Chew on this: 83% of eCommerce customers bail before completing the checkout process. They take the time to find and select a product, but they abandon the purchase at the final moment. Why? Too many steps, most likely. Incessant pop-up windows.
A bad user experience.
High-effort payment experiences like these have similar consequences in the B2B world. Businesses spend valuable time and effort attracting prospects and customers, only to make it difficult for new and existing clients to be successful at the time of invoice or renewal. Those clients, in turn, grow frustrated or, worse, churn.
Here are three signs that your bill payment process might be high-effort.
1. Multiple Interfaces and Logins
Does your automatic bill payment solution take clients away from the interface, open new windows, or force them to login to another vendor such as PayPal or their bank account? Any step that takes the client away from the invoice payment increases the chance that they’ll abandon the process altogether. Often, these accounts payable become accounts delinquent.
2. Your Bill Pay Isn’t Optimized for Mobile
This is one of the most overlooked causes of high-effort payment experiences. As of 2015, Google now gives extra juice to mobile-optimized pages. Why? A lot of people use smartphones—a lot—including small business owners. Often they take care of bill payment on the fly using their smartphones—in planes, trains, and automobiles. Question is, are you making it easy for them to manage their account invoices from their mobile phone in a seamless way?
3. It Takes Too Many Steps to Get Bills Into Your ERP
Don’t forget friction in your accounting process. How many steps, for example, does it take to get bills into your enterprise resource planning (ERP) solution? Inefficiencies in this area can balloon the time it takes to process payments, creating headaches for internal teams and cash-flow question marks for clients.
High-Effort Payment, Bad Client Experience
Though they’re certainly not the only indicators, the three areas above could mean you’re making payment management difficult for clients. And it might, just might, be the bill payment solution you’re asking those clients to use.
Ultimately, inadequate automatic bill payment solutions impact the customer experience and lead to missed revenue from prospects and churn from existing customers. Not to mention unnecessary pressure on internal teams.
Be it B2C or B2B, fumbling the ball on automatic payment impedes your ability to make internal and external clients successful. And this can end up costing you business.