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Creating Consumer Centric and Compliant Payment Solutions in the Text Channel

Consumer behavior has shifted significantly. Consumers are increasingly conducting much of their activities digitally and on mobile devices. In a recent CFPB survey, over the last 3 years, the use of mobile devices to conduct financial transactions have more than doubled. 60% of consumers use their mobile device to accomplish financial transactions. This trend will continue to increase, as consumers under the age of 25 use their mobile device for over 80% of financial transactions.

Ultimately, consumers value choice, convenience and control over their communications preferences. The mobile device meets this need and text messaging gives the consumer the ultimate control over when and how to communicate. Consumers user their mobile phone to accomplish more text messages than phone calls. With this shift in consumer behavior, it is important to understand the intricacies with communicating in a consumer centric and compliant manner within this text channel.

About PaymentVision

PaymentVision, a division of Autoscribe Corporation, is an industry-leading financial technology firm that offers a PCI-certified payment gateway that helps businesses accept electronic payments via their own call center, automated phone systems, web, or integrated software payment API. Recently named a top electronic payment solution by Collection Advisor Magazine, PaymentVision has thousands of customers and processes more than $2 billion in transactions annually. PaymentVision clients span several industries and include some of the largest collections, finance, municipalities, utilities, and healthcare companies in the nation.