Improving your industry takes a lot of time and out-of-the-box thinking. While you may not work in a particularly innovative business, there are always ways you can strive to improve specific procedures. Your business’s bill-paying method should be one of these areas. New methods of payment can improve the customer’s life and bring in more business.
Paying for legal services can be a tricky business. As a lawyer, you want your clients to have a firm grasp on what they are paying for and how much services will be monthly. Instead of relying on customers to pay through the mail or with cash, encourage the use of digital means to make payments work.
Create an account program on your business website. This can give clients a place to investigate payments they are making, and can be used in tandem with emails to ensure they get the message. Some companies offer an instant-pay option, which authorizes you to charge your customer’s card each month automatically.
Healthcare payment is a particularly tricky one. Researchers have found that people treat medical debt differently than a mortgage or auto loan. At worst, it often takes providers a month or longer to collect payment from patients. As mentioned above, consistent, clear communication on a digital platform can resolve this issue.
Adding bill payment options through an app is one of the greatest innovations that healthcare providers have initiated. It keeps them informed, allows for diverse payment options, and allows patients to ask providers questions up front. Moving digital has improved many medical professionals’ lives.
Insurance providers should also find ways to innovate their payment options. Most modern insurance companies offer digital usage as well. However, very few allow payment through a digital platform like PayPal or Venmo. Private insurance agencies could easily begin accepting payments like this through diverse means.
This is already starting to take the market by storm. Spurred by the COVID-19 pandemic, insurance agencies nationwide have begun reshaping the way people do business. Having more options for payment allows a higher likelihood that the payment will occur. Customer service and experience offer the perfect way to pay off expensive premiums.
New methods of innovation are always around the corner. We may not fully understand what the future holds for bill-payment, but we know different industries are trying to accommodate people from all walks of life. This idea will likely still hold true in the future.
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