In our recently released playbook, “5 Plays to Improve Billing & Payments for Telecoms: A Communications Service Provider’s Playbook for Optimized Bill Pay,” Paymentus telecommunications billing and payment experts shared the top strategies CSPs can leverage to build an optimal billing and payment experience.
One of the most interesting and potentially overlooked play #3 – simplifying cash bill pay for unbanked and underbanked customers.
Why Cash Bill Pay
The Affordable Connectivity Program (ACP) has been discontinued, leaving more than 15 million households needing to either change their service or drop it altogether. Chances are, many of these households fall within the 4.5% of U.S. households (5.9 million) are unbanked and 14.1% of U.S. households (18.7 million) are underbanked.
For these millions, cash is a necessity in addressing their monthly financial obligations. CSPs that can meet this need will be in prime position to attract and retain subscribers.
How to Simplify Cash Bill Pay
Cash bill pay may conjure images of in-office visits and lines of people pulling out wads of bills, but today’s modern cash bill pay offering is anything but. Owing to the necessity of accepting more cash payments, Paymentus has created a comprehensive suite of cash bill pay options that include:
In-store retail payments at CVS, Walgreens, Kroger, Dollar General and more
These comprehensive offerings provide a modern experience for subscribers, with all payments posting in real time for optimal account management and control. This ensures bills are paid on time and streamlines the reporting and reconciliation process for internal teams.
Questions To Consider For Future Billing And Payment Solution Providers
Whether you’re beginning to explore your billing and payment partner options or simply want to get the most out of your current solution, the following questions can inform your search and help you deliver a better subscriber experience:
Can I seamlessly add cash bill pay options to my platform that will not involve expanding office hours or adding staff?
Can my subscribers pay their bills at local retail stores?
Will cash bill payments be as easy to track and reconcile as digital payments?
Want to see the complete list of plays your organization can use to get ahead of subscriber expectations? Download your complimentary copy of 5 Plays to Improve Billing & Payments for Telecoms: A Communications Service Provider’s Playbook for Optimized Bill Pay today.
