From extreme weather to accidents, you can’t always prevent a crisis from arising, threatening to impact your business. Companies around the United States know this all too well, with recent years bringing more frequent and damaging hurricanes, tornados, wildfires and snowstorms. In fact, in 2018 the U.S. experienced 14 major climate disasters and in total, extreme weather cost the economy a staggering $91 billion.
While no one is immune to risk, especially during Hurricane Season, it’s more important than ever to understand the threats disasters pose to your business, plan for them, and mitigate them if possible. Through careful and thorough planning, your business can take on whatever challenge Mother Nature throws its way.
Offer Flexible Payment Options
What happens when a hailstorm knocks the power out across town? Or flash flooding keeps the mail from being delivered? In the business of payments, we can’t rely on just one option for bill presentment and payment. Companies should be sure to offer multiple means of digital and mobile bill payment and presentment, including online, mobile, text message and email, so customers have more flexibility in the event of a crisis or accident.
Back Up Your Data
While every business should have a continuity plan to ensure their data is protected, this is especially important in the event of a disaster when time is of the essence. In 2012, when Hurricane Sandy threatened Speedpay’s New Jersey data center, traffic was quickly halted and routed to another unaffected data center out of the path of the storm. Because of this redundancy, clients experienced 100 percent uptime for electronic bill presentment and payment services throughout the disaster and its aftermath. This ensured a seamless experience for Speedpay customers, regardless of how their businesses were physically impacted by the storm. Take it from us – always have a Plan B.
Hire Experienced Third-Party Partners
You’re only as good as the people you hire – and that goes for your partners too. Whether you’re vetting a billing and payments partner or your accounting firm, be sure that whoever you bring on board to elevate your business has experience not only mitigating risks, but also handling unexpected disasters and accidents. Your business should be able to rest assured that your partners have a proven track record of keeping operations running smoothly under pressure.
While you can’t always prevent disaster from striking, you can be prepared by knowing the risks they pose to your business and more importantly, your customers. By offering flexible payment solutions that allow customers to receive and pay their bills 24/7/365, securing their data through redundant systems and hiring partners with experience handling the unexpected, you may be better equipped to handle whatever crisis is thrown your way.