Tag: payment acceptance

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.

What Are Electronic Payments and How Can They Help Your Business?

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Imagine. You want to purchase a doughnut at the local bakery, but instead of handing over your credit card, you reach into your pocket and pull out a few grains you picked on your farm earlier that day. After all, the baker can use the grains to make more dough. Seems crazy, right? However, the barter system was a cornerstone of transactions in our early history. Lucky for us, advances in payment acceptance mean you no longer are tied to your farm (in fact, you don’t even need to have a farm nowadays). But the biggest advance in payment acceptance isn’t particularly tangible. Why? Electronic payments. The invention of electronic payments makes receiving and making payments online, via mobile and at the point of sale a whole lot simpler.

 

What Are Electronic Payment Systems?

Electronic payments are any payment completed through an electronic medium. These methods include credit and debit cards, ACH payments and virtual cards. These electronic methods replace physical checks or cash, and they can occur at the point of sale or online. For example, consumers can use their virtual rewards card to pay for their coffee at the drive-through.

 

The Benefits of E-Payments

With e-payments, users can enjoy:

  • Payment ease: Many forms of e-payment allow users to pay with as little as a tap. With an easier payment process, you improve the user experience for payers and payees.
  • Reduced processing costs: Processing checks involves printing, signing and mailing, requiring manual labor and material expenses. Electronic payments eliminate these processes, saving you money on payment processing.
  • Greater visibility: With electronic payments, you can track transaction status, access financial metrics and follow audit trails for compliance needs. These tracking capabilities are often integrated into e-payment platforms, so following the status of your financials is much easier than when manually processing physical payments.
  • Improved security: Handling cash or checks can easily lead to theft or fraud. With electronic payments, you eliminate passing physical money between hands, and you can enjoy built-in encryption that protects user data during transactions.

 

Types of Electronic Payments Systems and Their Advantages

There are various types of e-payments, and they all offer unique advantages.

ACH Debit Pull

The Automated Clearing House (ACH) processes electronic transactions between bank accounts. In the case of an ACH debit pull, a payee initiates a pull of funds from a payer’s account. One of the most common examples of a debit pull is direct deposit for employees.

These debit pulls are typically low-cost, and sometimes they’re completely free. The most significant advantage of this electronic payment is it eliminates the need to collect and process checks or deposit cash.

ACH Credit Push

An ACH credit push is the opposite of a debit pull. Rather than the payee pulling the funds from the payer’s account, the payer pushes the amount out of their account and to the payee. Credit pushes are common for a range of online payments where the vendor is an established company. ACH payments often come with lower processing fees than credit cards, making them a practical option for some businesses.

Credit Cards

With a credit card, a user borrows money from their card issuer up to a certain predetermined limit. The cardholder is then responsible for paying this borrowed money back and can be charged interest for outstanding balances.

In the case of e-payments, credit cards are fast and accessible. This secure payment method is easy to use at the point of sale. With the growing use of chip payments with credit cards, every transaction has a unique code that makes it challenging to steal sensitive information.

Mobile Pay

Mobile pay relies on a mobile device, such as a smartphone, smartwatch or tablet, to complete a transaction. Many of these devices are compatible with mobile wallets that allow users to upload their card information for use at point-of-sale terminals. These terminals must have near-field communication (NFC) to receive payment information from the mobile device and accept payment.

Mobile payments can also include mobile payment platforms that use ACH payments to complete transactions. This payment type offers convenience since most people carry some kind of mobile device. Additionally, these mobile payment methods typically require authentication before completing a transaction, making them a secure electronic payment option.

 

The History of Electronic Payment Systems

Electronic payments have their roots in the 1870s, when Western Union debuted the electronic fund transfer (EFT) in 1871. Since then, people have been enamored with the idea of sending money to pay for goods and services without necessarily having to be physically present at the point of sale. Technology has been a driving factor in the development of electronic payments. Today, making a purchase is as easy as tapping a button on your smartphone. Work with streamlining payment methods has been hard-won.

From the 1870s until the late 1960s, payments underwent a slow but gradual transformation. In the 1910s, the Federal Reserve of America began using the telegraph to transfer money. In the 1950s, Diner’s Club International established itself as the first independent credit card company, soon followed by American Express. In 1959, American Express introduced the world to the first plastic card for electronic payments.

Entering the 1970s, people became more reliant on computers as part of the buying process. In 1972, the Automated Clearing House was developed to batch process large volumes of transactions. NACHA established operating rules for ACH payments just two years later.

