What’s the most valuable non-cash payment channel in the United States? Most people would say credit cards—and most people would be wrong. It turns out Automated Clearing House (ACH) payments are the most valuable non-cash payment channel. Even though more credit and debit card than ACH payments are transacted each year, ACH payments are worth much more on average.
While debit cards account for 81% of non-cash payments, ACH payments totaled $86.2 trillion in 2024. So, why don’t ACH payments get the (ahem) credit they deserve? Despite existing for half a century, there are still some persistent ACH myths. These include ACH payments taking too long or being too hard to set up.
Here, we’ll explore three popular misconceptions about ACH and explain both why they persist and the truth about ACH processing.
Let’s dig into each of these myths in more detail.
ACH Myth 1: ACH Payments Aren’t Viable for One-Time Payments
Consumers don’t know what ACH is, but they know how it affects their lives. It’s often how they receive their paychecks (via direct deposit) or how they make recurring utilities or government payments.
Businesses are much more familiar with ACH payments, which can be made over credit or debit. But what they may not be aware of is how to use ACH for one-time payments—and how it can save them money. Given that bank account information is saved and high fees can add up over repeated transactions, the appeal of ACH for recurring payments is clear.
Consider large transactions worth hundreds of thousands of dollars or more. No one wants to pay a 2.5% processing fee when that amount climbs to five figures. If businesses choose to use ACH processing on the backend, that means lower fees for the end customer.
Whether for real estate purchases, medical billing, bulk supply orders, or other large purchases, the fee difference between ACH and other types of payment processing can be sufficient reason even if it is only once.
Myth: Busted
ACH payments are viable for both recurring and one-time payments, especially when dealing with large transactions.
ACH Myth 2: Customers Don’t Want to Connect to Their Bank Accounts
You may have heard that most consumers are unwilling to enter bank account information and prefer to provide their credit card. This may be true for some, but given the growing adoption of digital wallets, making payments online can be much less work than writing a paper check. Instead of having to track and write out specific information each time, customers can choose a saved account to make a payment from.
While storing bank data can be a concern, more of your customers have their bank account information available than ever before. From a payee perspective, this simply looks like an automatic withdrawal from their account. When you choose to use ACH for your payment processing, you can benefit from the cost benefit of ACH processing without causing extra hassle for your customers. But convenience isn’t the only factor at play.
Even though consumers have become accustomed to processing and convenience fees, everyone likes saving money. When using ACH to power your payments, you can make transactions more profitable without passing the hidden fees associated with credit card payments onto them.
According to Jeff Kump, Head of Payments at CSG Forte, “We’ve heard from a number of clients that customers were happy to link their bank accounts, especially when it let them save money on fees for big purchases.”
Myth: Busted
Customers are happy to connect their bank accounts for ACH payments, even when the benefits are hidden in the backend.
ACH Myth 3: ACH Payments Always Take Between Three and Five Days to Process
ACH payments have a reputation for taking several days to process. Depending on the vendor, that can sometimes be the case, but it doesn’t have to be.
While many ACH processors do offer overnight and multi-day ACH processing, they can also process payments on the day they were made. According to Nacha, the organization that oversees all ACH payments, there were more than 1.2 billion same-day ACH transactions processed in 2024.
Despite the convenience, only one vendor (CSG Forte) offers in-house same-day ACH capabilities. This isn’t to say that no other vendor offers same-day ACH capabilities, but only CSG Forte builds, maintains, and delivers this capability within the same organization.
Myth: Busted
While some ACH payments can still take several days, including those over $1 million or processed by certain vendors, it is possible to process ACH payments on the same day.
Confirmed: The Truth About ACH
ACH is a topic that can still be confusing, even for payments experts. We hope that this blog has cleared up a few of the most common myths about ACH payments. To recap:
ACH is great for one-time and recurring payments alike.
Customers have a low-effort way to connect their bank accounts for ACH payments.
With the right vendor, ACH payments of up to $1 million can be transacted on the same day.
