You want to implement new payment technology but don’t know where to start. It’s a common initial hurdle for most governments and utilities. Vetting, selecting, and implementing new tech comes with many steps, and making the decision to pursue an upgrade is just the first one. To help in the journey, we’ve created a simple list of payment technology must haves when modernizing payments solutions:
1. A Centralized Platform with Multi-channel Options
Whether you’re introducing one new payment channel or multiple, leveraging a centralized platform that allows you to onboard all of your agencies and departments is a must. A centralized approach with both in-person and online payment channels provides a consistent experience across the board and removes barriers for all customers. Payment channels like self-service kiosks, cashiering technology, and an online payments channel are most common and ensure equitable access to essential services. The added benefit to your organization and customers is that this approach removes any reliance on 3rd parties to process payments, reducing operational costs and transaction fees. The result is undeniable: customers, staff, and your organization benefit from greater efficiencies and the impact of your resources will be maximized.
2. A Modern and Intuitive UX Design
Rolling out new technology can feel like a gamble, but there are many ways to hedge your bets. Selecting cutting-edge tech that is fueled by user-friendly workflows is essential to take full advantage of the upgrades. Multilingual capabilities are very handy but to best serve customers that speak a variety of languages, a highly-visual workflow that is designed to be extremely intuitive tears down, any barriers to making payments. Building and leveraging smooth workflows will set you and your customers up to make full use of the upgraded tech.
3. Flexible Payment Options
The public sector serves a wide customer base, so it’s important to offer as much flexibility as possible. Even with the digital transformation in the payment industry, in-person payments, specifically cash payments, are still a common payment method, particularly for underbanked or unbanked customers. That means providing payment technology that accepts a variety of payment types, including cash, check, debit card, credit card, and ACH payments. This enables your organization to realize revenue more steadily and quickly, while simultaneously helping customers avoid late fees. Making it easier for customers to do business with you also bolsters your organization’s ability to actualize revenue and forecast for the future, while providing even greater service.
4. Top-Tier Payment Security
We understand that protecting your customers’ personal identifying information (PII) is a major priority. It is a big responsibility and integral in encouraging high adoption of new processes and technology. As you also know, it serves to build and maintain customer trust in your organization. It starts with making sure all hardware is physically secure and located in areas that allow for your organization to install and leverage strong surveillance of the environment. Immediately after, implementing new tech that delivers PCI compliant processes is foundational. And any vendor you select should possess SOC 2 certifications. The final layer of protection is having a vendor that proactively monitors your network to fend off any bad actors that attempt to breach your infrastructure.
5. 24/7 Access to Make Payments
Your customers live busy lives and many work non-standard business hours while juggling unique responsibilities, and the fact that they rely on you for essential services underscores the need for flexibility and convenience when they do business with you. Having payment channels that enable customers to make payments 24/7 lets them know you prioritize equitable access. Plus, when you make it easier for them to use and pay for services, your customers can avoid potential late payments, and you can realize revenue more quickly and steadily.
6. Fully Integrated Payment Channels that Post to Accounts Immediately
Late payments are every customer’s nightmare. That’s why immediate posting of payments to accounts through a fully integrated solution is invaluable. Direct integration to source systems also facilitates immediate access to up-to-date account information, which is crucial for customers so that they can be sure where they stand with you. With this information, they can better avoid late fees and most importantly, avoid service shutoffs. With the help of integrated technology customers will have immediate access to transaction information right after they complete a payment. And this streamlines processes for your staff so they can resolve any discrepancies on the back end the moment a customer reaches out with questions. It’s a win-win for both sides of the interaction.
7. Wallet and Autopay Features to Set Up Recurring Payments
Allowing customers to store payment information on the online portal via a digital wallet saves them valuable time. Taking it a step further, offering features like Autopay, which allows customers to set up regular payments to be withdrawn from their bank accounts or charged to their cards, helps them eliminate the risk of forgetting to make payments for important services. Further, it saves them the effort to remember one more tedious detail in life and further removes the risk of late fees or service shutoffs. For you, it is another measure to support steady revenue collection so you can continue to provide reliable service to them and budget for other important considerations.
8. Centralized Back Office Reporting and Reconciliation
Payment discrepancies happen. Resolving these matters quickly and efficiently shows your customers that in the rare instances these take place, that your staff can issue full or partial refunds right away. This is yet another instance where centralization really pays off. With the help of a user-friendly, all-encompassing back-office solution, your staff will have immediate access to all transaction data across all departments and agencies, the ability to revise transactions as needed, and be able to produce important reports for reconciliation processes.
Selecting Tech that Covers All Bases
It’s natural to be nervous when introducing new processes and technology. The considerations are countless, and unwanted surprises can be serious hindrances on the path to helpful modernization. The goal of public-sector organizations to make the most of the resources available is paramount. Beyond the time and energy to research, procure, and implement new tech is the undeniable financial investment that really has to pay off. Knowing what to look for will set organizations up for a smoother selection process.
Ready to test out the latest in modern payment technology? Schedule a demo.