Today, nearly every item on the average consumer’s to-do list can be completed by a mobile device. People can buy their groceries, schedule haircuts and pay their bills all from their mobile phones. Speedpay offers six mobile payment options, including the very popular eBill and mobile-friendly website options. But did you know you can offer your consumers the option to pay their bills by text message too?

How does it work?

Paying a bill by text message is a painless process. Billers’ payment websites, which Speedpay hosts, will offer the option to enroll. If a consumer chooses to enroll, he or she will be prompted to provide bank account or debit or credit card information and a mobile number, all of which is used in the future to debit the consumer’s account. Next, the consumer is asked to confirm his or her enrollment (a double opt-in) and the enrollment is completed.

The system will follow up by sending the consumer a text message several days before his or her next bill is due with the bill amount. The text asks the consumer if he or she would like to use the enrolled account to make a payment. The consumer simply answers “yes.”

When Speedpay receives this information, the consumer’s information is retrieved and Speedpay sends a text message confirmation that the payment was processed. It’s that easy!

Why is it advantageous for businesses?

The pay-by-text tool widens the opportunity for billers to offer solutions in a variety of ways the customer might want to make a payment. Offering a wide variety of payment options is critical to capturing the largest number of electronic payments and can even decrease days sales outstanding (DSO).

The pay-by-text tool also expands the consumer base for billers. Even though smartphone adoption is high, it’s not ubiquitous. People still have feature phones (mobile devices with limited capabilities) and the pay-by-text payment option enables these customers to use a mobile option to pay their bills that wouldn’t be available to them otherwise.

Pay by text is also frictionless from a customer service perspective and does not require speaking to a live representative. The service is automated, and consumers aren’t likely to run into an issue that would warrant a call to a CSR.

It has been our experience that people often pay their bills within minutes of receiving a text message, but not always through the pay-by-text tool, meaning that some consumers are relying on, or subconsciously using, the pay-by-text tool as a payment reminder. This, too, can contribute to a lower DSO at the end of the day.

To learn more about Speedpay’s mobile payment capabilities, visit

https://payments.westernunion.com/products-and-services/bill-payment.