At CSG Forte, we believe the payments experience can be simpler and more secure. Do you want to learn more about ACH and how it can help organizations like yours? Collect ACH payments cost-efficiently with CSG Forte.
Understanding Electronic Bill Payments: A Comprehensive Guide for Governments
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Government entities are entrusted with the responsibility of managing taxpayer money wisely, so any investment in new technology must demonstrate a clear value proposition. Electronic bill payments offer a modern solution that can streamline operations, enhance efficiency and save money. By adopting digital payment methods, governments can improve the way they collect revenue, reduce manual handling and paperwork and provide a convenient and accessible way for residents and businesses to pay their bills.
But many government entities and departments remain largely reliant on outdated payment methods, such as mailing and processing paper checks, accepting in-person payments and conducting phone transactions—all of which are inefficient and inconvenient. And while up-front investments in expensive tools, like an online payments platform, must be carefully considered, keeping the status quo could be even more costly: According to recent data, government employees spend 10 to 20 hours per week fielding payment-related calls—that’s valuable employee time that could be spent on more complex, meaningful tasks.
Not only that, but without a robust digital payment infrastructure, governments risk missing out on collecting revenue altogether, or may experience collection delays. So, while the up-front investment in a digital payments platform can seem hefty, adopting electronic bill payments streamlines the way government agencies operate, making the process smoother and more efficient for constituents and employees while also saving money.
What Are Electronic Bill Payments?
Electronic bill payments involve transferring funds or exchanging money through digital channels, eliminating the need for physical methods like cash or checks. These transactions are facilitated by electronic systems that require collaboration between banks, financial institutions, payment processors and digital platforms.
Completing an electronic bill payment transaction typically involves several steps. After receiving the bill, the customer initiates the payment by providing the necessary payment information, such as bank account details, credit card number or digital wallet credentials. The payment gateway then verifies these details, checking for available funds and other authorization factors. Once the payment is authorized, the payment processor orchestrates the transfer of funds between the payer’s and payee’s accounts. Finally, both the payer and the payee receive a notification or receipt confirming the successful completion of the transaction.
Electronic bill payments offer numerous advantages over traditional payment methods. They are faster, more secure and cost-effective, making them an attractive option for both consumers and businesses. For government agencies, adopting electronic bill payments can lead to increased efficiency in processing payments, reduced manual handling and paperwork and improved cash flow management, plus ease of reconciliation and auditing, which improves visibility and makes transparency much easier to achieve. Additionally, electronic bill payments provide a convenient and accessible way for residents and businesses to pay their bills, which can help reduce late payments and improve overall satisfaction with government services.
By leveraging digital channels and secure systems, electronic payments streamline collections and offer a convenient alternative to traditional payment methods. As we move forward, it’s essential for government agencies to embrace these technologies to enhance their operations and better serve their constituents, who are largely accustomed to paying online—and want to be able to do more of it, In fact, 93% of consumers believe “all governments, including municipal governments,” should offer a digital payment option for constituents, according to data from PayPal/Logica Research.
Why Electronic Bill Payments Are Essential for Governments
Increased efficiency in processing payments: Electronic bill payments streamline the payment process, reducing the need for manual handling and paperwork. This leads to faster processing times and fewer errors, allowing government agencies to allocate resources more effectively and focus on other critical tasks.
Convenience for residents and businesses: Electronic bill payments provide a convenient and accessible way for residents and businesses to pay their bills. They can make payments anytime and anywhere, using various digital channels such as online portals, mobile-friendly pages and automated phone systems. This flexibility helps reduce late payments and improves overall satisfaction with government services.
Improved cash flow management for government authorities: By adopting electronic bill payments, government authorities can benefit from faster payment processing and more predictable cash flow. This enables better financial planning and management, ensuring that funds are available when needed for essential services and projects.
Introducing CSG Forte BillPay
With decades of experience in the industry, CSG Forte knows payments. Our comprehensive BillPay platform is designed to streamline and enhance the payment process, focusing on efficiency, security and user experience.
