  • Encryption: The gateway encrypts the customer’s payment information for processing.
  • Payment processor integration: The gateway allows the seamless transfer of encrypted financial data to the payment processor.
  • Financial settlement: The gateway also delivers encrypted data to the business’s bank for settlement.

Developing a payment gateway is a complex process. It must integrate numerous capabilities and security measures, including the following.

Infrastructure Development

The gateway’s infrastructure lays the groundwork for its immediate functionality and its longevity. The infrastructure begins with a server, which must be capable of withstanding your business’s traffic. Choosing a third-party gateway server can help you meet current needs and scale as traffic changes.

Data Security Measures

Your gateway must contain robust security measures, beginning with encryption protocols. Encryption is the process of converting financial data into a unique code that only devices on your server are authorized to decipher.

Tokenization is another form of data security. Under tokenization, the security system replaces each piece of financial data—such as a credit card number—with a discrete, secure token. Your gateway’s security system will be able to convert each token back into its original format.

Payment gateways also include fraud detection measures to protect your customers and reduce the risk of your business losing money to chargebacks. Your gateway will analyze data and user behavior to detect fraudulent purchases.

All gateway data security measures must meet Payment Card Industry Data Security Standards (PCI DSS) standards.

Integration With a Payment Processor

Your gateway must integrate with your current payment processor—or you must choose a processor compatible with your gateway. After selecting a processor, you can integrate it with your gateway by obtaining the processor’s Application Programming Interface (API) key. Your gateway will also need a separate API key that catalyzes the transfer of customer data.

Compliance and Regulatory Considerations

As you integrate payment gateways, it’s important to remain aware of certain regulatory considerations. Follow global, national and regional laws along with PCI DSS standards.

PCI DSS establishes 12 security standards for merchants to follow when collecting credit card or debit card information. Compliance requires diligence and constant effort, as it is ongoing and varies with your business’s size. PCI DSS compliance is key when reducing risks derived from cyber threats that can impact your company’s financials and reputation.

The following steps are part of PCI DSS requirements:

  1. Use and maintain a firewall
  2. Protect stored cardholder data
  3. Update default passwords and security measures
  4. Use and update antivirus software
  5. Encrypt cardholder data when transmitting it
  6. Keep data on a need-to-use basis
  7. Develop and implement security processes and systems
  8. Routinely check security systems
  9. Create and maintain an information security policy
  10. Implement user IDs for everyone with computer access
  11. Monitor and restrict access to cardholder data
  12. Track who accesses cardholder data and networks

References to PCI DSS are included as a general guide. Complying with PCI DSS would require due diligence and analysis about your scope and specific requirements. Find additional information here.

The Benefits of Using a Payment Gateway

A payment gateway can offer numerous advantages for your business, especially when you partner with an experienced developer. Core advantages include:

  • Improved user experience: Payment gateways provide security alongside seamless payments. Consumers will appreciate the ease of using your online store and peace of mind knowing their data is safe.
  • Bolstered security: A payment gateway offers the strong security that comes with fraud detection and data encryption or tokenization. Your customers’ data will remain secure, and your business will mitigate chargebacks.
  • Expedited payment processing: Payment gateways automate processes for peak efficiency. Customers will enjoy faster checkouts while your business receives its revenue sooner.
  • Enhanced scalability: Implementing a payment gateway will back your business with the security infrastructure it needs to expand into new territories domestically and abroad.

CSG Forte’s Payment Gateway Solution

At CSG Forte, we offer a versatile payment system that facilitates the efficient, secure transfer of financial data from your customer to your merchant account. Our system features a payment gateway with the full range of features your business needs to maximize data security. It offers:

  • Robust security protocols
  • Seamless integration with leading payment processors
  • Compliance assurance
  • User-friendly dashboard and reporting

Why Choose CSG Forte Over Building Your Own Payment Gateway?

Our experience and diligence set us apart as a reliable source of payment gateway solutions. We distinguish ourselves through our:

  • Time and resource efficiency
  • Proven track record and expertise
  • Ongoing support and maintenance
  • Competitive pricing models

At CSG Forte, we have a broad range of experience tailoring payment gateways to businesses’ unique needs. We can develop a gateway that integrates with your processes and facilitates a smooth customer experience. Feel free to contact us online for more on our payment gateway solutions.

Understanding Multichannel Payments

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Today, customers use multiple channels to engage, transact, and pay bills. A McKinsey study found that 82% of Americans use digital payments. These digital payments encompass browser-based or in-app payments, in-store checkouts using mobile devices or QR codes, and person-to-person payments (P2Ps).

