SMS texting was first invented in 1984 by Friedhelm Hillebrand and Bernard Ghillebaert, but the first text wouldn’t be sent until December 3, 1992, and it wasn’t until the early 2000s that texting became popular. Now, texting is an integral part of how we communicate. According to a 2023 SMS comparison report, 95% of all texts are opened and responded to within three minutes.¹ Making texting the clear and fast way to communicate.
Authvia’s conversational commerce engine, with patented TXT2PAY® technology, delivers an easy, fast, and secure payment option via text messaging and other message-based communication channels. This provides organizations of any size the ability to easily request and receive payments via text. Read below to see the top four benefits of utilizing TXT2PAY® from Authvia.
1. TXT2PAY® creates a more secure payment experience
With the ever-increasing amount of individuals having their data compromised, consumers want a more secure payment experience. This means no longer wanting to pay over the phone. When you accept payments over the phone, you’re exposing your business to PCI compliance issues and internal fraud risk. Customers are hesitant to provide their personal information over the phone for fear of it being stolen. By utilizing Authvia’s patented TXT2PAY® solution, you’ll create a more secure payment transaction and provide peace of mind for your customers.
TXT2PAY® complies with PCI-DSS Level 1, the highest level of payment data security. For businesses and customers, information and payment data are transmitted and stored at the highest level of protection through AWS encryption and tokenization. This means customer data is turned into a string of numbers with no meaningful value, ensuring in the event of a data breach, this information would be useless to the perpetrator. There’s no need for businesses to store customer card information, signature images, or other sensitive data. Keeping both you and your customers safe and secure.
Along with the highest level of PCI compliance, Authvia maintains the highest level of texting guidelines, Code of Conduct, and best practices regulated by the Cellular Telephone Industries Association, giving your customers a better buying experience.
2. Faster time to cash with text payment reminders and invoices
Only 17% of all emails are opened,² according to a 2023 email-open statistics report from Smart Insights. That means that your emailed invoices are often not even seen. Mailed invoices are even worse. Mailed invoices are slow and costly. Thus, significantly increasing your time to cash.
Contactless payments, like TXT2PAY®, are up to 10x faster than in-person options.³ Authvia’s customers have seen an average decrease in time to cash from 53 days⁴ to 23 hours. TXT2PAY® also makes sending payment requests and reminders a breeze. First, simply send a payment request via text. Next, your customer responds to approve the transaction with a simple and secure code. Finally, the payment is complete! With TXT2PAY®, you can also send payment reminders, ensuring your payment request is not lost or forgotten.
3. Reduces operating expenses in both time and budget
Even in today’s tech-focused world, 37% of businesses still spend money on sending paper invoices through the mail.⁵ A first-class forever stamp is now $.66. This may seem like a paltry sum, but it adds up when you multiply that by hundreds or thousands of invoices over a year. You also can’t forget the costs of purchasing paper, envelopes, printer maintenance, and ink. Plus, the waste associated with sending paper invoices impacts the environment. As your company moves to a more sustainable approach, eliminating paper invoices with TXT2PAY® is a step in the right direction.
Not only is sending paper invoices costly, but it’s also time-consuming. The average business spends five days each month just processing invoices.⁶ Someone is needed to print, package, address, and mail each invoice. In addition, you also need to utilize a team member’s valuable time just to open and process those returned payments.
With TXT2PAY® from Authvia, you can streamline the payment process, eliminate waste, reduce cost, and allow your team to focus on more critical tasks.
4. Provides a touchless, safe way to make payments
The COVID-19 pandemic changed the way that businesses conduct transactions with their customers. As a response, many companies were looking for alternative ways to make the payment process safer and more streamlined. With Authvia’s TXT2PAY® technology, you can eliminate the need for payments in person and offer a more secure solution than taking payments over the phone. By offering TXT2PAY®, you provide a more effortless and contactless payment experience.
This allows for businesses that offer pickup, a faster and simpler way to do business. Customers can easily pay for their items in the parking lot or before leaving the house. With TXT2PAY®, they’ll also immediately receive their receipt after completing the transaction. Eliminating the need for your staff to lug a heavy and expensive terminal outside to collect payment. Not only will your customers appreciate the ease of the transaction experience, but your team will too.
Ready to experience Authvia’s TXT2PAY® technology for yourself? Try out a demo here.
3https://stripe.com/resources/more/contactless-payment#:~:text=Contactless%20payments%20are%20up%20to,little%20time%20while%20checking%20out
