Three-quarters of customers rank customer experience (CX) above all other factors when deciding whether to buy from a business or not.
CX is crucial for the entire interaction a customer has with your contact center, but the payment experience is more critical than most contact centers think. It relies on your customers trusting you and they will shape their view of your business based on how the payment experience goes. It should be treated as a golden moment.
Unfortunately, the payment experience is too often treated as an afterthought. The fact that it typically happens at the end of the call means it is seen as an ending, the final step. But the end of this interaction influences customers’ perceptions of the whole experience—and their decision to become a loyal, returning advocate.
The ‘peak-end’ rule
According to the peak-end rule, coined by Dr. Daniel Kahneman and Dr. Barbara Fredrickson, we remember events based on a peak – good and bad – and the final moment. Our memories capture these snapshots and influence how we see the whole event.
If you look back at a holiday from a few years ago, you may remember an amazing meal, a beautiful viewpoint, the moment you got stung by a jellyfish and then your final swim, meal, drive or however it was that you ended your trip. It is likely that you can’t remember every detail of the holiday.
And if your ending was positive, you probably view the whole holiday in a positive light, even if there were some difficult moments. Likewise, if it ended badly – a delayed flight, a cancelled train, a broken-down car – you may perceive that the whole trip was stressful.
The same applies to CX, which means that the payment experience at the end of the call needs to be treated like the pivotal moment that it is.
Create a frictionless experience
The process of taking payments from customers is a great opportunity to showcase excellent CX because it requires a huge amount of trust. If you can secure your customers’ trust, you’ll get their custom and their loyalty.
In fact, 70 percent of customers will buy more from businesses they trust. And a whopping 86 percent of buyers are willing to pay more for great CX. Surpassing product quality and price, CX is the number one factor that determines whether a customer will buy from you or not.
So, you need to deliver a payment experience that is seamless, fully supported and offers customers the choice to pay using their preferred method.
That means your agents should guide customers through the payment process and ensure they understand your security policies and how you protect their details. It’s also important to give customers a choice in terms of how they interact with you and how they pay. Whether they click to pay, key to pay or speak to pay; the choice should be theirs.
Customers are used to slick, frictionless experiences across multiple industries, from ride hailing to food delivery to eCommerce. They will expect the same CX from contact centers.
Be flexible
One of the key facets of a seamless customer experience is flexibility. If something goes wrong – as it can do – your ability to resolve it will set your customers’ impression of your business.
Technology is an integral part of our daily lives and while we expect it to work, we also know that things don’t always go to plan. For example, a customer may have chosen to key in their payment details but enter their details wrong so they may want to switch to use eWallet through a digital link. A great CX would treat the change as exactly what it is – not a big deal – and offer another option.
Ultimately, the more flexible and understanding you can be, the better the experience your customers will have. After all, if your train is delayed but the conductor keeps you updated, hands out free water and explains how to get your refund, your lasting impression of the journey will be positive – or at least neutral.
Payments that leave a lasting impression
CX is incredibly important to customers, it determines whether they will be loyal to you. That’s why 90 percent of businesses have made CX their priority. Don’t be the one in ten that gets left behind. Instead, treat payments as an integral part of your CX. You’ll exceed expectations and stand out from your competitors with an unforgettable customer experience.
To find out more about how to improve your CX, read our top tips.