Customers appreciate the convenience and ability to make payments in multiple ways when transacting. They also expect seamless, personalized experiences from your business. Providing multichannel payment options is one way you can meet their needs.

What Are Multichannel Payments?

Multichannel payment processing refers to the ability to accept customer payments across various channels. It offers your customers the freedom and flexibility to make payments using their preferred methods and platforms, whether that means paying in-store, on a mobile app, over the phone, or online. Multichannel payments provide your customers with a consistent, streamlined experience while making things easy for you to manage with one synergized vendor and solution.

Efficient multichannel payment processing also makes it easy to track customer behavior, preferences, and purchase history across various channels. With that info, you can deliver better customer service, marketing, and overall experiences.

How Do Multichannel Payments Work?

Multichannel payments offer a convenient experience no matter the path your customers choose. A customer may use your services or purchase your products and want to transact in a unique way. With a multichannel payment solution, you can make the switch between channels seamless.

Your customers can pay on their preferred channel—email, text, interactive voice response (IVR) or via a live agent—and switch at any point. You can simplify the payment process for your customers and merchants while keeping interactions personalized.

Multichannel payments link all your touchpoints through an integrated platform, making payments highly personalized and focused on your customer’s preferences.

What Are Multichannel Payment Processing Channels?

Typical multichannel payment processing channels include phone, in-person, email, and text.

1. Phone Payments

Pay-by-phone IVR solutions enable you to accept payments 24/7. Leverage innovative speech-recognition and touch-tone technology to empower customers to make rapid payments using self-service capabilities.

Your customers can connect to your system at any time from any phone, following prompts to complete transactions. IVR payment methods provide frictionless payments and shorten your collection time. The self-service functionality will free your staff to focus on more urgent matters.

2. In-Person Payments

Speed up in-person payment processing with advanced contactless payment technology that makes point-of-sale (POS) purchases a breeze. Digital bill payment methods will continue to grow, but in-person transactions are still the preferred pay point for many consumers.

A contactless system enhances the offline payment experience, helping customers pay bills securely and efficiently while on the go. You can opt to integrate award-winning POS solutions with your current system or use the enterprise-grade POS terminals as standalone devices.

3. Email Payments

Leverage email payment link technology to streamline billing for your customers. To accept payments through this channel, you need a trusted payment services provider (PSP) to set up a secure system that enables you to send customers a safe email link. This email link will take customers to an encrypted hosted page or NanoSite where they can make payments online. The link will also work when sent via text or through social media.

You can accept email payments even if your business doesn’t have a website. Email payment processing is versatile and quick. It removes barriers to sale and reduces late payments by supporting them via multiple methods, including:

  • E-wallets
  • Credit cards
  • Debit cards

4. Text Payments

Pay-by-text capabilities enable customers to make payments via SMS and MMS. When a customer initiates a bill payment, they’ll receive a message with a secure link. This encrypted link will take the customer to a secure gateway or NanoSite to complete the transaction, offering a seamless payment solution.

Text payments are opt-in services that help customers conveniently pay when you message them, reducing your past-due payments.

What Is a Multichannel Payment Platform?

A multichannel payment platform helps you manage multiple types of payments in one place. CSG Forte Engage provides secure, frictionless payment methods, allowing your customers to pay using their preferred channel anytime. This integrated platform offers:

  • Multichannel payments: Give your customers the power to pay at multiple touchpoints and via email, text, IVR, or live agents—with the option to switch throughout the payment process seamlessly. Enable customers to select payment options like autopay for recurring fees or installment payments.
  • Secure payment options: The live agent assist feature allows your contact center staff to create online invoices and send them directly to customers. With cutting-edge NanoSite technology, clients can securely complete transactions without sharing banking details or credit card information across multiple channels. This approach reduces the risk of sensitive information leaking.
  • Customized payment journeys: Rapidly deploy personalized payment journeys for your customers. Branded payment journeys can be activated for one-time, recurring, or future-date payments. You can send invoices with payment prompts, confirmations, or late payment notifications to a customer’s channel of choice.

