Make Payments Simple! Frictionless payments are here, and they are revolutionizing how you get paid. Your business can also learn how to leverage this trend to improve your operational expenses and increase your revenue.
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Micaiah Filkins, Co-Founder President, AppFrontier LLC
If you are thinking, what are frictionless payments? You’ve come to the right place. Let’s dive in.
Frictionless payments is kind of that thing that we didn’t know we wanted until we had it.
The concept though, is simple, make it so very easy to let me pay for products and services that I don’t even notice that I am doing it.
The most obvious example is with ride hailing services. Remember your first Uber or Lyft ride? You put your card in the app before you ever took the ride. The driver shows up whisks you away, gets you to your destination and you step out of the vehicle, and then the app, simply charges your card for the pre-agreed upon amount for the service. That’s frictionless, no swiping, no typing, not even touching the app.
When I think about frictionless payments in business, the simplest example that comes to mind are the SaaS subscription services we use each day. Invoices and NET30 payments are becoming so much less common. As they should be, these are heavy weight antiquated processes. They are relics of a time gone-by, a relic of less efficient businesses.
Invoices cost both the sender and receiving companies money to process and pay. Think about how much effort goes into a PO process, the invoice creation and then waiting on all those checks. This old process requires so many people and so much money. It’s much easier, it’s much more efficient to pay those credit card processing fees and avoid all of this headache. As a customer of a SaaS business, it helps you keep your overhead down too, as you don’t have to receive, then log, then write a check for each invoice. When you are on a frictionless, invoiceless payment system in business, a receipt does most of the same work as an invoice. And for customers that need it, you can even make the receipt into an automatically generated tax invoice PDF they can use for accounting purposes.
So join us in the frictionless revolution! Let’s make NO INVOICES a thing!
Want help making your payments frictionless in Salesforce? Give us a call here at Chargent. We hate invoices and we love to help!