CSG Forte BillPay offers a range of features that can be configured to cater to each customer’s unique needs and is scalable as your company grows. Here are some of the standout features that make CSG Forte BillPay a game-changer for government payment systems.
Flexible payment options:CSG Forte BillPay supports a variety of payment methods, including online, in-person, over the phone, text-to-pay and via digital wallets. This flexibility ensures that constituents can choose the payment method that best suits their needs, leading to higher satisfaction and on-time payments.
Recurring payments: Our platform allows for easy scheduling and maintenance of recurring payments. This feature is particularly beneficial for offices that handle regular payments, such as taxes, utility bills and licensing fees. By automating these payments, agencies can reduce administrative burdens and improve cash flow.
Bill presentment: CSG Forte BillPay offers digital invoice access and a guest checkout option, making it easy for constituents to view and pay their bills online. The platform supports custom file formats and easy user interface (UI) customization, ensuring that the bill presentment process aligns with the agency’s branding and operational needs.
Fast and flexible integration: The platform is designed for quick and seamless integration with existing systems. With support for custom file formats and easy UI customization, government agencies can implement CSG Forte BillPay without significant disruptions to their current operations.
Enhanced security and compliance: BillPay prioritizes security and compliance, offering features such as account ownership verification, fraud prevention tools and secure point-of-sale (POS) devices. These measures help protect sensitive information and ensure that government agencies remain compliant with industry standards and regulations.
Centralized payments hub: The platform provides a centralized hub for managing all payment operations, including reconciliation, reporting and chargeback management. This centralization simplifies administrative tasks and reduces the risk of errors, allowing government agencies to focus on their core responsibilities.
CSG Forte’s comprehensive payment solutions extend beyond just streamlining bill payments. Our decades of experience in processing millions of transactions and managing billions of dollars in payments allows our team to offer reliable and scalable solutions for government agencies, ensuring adaptability to changing needs while maintaining cost efficiency. Here are some of Forte’s key features:
Seamless integration with government platforms: Easily manage payments collected through CSG Forte’s flagship programs. The integration capabilities reduce manual processes and errors, providing a seamless experience for both the agency and the residents.
Comprehensive payment solutions: Accept Automatic Clearing Housing (ACH) payments, debit and credit cards, digital wallet payments and in-person cards through our point-of-sale (POS) devices. This flexibility allows government agencies to offer constituents multiple convenient payment options, enhancing overall efficiency and satisfaction.
Proven reliability and scalability: We process more than 214 million transactions annually and manage $98 billion-plus in payments for more than 130,000 merchants across various industries, including government. This experience and capacity allow CSG Forte to scale alongside government agencies, adapting to their changing needs while reducing complexity and cutting costs.
How Forte Delivers for the City of Kinston
CSG Forte’s partnership with the city of Kinston, North Carolina, has produced amazing results for the municipality. City leadership wanted to offer residents electronic payment options for utility bills, civil service fees, recreational activities and other city services. After integrating electronic payment processing options, Kinston saw 41% year-over-year growth in the number of transactions processed. The city also received positive feedback from residents who appreciated the ease of making payments through the online portal.
How did Forte produce such dramatic results? Our development team created programming to bridge the gap between Kinston’s enterprise resource planning system and its payment interface. CSG Forte’s Secure Web Pay (SWP) Checkout tool now redirects payers from the city’s website to a secure third-party webpage to complete their transactions, allowing the city to begin accepting online card and eCheck payments without spending money or committing technical resources to developing their own webpage to process payments.
CSG Forte also launched an online and interactive voice response (IVR) utilities billing solution for Kinston using a convenience fee model and provided comprehensive technical support following implementation. By processing more payments electronically, Kinston staff now handle less cash and fewer checks, reducing bank fees and saving time.
