One of the make-or-break issues that can have a major impact on customer satisfaction is how security system providers handle automated payments.
Consumers enjoy the convenience of automated payments and renewals, but service providers need to keep in touch to maintain strong relationships.
Security system providers create stability for their customers. There are a number of ways they accomplish this. The security systems themselves instill confidence by being reliable. Or they can establish back-office setups that integrate all tools into a single dashboard that allow companies to focus more of their energy on customer relationships. However, one of the make-or-break issues that can have a major impact on customer satisfaction is how security system providers automate the payment process.
Customer demand for convenience
Especially in service-based industries, such as security systems, one of the primary attributes that interests customers and they’re willing to pay for is convenience. Of course, there’s also a demand for technology required to protect their families, homes and belongings. Meanwhile, the digital revolution has enabled customers to make payments from nearly any location and at any time as long as there’s an Internet connection and a connected device. Specifically, smartphones and tablets make paying for services increasingly easy. They also enable the mentality of set-it-and-forget-it automated subscriptions.
Without question, this is optimal for both a security system service provider and most customers. The business owner can ensure cash flow on an ongoing basis, and the consumer can avoid late fees and keep their service going without having to worry about remembering the payment date. However, there are a few concerns that companies should keep in mind when developing billing and payment processing workflow that leverages automated payments.
Automated payments reduce friction in getting customers to pay on time, but they need to be handled carefully.Not all customers want to forget it
Although many consumers are happy to set up automated payments, an article for Security Sales & Integration offered a reminder that there will be some subscribers who will want to keep on top of their contractual agreements, even if it’s on a monthly basis. In some cases, it may be necessary to notify a customer if he or she is nearing the end of the contract. This will likely just be a formality to help the subscriber remember when to renew the service, but it’s important to honor each customer’s wishes. Furthermore, digital technology makes this step easier than in the past when the main option was a paper-based system that required a significant manual effort. Now, billing and payment processing can all be conducted through online portals, and notifications can be sent out digitally through email or another electronic format that ensures customers keep abreast of their service contracts. It’s not only smart customer management, but it’s also a legal matter in many states.
Equal-opportunity payment processing
According to a recent article for Small Business Trends, many companies make the mistake of partnering with a payment processor that only accepts a limited number of payment types. By giving customers a variety of options to pay for their services, you’re increasing the likelihood that they’ll pay on time and continue paying. Working with a billing service provider, the security services company also doesn’t have to worry about complying with Payment Card Industry (PCI) regulations because the billing software normally takes care of virtually all of that risk.
With this in mind, it’s critical for security systems service providers to work with alarm billing software that not only allows for automated payments, but also reduces most of the back-office workload related to payment processing.