Top 8 Must-Haves For New Payment Technology

Planning to procure new payment technology? The process of vetting and implementing new technology comes with many challenges. But fear not! We have created a handy list of must-haves for when you are ready to upgrade your payment technology. 

Here are 8 things your new payment channels must have to fully support your customers:

1. Multi-Channel Solutions to Support All Departments Across Your Organization 

Implementing new payment technology shouldn’t mean you have to engage in patchwork fixes. Whether you are introducing one new payment channel or multiple, a centralized platform that allows you to onboard multiple agencies or departments is a must. Both customers and staff will benefit immensely from the efficiencies a payment platform can bring. A centralized approach to citywide payments removes barriers for customers and allows organizations to make the most of investments in new tech. 

2. A Modern and Highly Intuitive UX Design

Rolling out new technology can feel like a gamble. To best take advantage of new offerings, it is crucial that new features and functionality be fueled by a highly-intuitive, user-friendly UX design. New tech with the right blend of upgraded features and a smooth workflow will set you and your customers up to make full use of the upgraded tech. 

3. Flexible Payment Options (pay by cash, check, card, even ACH payments)

Customers demand flexibility, and as a human-centric organization it is important to offer as much of it as possible. That means selecting and implementing technology that accepts various payment types so that customers can choose the form of payment that is most convenient to them. This will ensure steady revenue collection and help customers avoid late fees. Offering flexibility to your customers will allow your organization to thrive and make it easy for customers to continue to do business with you. 

4. Top-Tier Security

Customers deserve to know that their personal identifying information (PII) is well protected. That is a sure fire way to build trust and encourage adoption of new tech. That is why table stakes should be for any new technology implemented to be PCI compliant and the vendor to possess SOC 2 certifications. Additionally, vendors should be producing hardware that is physically secure and work with clients to select physical locations that provide the best opportunity to install or leverage surveillance. 

5. 24/7 Access to Make Payments

Again, flexibility and convenience are key. Offering payment channels and methods that allow customers to make payments when it is most convenient will reinforce a relationship that is based on trust and accessibility. Customers may work varying hours or be juggling different responsibilities, and should be able to handle their obligations to you with ease. They rely on your services. Make it easy for them to continue to use them and pay for them. 

6. Fully Integrated Payment Channels that Post to Accounts Immediately

Up to date information is essential for customers to know where they stand with you so they can avoid late fees and more importantly, help them avoid dangerous service shutoffs. The best way to achieve this is to provide customers with the most up to date information via technology that fully integrates to source systems and posts transaction information immediately to customer accounts. 

7. Autopay to set up recurring payments

Autopay is an essential feature for any payment technology and it is win-win for you and your customers. It allows customers to have regular payments withdrawn from their bank accounts or charged to their cards so that they don’t risk forgetting to make payments for important services. For you, it ensures steady revenue collection so you can continue to provide reliable service to them. 

8. Centralized Back Office Reporting and Reconciliation

Payment discrepancies are bound to happen. They are perfectly common. To ensure that these matters are resolved quickly and efficiently, organizations need centralized tech with software that has the ability to issue full and partial refunds right away. A user-friendly, all encompassing back-end solution is key to reviewing up to date transaction information and producing crucial reports for reconciliation processes. 

Selecting Tech that Covers All Bases

Adding new tech to your offerings always comes with risks. Nerves are natural. Organizations want to feel that all of the effort from research, to procurement, to implementation, and finally, the launch and use, are worth the effort and the financial investment. Knowing what to look for will set organizations up for a smoother selection process. 

Planning to release an RFP to procure new payment technology? Use this handy template.