Why a Frictionless Customer Experience Matters
A frictionless client experience can make all the difference for your business, particularly now, when electronic payments and online bills are the norm. Your clients are likely accustomed to online billing, and have come to expect a digital payment option for most transactions, to the point where it may be the deciding factor when choosing a firm. In fact, the use of online payments grew by nearly 50 percent between July 2020 and March 2021.
Because of this, adopting new technologies that better serve your clients may be necessary for your business’ survival. After all, your client’s happiness is good for your business’ bottom line, as they’re more likely to both return to and recommend your firm. In this article, we’ll explore what a frictionless client experience is, why it matters to you, and how it can boost your business.
What is a frictionles customer experience?
So what exactly makes a frictionless experience? Primarily fewer steps and simpler interactions, like one-click purchasing and automatic billing, are the essential elements. With one-click purchasing, customers can avoid extra steps like adding to cart, adding payment information, and selecting shipping options. All those steps take time and add friction points, which may lead to the customer abandoning their items in their cart. But with a frictionless experience, the customer can order exactly what they want and have it shipped right to their door with just a click.
Similarly with automatic billing, clients don’t have to take time out of their day to manually pay bills, which can involve frustrating steps that create friction. They no longer have to wait for the bills to arrive, fill envelopes with cash or checks, and send them through the mail, hoping they arrive in time. Instead they can quickly pay online anytime, anywhere, and continue with their day knowing that their bills will be handled without any extraneous activity. The key factors of a frictionless experience are convenience and simplicity, frequently through online solutions using the latest technology.
Get to know your client’s experience: Understanding the Client Experience: An intro for CPAs
And since these quick and easy methods have become more commonplace, customers will continue to expect a similar experience everywhere. If you’re considering updating your methods, you’re not alone. 92 percent of US accountants say that new technology is delivering value to their business.
Benefits beyond payments
For accounting industry professionals, a frictionless billing experience can benefit their firm in many ways. By eliminating steps and reducing time spent on payment processing or tedious administrative tasks, professionals can spend more growing their business. With no paper invoices, no paper mail, or checkbooks, you can send billing information quickly and with just a few clicks. You can also just as easily receive regular payments and feel less uncertainty about your cash flow when it’s easy for your clients to pay.
But the benefits of removing friction from the customer journey go beyond just payments. One of the ways your business can facilitate a frictionless experience is through an established onboarding process, which can save time and reduce onboarding mistakes. Customize your forms, brand them, and have them ready in your business management system. A smooth onboarding process creates a positive first impression and establishes communication. You’ll retain more happy clients, and those satisfied clients are more likely to refer others to your business.
See how a mobile payment system can benefit CPAs: 4 Benefits of Mobile Payment Systems for CPAs.
How reducing friction helps clients
These tools also greatly benefit your clients, who likely prefer to pay electronically. 84 percent of consumers say the ability to pay their bills by credit card is either “nice to have” or “must have,” and 74 percent of consumers say the same of debit card payments. It’s no surprise that online payments are the prefered method, as it makes it easier for clients to keep track of their records. They no longer have to print out confirmations and fill out books by hand, as they can manage their finances electronically and have all necessary documents instantly available to them.
Additionally, the instant confirmation of online payments can alleviate stress, as clients won’t be worried about missed payments or past-due fees. Clients then feel empowered to pay in a way that works for them, in their own time.
Creating a frictionless billing experience can benefit both accounting industry professionals and their clients, leading to an overall better business experience for both parties. This means the clients will keep coming back, and your business will continue to grow. If you’re ready to make the change, schedule a demo or contact us about CPACharge today.