As you can see, adopting electronic bill payments is a game-changer for government agencies. By streamlining the payment process, governments can boost efficiency, cut down on manual handling and paperwork and improve cash flow management. This not only saves valuable employee time but also makes life easier for constituents who expect to be able to pay their bills conveniently and securely through their preferred digital channels. And while the upfront investment in a digital payments platform might seem significant, the long-term savings and improved operational efficiency make it a smart move.
To learn more about how CSG Forte BillPay can help your government agency transition to electronic bill payments, download our government-specific eBook or sign up for a demo to learn more about CSG Forte’s comprehensive features designed to cater to your unique needs.
What Should Government Agencies Require from Their Electronic Payments Provider?
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Government agencies face both significant challenges and exciting opportunities in payment processing. Traditional methods of handling payments, including in person and by calling the agency, are increasingly considered inefficient by constituents used to myriad online payment options for most private-market transactions. Not only do processing payments through traditional methods cost more—as much as $20 per transaction compared to about 30 cents per digital transaction—they’re also prone to errors.
Processing payments manually is incredibly labor intensive. In fact, nearly four out of 10 respondents to one survey of government agencies reported their staff members spent between 10 and 20 hours per week taking in-person and phone payments. Local governments, which are typically strapped for cash, stand to lose substantial revenue each year by relying on traditional (antiquated) payment systems.
Offering a digital payments experience provides numerous benefits, including faster transaction times, increased accuracy, reduced risk of fraud and enhanced resident accessibility. By integrating modern payment solutions, government agencies can improve their operational efficiency while also fostering better constituent relationships through more convenient and secure payment options.
As we delve into the features government agencies should look for in an electronic payments provider, it’s crucial to understand the significant positive impact these digital solutions can have on both operational costs and overall revenue management. Read on to learn more.
Improved Security and Compliance
Security and compliance are paramount for government agencies that want to handle electronic payments. CSG Forte offers robust security measures to ensure that sensitive information is always protected. For example, CSG Forte’s BillPay offers:
Level 1 PCI compliance: Earning Payment Card Industry (PCI) Data Security Standard (DSS) certification is the highest level of security standard for payment processors, ensuring that all transactions are handled with the utmost care and protection.
End-to-end encryption: This technology safeguards data by encrypting it during transmission, making it virtually impossible for unauthorized parties to access or misuse the data.
Data tokenization: This process replaces sensitive information with unique tokens, further enhancing the data security.
Government agencies must be equipped and able to serve a vast range of constituents—from the most technologically-savvy users to individuals who don’t own and barely use a computer. That is why creating an accessible, user-friendly payment interface is essential for government agencies. CSG Forte BillPay offers an intuitive and easy-to-navigate platform that enhances the user experience for both residents and government agencies.
The Forte interface is designed to simplify the payment process, making it accessible to users of all technical levels. Residents can easily make payments online, and government employees can efficiently track and manage transactions, reducing the time they spend taking payments over the phone and increasing their time availability for completing more important tasks that require human intervention.
Seamless Integration with Existing Systems
One of the key advantages CSG Forte BillPay offers is its ability to seamlessly integrate with existing government platforms. This ensures that agencies can continue to use their current systems while benefiting from the enhanced BillPay features and capabilities.
By reducing manual processes and minimizing errors, BillPay helps streamline operations and improve efficiency. This means government agencies and their employees can focus more on serving their constituents and less on managing payment processes.
Customer Service and Support
CSG Forte is committed to providing exceptional customer service and support to government agencies. Their dedicated support teams are available to assist with any issues or questions that may arise, ensuring a smooth and efficient payment processing experience.
Having access to dedicated support teams means that government agencies can rely on expert assistance whenever needed. This support helps to minimize downtime and ensures that any technical issues are resolved promptly.
By choosing CSG Forte, government agencies can benefit from reliable and responsive customer service, enhancing their overall payment processing experience.
Get Started Today
While government agencies must take care to wisely spend taxpayer dollars, adopting and onboarding CSG Forte BillPay is a straightforward process. The easily implemented system provides a wealth of resources to assist agencies during the implementation process, ensuring a smooth transition and successful integration.
