There are many unique or overlooked billing and payment plays providers can make to cement subscriber loyalty and win new customers. One play that should be a staple for all telecoms is self-service: customers managing their accounts, including viewing and paying bills, without staff support. A simplified billing and payment experience with multiple self-service options can help customers feel in control of their accounts and relieve the burden on your staff.
In our recent playbook, “5 Plays to Improve Billing & Payments for Telecoms: A Communications Service Provider’s Playbook for Optimized Bill Pay,” Paymentus experts share the top billing and payment plays and questions CSPs should ask their billing and payment solution providers.
Here are a few winning self-service strategies to improve your subscribers’ and team members’ billing and payment experience:
The Demand for Self-Service is Growing
From customer service to bill pay, the demand for self-service capabilities in telecommunications continues to rise. Subscribers expect a frictionless experience that is both fast and intuitive. The ability to deliver this could mean more on-time payments, evidenced by 23% of Millennials reporting they prioritize bills that are easier to pay.
Self-service can take many forms, which makes deploying a modern, comprehensive billing and payment solution a necessity. Tools like AutoPay, Pay-by-Text, and Chatbots should be considered almost table stakes.
The Power of Autopay
AutoPay may be one of the most mutually beneficial self-service offerings a telecom can deploy. For subscribers, the set-it-and-forget-it convenience is coupled with the assurance of on-time payments. Customers know their accounts will remain in good standing and don’t have to worry about remembering to pay their bills.
For telecoms, AutoPay ensures subscriber satisfaction while delivering consistent and reliable cash flow. The adoption of this digital payment channel reduces the costs associated with processing paper checks and payments by phone. Plus, it can serve as a gateway to other cost-saving digital capabilities, such as paperless eBills.
AutoPay is a popular addition to any billing and payment platform. Partnering with Paymentus enabled one leading rural telecom to expand its self-service offerings with AutoPay. After its introduction, AutoPay adoption grew 196% within a few months. Today, approximately 40% of telecom’s subscribers pay their bills using AutoPay.
Key Self-Service Billing & Payment Considerations for Telecoms
As you consider your organization’s ideal billing and payment experience, it’s important to review each subscriber touchpoint. Is it simple to use? Can it help subscribers quickly resolve their needs, or does it rely on manual intervention? Can customers self-serve digitally or by phone? These are the questions telecoms should ask themselves and their billing and payment solution providers.
Want to see the complete list of plays your organization can use to get ahead of subscriber expectations? Download your complimentary copy of 5 Plays to Improve Billing & Payments for Telecoms: A Communications Service Provider’s Playbook for Optimized Bill Pay today.
Laurie Koumoundouros, VP, Client Solutions
Paymentus
Laurie Koumoundouros is the Vice President of Client Solutions at Paymentus. With more than 20 years in the electronic payment industry, Laurie brings a deep knowledge of the current landscape, security rules and regulations, e-commerce, and technical integration protocols necessary for successful partnerships. She has spent her career consulting for Fortune 500 companies, specializing in complex billing and payment systems. She has implemented streamlined revenue collection processes and procured innovative payment solutions to help these high-volume payment centers evolve and improve.
