A long time ago we used to pay in cash only. Credit cards, virtual money – all of this, was something we couldn’t even imagine. Nowadays, the use of cash is rapidly decreasing. We can pay with our cards without even the need for contact. We can do the same with our phones as well. Just by placing it close to the POS terminal and – voilà – it’s paid!
With internet banking and the possibility to pay directly from the banking app on your phone, things have progressed even more. But the best thing actually is the possibility to pay in chat while having a conversation with your favorite brand using the so-called conversational payments.
But what exactly are conversational payments, what are the benefits, and should companies consider adopting them for their conversational channels? Let’s figure this out together!
What Are Conversational Payments?
Conversational payments are payments that are made during a chat/messaging conversation. The payment usually happens in live chat software or in a messaging app with the help of a payment provider. So the conversational provider and the payment provider work together to ease the customers in their buying process.
With it, each customer has the possibility to purchase any of your products or services directly while being on chat. While customers are talking to you, trying to make sure this is the right choice for them, they can actually proceed with the payment with your help.
This happens with direct payment links sent to the customer by the agent. It can feel like a real face-to-face experience for the customer. They go to the store, choose the product, pay for it, and leave happy with their purchase. Only this time, all of this happens in the convenience of their hands.
With conversational payments, businesses can approve, receive and send out payments directly in the chat. Yes, you read it right – send out payments as well! Not only can customers pay for products and services, but you can also issue refunds or other payments to them right on spot.
Benefits of Conversational Payments
Conversational payments are a very innovative way of enhancing customer experience and satisfaction. To be able to pay in the chat is an amazing option for both sides and this is why:
It Is Fast
The customer will no longer need to go to another place – website, app, etc. if they want to make a purchase. The agent on chat will send them a link that will directly lead them to where they need to be to proceed with the purchase. This saves a lot of time and energy for the customer and they will surely highly appreciate it.
It Is Safe
The payments made through a messaging app remain just as safe. The customers are sent to a page where they still need to go through the usual verification processes their banks and providers need. Only the road leading there is much shorter than usual.
One of the amazing benefits of conversational payments is the possibility for much easier up-selling. The agent can not only actively offer additional products and services to the customer they have on chat. But also, they are able to see the result right in front of their eyes by leading the buying process to its end.
Reach the End of the Funnel
Once the customer decides what they want to purchase, the agent just sends them the link for the payment and the customer proceeds with it. This is a great win-win situation.
With conversational payments, the agent will make sure that the customer went through the whole sales funnel. As the purchase is usually the final part, the agents will make sure the customer successfully reached the sales goal, while being in the chat with them.
Variety of Payment Methods Available
Even if the usage of conversational payment is not that wide-spread yet, customers are able to pay with it, using many different payment methods. This is a very big advantage as people around the world are using different methods of payment. Being able to provide your customers with the convenience of their most-used payment method, will make them choose you among your competitors.
Should Businesses Adopt It?
Just like with the question ‘do I need live chat?’, the answer is unequivocal yes! In the same way, you need to be where your customers are, you need to make sure you provide them with the most convenient services. And the possibility to pay in the chat is definitely one of them! Once they see how easy it is for them to have to pay in chat, they will not want to have it any other way.
Being able to provide this service to your customers will highly increase customer satisfaction and the overall customer experience. You will be able to be there for your customers through their whole journey. Customers will love that and will expect to have this feature available to them everywhere.
Make sure you have what your customers demand and adopt it right away!