Modern conversational channels are becoming more important than traditional alternatives such as telephone or e-mail. This applies to consumers themselves, but also to companies that want to interact with them.
In many use cases, a payment is a logical transaction resulting from the conversation:
- Chat about invoices, partial payments, reminders, and more
- Live Chat about products, reservations, extras, and more
- Chat about starting or extending a subscription
Payment requests are the logical way to make such payments possible, allowing customers to use trusted online payment methods to authorize the pre-filled transaction – simple, error-free, and with real-time feedback.
What Are Conversational Payments?
We really live in a mobile-first environment. Our mobile phones take over both the way we communicate and the way we pay. We can now communicate and pay via our mobile devices, both by voice, text, email, apps, and online. Hence, the term “conversational payments” or “conversational commerce.”
Both communication channels and payment are increasing in popularity at a fast rate. We, as consumers, are more connected than ever before. Seventy-five percent of all consumers own a connected device other than a phone, computer, or laptop/tablet.
Amazing Benefits of Conversational Payments
Every business needs to maintain a higher cash flow to operate smoothly. Therefore, many businesses tend to accept their payments conversationally. Conversational payment systems can help businesses save time and money. Conversational payments allow you to process your payments quickly.
- Immediate Payment
Conversational payments are much faster than traditional payment methods such as cash or cheques. In the case of online payments, you have no time or location restrictions. You can make payments anytime, anywhere in the world.
Now your customers no longer have to queue in front of banks, but can pay comfortably with a conversational payment system.
- Easier To Sell
One of the amazing advantages of conversational payments is the possibility of a much easier upselling. The agent can not only actively offer additional products and services to the customer he has in the chat but also sees the result directly in front of his eyes by completing the purchase process.
- Reaching The End of The Funnel
Once the customer decides what they want to buy, the agent simply sends them the link for payment, and the customer continues with it. This is a great win-win situation.
In conversation payments, the agent ensures that the customer has gone through the entire sales funnel. Since the purchase is usually the last part, the agents ensure that the customer has successfully achieved their sales goal while talking to them.