Businesses are always looking to improve customer relations and reduce churn. Utilising PayTo is an easy way to improve your customers' overall experience.
With PayTo, customers enjoy a level of security and self-service not present in other payment methods - giving them far greater control over their finances.
Here are 3 ways PayTo can help improve your customers' overall experience.
1. Enhanced security and fraud prevention
Before a business can start billing, a PayTo agreement needs to be accepted by the customer. Once generated, the agreement is received by the customer via a notification from their banking app, prompting them to log in and accept the terms of the agreement. This process significantly reduces the potential for fraudulent transactions - meaning customers can pay with confidence, safe in the knowledge that they're using a secure payment method.
2. Simple, paperless sign-up process
Signing up for payments using PayTo is entirely digital, meaning customers no longer need to fill out a paper authorisation form. Customers can elect to provide either their BSB and account number or their PayID details.
Once a customer shares their information with a business, the PayTo agreement can be completed entirely within the safety of their banking app of choice. After the agreement between the customer and the business has been formalised, the business is authorised to commence billing.
3. Easily manage PayTo through a banking app
Once a payment agreement is accepted, customers can manage their payments through their banking app. Customers can also change or update details from within their banking app, and records of all their PayTo agreements are also stored in their app - meaning your customers can far more efficiently manage the outflow of money from their accounts.
Plus, businesses no longer have to waste time updating customer account details. Put simply, PayTo is a win-win solution for everyone.
If you’re looking to learn more about PayTo for your business, continue reading about PayTo.