 

The (Wide, Wide) World Wide Web

Then along came the Internet. In the 1960s, ARPANET, a precursor to the modern Web, was built as a military network to improve communication. In the 1990s, online internet banking services were offered to bank customers. Those first online payment systems were anything but user-friendly—users had to have specific encryption knowledge and use data transfer protocols.

Soon, development across the Web, and the eventual invention of Web 2.0, set the stage for online sites to participate in what’s now known as e-commerce. In 1994, Amazon, one of the pioneers of eCommerce, was founded, along with a slew of other websites that we know and love to purchase on.

Payment acceptance and securing payments have been specific challenges for e-merchants and payment processors. In the early days of electronic payment processing, you needed special equipment and software to send a payment for goods. Now, payment acceptance can be integrated into websites, mobile platforms, and at the point of sale for scalability amongst merchants big and small.

 

Keeping Your Private Data Safe

As technology changes at an increasingly rapid pace, however, keeping your data safe has been at the forefront of most merchants’ minds. It’s easy to see why. Data breaches can have long-reaching financial and systematic impacts on businesses and can damage the reputation of long-standing organizations. What’s more, breaches can also spell financial ruin for companies without the financial, legal and logistical bandwidth to weather the storms of a hack.

Regulations by both NACHA and PCI standardize how payment data is received, stored, transmitted and processed for each transaction and help reduce the likelihood of an attack. However, it’s important that payment processors who offer PCI compliance programs stay ahead of those who wish to do harm to hardworking business owners by hacking their systems.

For point-of-sale transactions, EMV-enabled (also known as “chip card”) transactions add another level of encryption to your sales when performing card-present sales. End-to-end encryption, like what CSG Forte offers, provides a level of security to your entire payment processing system from terminal to payment acceptance and beyond. When accepting payments online, SSL webpages and other methods of data encryption help ease the worry of consumers and take some of the burden off merchants to remain PCI-compliant.

 

What’s Next For Electronic Payment Systems?

According to a McKinsey study from 2020, 78% of Americans currently use at least one form of digital payment. Offering consumers more ways to efficiently pay bills and purchase the things they want should be a key objective for all modern business owners.

Hot-button technologies like cryptocurrency and blockchain could be another way payment processing gets another technological push into a new era. After all, some cryptocurrency contenders aim to revolutionize the processing time for electronic payments, and if successful, can completely change the game for the payments industry. But in the interim, new trends like PIN on Glass acceptance to allow customers to use their PIN for mobile point-of-sale transactions, as well as contactless payments, same-day ACH and advancements in payment APIs all are geared towards making payment processing simpler, faster and more efficient.

For the last century and a half, the world of electronic payments has seen several notable technological shifts. As we speed through the industrial advances that the payment industry currently faces, we will only see a payment processing scheme that is safer, faster and operates how consumers and merchants need.

 

The Benefits of E-Payments for Your Business

Your business can benefit from e-payments with the help of:

  • Improved supplier relationships: When your vendors can enjoy the ease of e-payments, they know that you value their time, security and ease of payment processing. These e-payments also include remittance data for ease of reconciliation. Many modern suppliers may come to expect e-payment options and may even turn down relationships without this convenience factor.
  • Increased customer satisfaction: Your customers will enjoy the convenience and security of e-payments as much as your vendors. When paying for products or services is easy, consumers are more likely to follow through with a purchase.
  • Reduced costs: Processing cash and checks can require hours of physical labor and expenses dedicated to stamps and mailing. Enjoy the reduced administrative overhead of e-payments.
  • Enhanced security: With encryption and unique transaction codes, e-payments are far more secure than physical cash or checks. Plus, electronic payments eliminate the risk of losing cash or checks before they get deposited.
  • Greater flexibility: If you offer various types of e-payments, consumers can pay in a way that works for them. For example, a buyer who forgot their wallet can use their mobile wallet to cover costs. This flexibility encourages more sales.

 

How Can CSG Forte Help Optimize Your Electronic Payment Systems

CSG Forte offers a comprehensive electronic payment solution that supports online, in-person and phone payments. Our payments platform supports secure, flexible payments with reliable reporting and a user-friendly interface. With recurring payment capabilities, intuitive bill presentation, point-of-sale support and trusted security practices, CSG Forte supports the success of modern businesses.

See what electronic payments can do for you, and get started with our platform today.