The Benefits of Our Multichannel Payment Platform

Innovative multichannel payments offer your business several advantages. When you leverage our platform for multichannel payments, you can benefit from:

  • Fast implementation: Advanced solutions enable low-to-no coding, meaning integration takes days, not months.
  • Convenient automation: Multichannel payments reduce repetitive tasks through automation while still providing highly personalized customer experiences.
  • Secure transactions: Custom payment pages or NanoSites allow customers to transact with your business quickly and securely, reducing late payments.
  • High adoption rates: Multichannel payments increase self-service capabilities and encourage the adoption of digital payments, minimizing the costs associated with some offline payments.
  • Seamless testing: Your business can leverage multichannel payment capabilities to split-test elements of the payment journey. See what best works for your customers and use it to enhance their experience.

Partner With CSG Forte for Secure Multichannel Payments

At CSG Forte, we leverage decades of experience to help your business scale payments and grow with smart, unified payment solutions. Our payment platform is designed to meet your ever-changing needs and customer preferences.

Want to learn more about how we can help you simplify and scale your multichannel payment capabilities? Get started by connecting with our team online.

Optimize the Payment Journey for Your Customers

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Customer payment experiences have evolved in recent years. Digital payments are leading the pack, providing multiple ways for users to transact with businesses. By optimizing the payment journey for your customers, you can enhance their experiences and reduce late payments.

What Is the Payment Journey?

The payment journey is the path customers take when buying a product or service from your organization. The journey extends from the consumer engaging with your company about what they want to the steps they take to pay for the solutions you deliver. You want billing, invoicing, and transactions to be hassle-free from start to finish, removing barriers and making payments seamless and personalized for your customers and merchants.

The goal of a streamlined payment journey is to replace any friction in the process with solutions that provide convenience and choice.

How to Improve the Payment Journey

Enhancing the payment journey leads to better user experiences and increased customer satisfaction. A happy customer is likely to return and advocate for your brand. Here are four ways you can improve the payment journey.

1. Accept Multiple Forms of Payment

You can optimize the payment journey and meet customers where they are by allowing multiple payment methods, including credit cards, digital wallets, or bank transfers. The more options you provide, the fewer reasons customers will have to postpone payment.

2. Provide Recurring Billing Options

Subscription or recurring billing provides:

  • Consistent revenue: Recurring billing gives your business a predictable revenue stream. Regular payments increase business stability and cash flow. Using systems like CSG Forte Account Updater automatically updates account info so you rarely miss payments and can focus on steady revenue recognition.
  • Convenience for customers: Subscription services streamline payment for customers. Your customers won’t have to complete payments manually, saving them time and effort. Convenience enhances the customer experience and increases brand loyalty.
  • Efficient operations: Recurring billing reduces your team’s administrative workload. Instead of manual interventions, you get automated solutions that optimize your processes and enable you to focus on more impactful tasks.

Securely gathering and storing sensitive information is key to benefit from recurring billing. Using an encrypted platform will help you manage data effectively and make cancellation easy for customers.

3. Offer Multiple Channels to Pay

To improve your payment journey, you must allow customers to select their preferred channels to pay. The seamless transition between channels makes for frictionless payments. It also lets customers choose how they interact with your business. A multichannel payment platform will allow your customers and merchants to use email, phone, in-person, text, or live agent channels to pay bills and complete transactions.

4. Let Customers Buy Now and Pay Later

Merchants are increasingly adopting buy-now-pay-later (BNPL) models. Offering the option to pay in installments may:

  • Improve conversion rates: BNPL lets your customers bypass full upfront costs. Smaller installment payments lower the financial barrier to transactions, leaving customers more likely to make impulse purchases that raise your conversion rates.
  • Attract new customers: The ability to pay in installments can make purchasing an easier choice for new customers who might be put off by prices initially. BNPL also offers an alternative method to credit cards, which may be a plus for some consumers.
  • Increase customer loyalty and repeat purchases: Customers with a positive experience of your BNPL services are more likely to make repeat purchases and advocate for your business, driving word-of-mouth referrals.
  • Reduce cart abandonment: Customers abandoning their carts is a serious problem e-commerce businesses face. BNPL alleviates cart abandonment due to financial barriers, giving shoppers more time to complete their purchases.

The Benefits of Frictionless Payments

An integrated payment system is an investment in your business. Modern customers expect seamless payment experiences, and they might turn to a competitor if they find paying bills or completing transactions out of sync with their preferences.

A seamless payment journey and system has several benefits, including:

  • Saving your business money and time in the long run
  • Increasing customer loyalty and confidence
  • Reducing risks associated with payments
  • Maximizing the probability of repeat purchases and on-time payments
  • Offering flexibility in terms of payment channels
  • Enhancing your payment security features
  • Giving your business a competitive edge in the market

How CSG Forte Will Help You

CSG Forte has decades of experience helping businesses like yours optimize the payment journey. We know how to do payments right, and we’ll come alongside your business to streamline the process for your customers.

