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How Companies Can Boost Business By Using Pay By Text Virtual Terminals For ‘Buy Here, Pay Here’ Payment Collection

With a large number of credit unions and banks offering drive-through-only facilities to their customers, in-bound phone calls have boomed – creating a strain on customer service resources, and frustration for customers alike. To add to this, due to the current unprecedented economic climate, loan delinquency rates have been through the roof for many credit unions. 

By using a Pay By Text Virtual Terminal, though, companies can access a simple solution for both of these problems.

With a Pay By Text Virtual Terminal, credit unions and banks are able to communicate with their customers without any physical or face-to-face contact. Your customer service representatives are able to text your members via their Virtual Terminal, with your customers being able to text back directly from their smartphones. With text messages having 98% open rates, you’re almost sure to reach your customers with the information they need to make payment. 

So How Does It Work? 

With your Pay By Text Virtual Terminal, a member of your customer service team can log in, via a secure website, to a dashboard that operates as the control center for 2-way communication with your customers. Your credit union is able to plug their text number as a resource for customer service, and when your customers text in with issues, your reps are able to use canned responses and FAQs to quickly answer with personalized answers. 

Member details are quickly available to pull up their information. If credit unions then need to contact the customer, say for payment collection, they can quickly create an outbound text alerting your customer of their loan delinquency, and sending them a ready-made invoice.

Then, your member is able to pay the outstanding balance by clicking the link provided in the text and being taken through to a new web page. They can make payment in just a few taps, and both members and the company receive notice. Any questions they have can be quickly tackled by your customer service. 

Your Pay By Text Virtual Terminal also allows you to establish hierarchies in order to reconcile payment – for example, if your credit union has centralized operations for several locations. Through your customer service being able to simply choose the location where payment is recorded, it’s done in no time – and with average leverage costs and convenience fees being low (and payment processing fees paid by the customer), you’re not at a significant loss. 

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