Take advantage of multichannel payments, customized journeys and secure solutions to help your business succeed.

Multichannel Payments

CSG Forte Engage enables your customers to choose their preferred channels during the payment journey. Customers can pay by text, phone, email or through a live agent and change their method seamlessly as needed.

Customized Payment Journeys

Forte Engage assists your business in deploying branded customer payment journeys for recurring, future-dated and one-time payments.

You can easily send customers invoices with confirmations, late notifications and payment-due prompts via their preferred channels. These highly personalized interactions can help reduce outstanding amounts that are past due.

Secure Payments

Through the call center payment processing feature of the Forte Engage solution, live agents can rapidly generate personalized invoices and send them to customers online.

The agents leverage innovative NanoSite technology to complete transactions without your customers needing to provide their credit card or bank account info. These secure NanoSites mean you won’t have to worry about data leaking. You’ll also benefit from a solution that offers prompt payments—a win-win.

Enhance Your Payment Customer Experience With CSG Forte

At CSG Forte, we partner with businesses to help them scale while offering superior customer experiences. We use an intuitive, unified payment platform that adapts to your evolving needs. Our payment solutions will reduce operational costs, simplify processes and help your business build a solid reputation for secure transactions.

With our decades of experience, award-winning technology and vast network of partners, you can count on us to streamline your payment journeys and enhance your interactions with customers.

Contact our team for frictionless payments, optimized journeys and first-rate customer experiences.

Transact With Customers Using Email Payments

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When you want to grow your business and streamline operations, eliminating barriers in the payment experience is key. That means opening new and convenient avenues for payment. Email payments are an option that makes purchases easy for customers while relieving your team of the labor-intensive admin of manual invoicing.

What Is an Email Payment Link?

An email payment link is a clickable button or text-based link embedded in an email you send to customers. The link directs your customers to a secure payment page or portal hosted by a trusted payment service provider (PSP).

A payment email typically contains order details or an invoice, a personalized message and a link to make the payment. Once the user opens the payment link and navigates to the secure page, they can pay using their preferred method.

Sending email payment links is ideal if you want to accept payments from anywhere, even when you don’t have a point-of-sale device on hand.

Can Your Business Benefit From Payment Notifications Through Email?

Any business can benefit from invoicing customers using email payment links—including small businesses. Email links are especially convenient for e-commerce stores and wholesalers that accept frequent B2B payments. Email is often the preferred method of communication between businesses, so leveraging this platform is ideal for prompt payment.

Other businesses that can benefit from leveraging email technology to request payments include:

  • Legal offices
  • Restaurants
  • Taxi services
  • Gyms
  • Hairdressers
  • Salons

You can set expiration dates and hold funds for a future date, so email links are suitable for reservations. You don’t even need a website to offer payment via email, making it a truly accessible option for any business.

What Are the Advantages of the Email Payment Method?

Sending links to personalized payment pages via email is beneficial for multiple reasons:

  • Optimizing workflow: Email payments remove manual processes and errors by instantly generating and sending customer invoices. You can request payment rapidly and focus your energy on other aspects of business.
  • Improving customer experience (CX): Email payment links enhance CX through customized messaging and ease of use. Customers also appreciate having multiple payment options from their preferred device. Your customers can access links via their PC or smartphone, navigate to the secure page, and choose whether to pay by credit card, bank transfer or digital wallet.
  • Building trust and loyalty: By staying up to date with the latest technologies, enhancing payment security features and offering clients the gift of choice, you can build customer loyalty and trust.
  • Customizing payment journeys: With email links, you can quickly deploy personalized and branded payment journeys for recurring, future-dated or one-time payments. You can leverage your payments platform to send custom invoices with confirmations, late notifications and payment reminders directly to your customers’ inboxes.
  • Reducing operational costs: With email payment links, you don’t need point of sale (POS) systems—and you don’t need to pay the costs associated with them.
  • Protecting sensitive data: By using a secure payment platform, like CSG Forte Engage, you are safeguarding customer data and protecting against data leaks.
  • Supporting multiple methods: Your business is not restricted to a specific payment method. Email payment links support credit and debit cards, ACH payments and digital wallets like Google Pay and Apple Pay.
  • Increasing conversion rates: Email links make paying simple for customers. That convenience translates to a boost in conversion rates, overall revenue and customer satisfaction.

Choosing a Trusted Payment Email Provider

Many payment service providers (PSPs) offer payment link services enabling you to request payment via email, text or social media. Not all service providers are equal in the level of service, security and personalization they offer your business. You need a partner that comes alongside you to enhance your customer payment experience and increase on-time payments.

Here are a few questions to keep in mind to ensure you select a trusted provider:

  • Can you support multiple payment methods?
  • Can you use the payment link feature even if you don’t have a website?
  • Can you customize your payment landing page with your branding and colors?
  • Can you manually capture and adjust payments at a future date?
  • Is the PSP Payment Card Industry (PCI) compliant?
  • Is the PSP team willing to help you and answer questions?

Leverage the Benefits of Email Payments With CSG Forte

CSG Forte is a trusted partner with decades of experience. You and your customers can benefit from frictionless payment processes through our CSG Forte Engage solution.

Our platform supports customized, secure, flexible payments through multiple channels, so you can give customers a first-rate experience.

Streamline your payment processes by connecting with our team today.

Payment Experience

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Customers today have more options than ever before when making payments. They can use cash, paper checks, credit cards or digital payment methods. One way to set your company apart is to provide an exceptional payment experience.

What Is a Payment Experience?

The payment experience is part of the customer’s journey. It refers to the process of paying for a purchase and the ease or difficulty a customer experiences while paying.

Payment experience consists of several components:

  • Payment methods your company accepts
  • Option of storing payment preferences and information for future purchases
  • Ability to automate payments
  • Security and trustworthiness of payments
  • Notifying users of due dates and completed payments

Why Optimize the Payment Experience?

You’re shopping online, adding products to your cart. You hit checkout and are taken to the screen where you put in your payment information and other details.

You scroll to the list of payment options, looking for the one that suits you best. The merchant only accepts credit card payments, but you’ve left your physical wallet in another room. You have your payment information stored on your digital wallet, but that’s not an option now.

You could walk into the other room and grab your credit card. But, if you’re like many people, you probably just abandon your cart, figuring you’ll finish your purchase later.

Similar situations happen frequently, so it’s critical for merchants to create a frictionless payment experience. Other reasons to optimize the payment experience include:

  • Increased security and trust: Today’s shoppers are usually wary about who they give their payment information to. Security and trust are essential components of the payment experience. Your online store should explain security measures in place to keep that information secret.
  • Higher customer satisfaction: If people look back on their shopping experience and remember having to scramble to find a card or having difficulty inputting their information, they will be less satisfied with their overall experience. If they have a smooth payment experience, they’ll feel happier overall and more likely to make another future purchase.
  • Fewer late payments or abandoned carts: People abandon their carts or make payments late when it’s difficult to pay. Accepting automatic payments and storing payment information for repeat shopping trips makes people more likely to pay on time or complete their purchases.
  • Faster payments: A smooth payment experience is good news for merchants, as it can mean your company receives payments for products or services faster.
  • More repeat customers: The more payment methods your company accepts and the more streamlined the checkout process is, the more likely your customers will be to return and reuse your services.

How to Create a Seamless Payment Experience

Follow these steps to create a seamless payment experience for your customers:

  • Accept multiple payment options: Don’t turn customers away at the door. Accept the payment options your customers are looking for.
  • Allow for autopay: Give customers the option of setting it and forgetting it, particularly for recurring charges or bills due each month. It’s more convenient and can reduce late or completely missed payments.
  • Enable customer choice: Credit cards can expire, and accounts can get closed. A card may be near its limit one month but not the next. Give your customers the option of switching between payment methods as needed.
  • Multichannel payment options: Choose a payment solution that lets you accept multiple forms of payment across channels. CSG Forte Engage accepts payments through SMS, phone, online and Interactive Voice Response (IVR) to ensure ease of service for every user.

Payment Experience Case Studies

Companies that have switched to an all-in-one payment solution have seen the benefit of a frictionless payment experience. For example:

  • After adopting text and email messaging for past-due payments, a financial firm saw an $8 million boost in revenue.
  • After adding digital payment options, a security firm saw an 85% drop in payment arrears in one month.

Choose CSG Forte

Modernize the payment experience for every customer with CSG Forte Engage, our payer engagement platform. A seamless payment experience will encourage your customers to shop more often and make an impeccable first impression on new users. Contact us to streamline your payment processes today.