And even after the payment platform is live, your agency staff doesn’t have to navigate it alone: In addition to CSG Forte’s helpful customer service, we also offer relevant internal resources and guides to help navigate BillPay setup and customization. These resources are designed to provide comprehensive support and address any questions or concerns that may arise during the implementation phase.
One of the most pressing issues that government agencies face is the need to provide constituents with a convenient and efficient way to manage payments and billing information. CSG Forte BillPay addresses this problem by offering a digital portal where constituents can easily access one-time or recurring payment pages. This portal allows users to check amounts, payment dates and manage their payment options with ease. By utilizing this feature, agencies can significantly reduce the administrative burden on their staff and provide a seamless payment experience for the public.
From improved security and compliance to a user-friendly interface and seamless integration with existing systems, CSG Forte BillPay provides a comprehensive solution that meets the needs of modern government agencies. By adopting CSG Forte BillPay to take advantage of these benefits and improve their overall payment processing experience, agencies will be able to streamline their operations, reduce costs and provide a better experience for their constituents.
To learn more about how CSG Forte BillPay can help your government agency transition to electronic bill payments, download our government-specific eBook or request a demo to explore our comprehensive features designed to cater to your unique needs.
A Guide to Avoiding Payment Reversals
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It doesn’t matter whether you’re a scrappy startup or a legacy enterprise: Payment reversals are a challenge for organizations of all sizes. So much so, in fact, that many companies even allocate a portion of their monthly budget to payment reversals. And it’s no wonder why: Not only are chargebacks a frustrating part of doing business—they’re expensive. The 238 million chargebacks recorded in 2023 cost an average of $165 each, according to recent data. And, unfortunately, depending on your organization’s services or products, you may have a higher likelihood of experiencing payment reversals.
The good news is that avoiding payment reversals is possible. This guide explores all aspects of payment reversal and solutions your organization can implement to minimize your risk.
Payment Reversals: What Are They and Why Do They Happen?
While a payment reversal can happen for a few reasons, a request by the cardholder is the action that initiates any chargeback from an issuing bank, acquiring bank, merchant or card network. Payment reversals on credit cards are not uncommon. Some reasons why payment reversal happens include:
Unmet expectations: If consumers feel the product or service doesn’t match what they paid for or expected based on the description, they can submit a payment reversal request.
Customer-initiated issues: Consumers may change their minds after purchase and no longer want to leverage the products or services.
Fraudulent reasons: A consumer may reverse a payment in an attempt to make a fraudulent transaction, this is known as friendly fraud or first-party fraud.
Incorrect charges: A payment reversal may occur as a response to the wrong amount of money being taken from the cardholder’s account.
Missing information or duplicate transactions: If information is missing or incorrect in any of the many information categories required for a transaction, the charges may be reversed. Reversals may also be necessary in the event of duplicate transactions.
Stock issues: In e-commerce transactions, items may sell out before they are delivered—so the consumer may need a refund for the unavailable products.
All payment reversals should be a concern for your organization and an opportunity to explore ways to optimize your processes. Payment reversals may indicate:
Operational failings
Product or service issues
Inadequate safeguarding against fraud
Payment reversals go beyond the financial implications of your organization needing to return funds and pay associated fees. Depending on the reasons for the reversal, your business could face reputational harm and lose customer loyalty.
Types of Payment Reversals
There are three main categories of payment reversals: authorization reversals, refund reversals and chargeback reversals.
1. Authorization Reversal
Authorization reversal is reversing a payment before it has been fully completed. The Automated Clearing House (ACH) network is often slower to authorize than credit card networks, so pre-authorized transactions are conventional.
Authorization reversals can happen in various scenarios, including a merchant spotting a mistake in the amount keyed in or the consumer wanting to change cards or payment methods. Depending on the payment software you use, there is usually a way to stop the transaction from happening. The stop communicates to the issuing bank to reverse the authorized transaction.
In other instances, you may require the customer to pay a pre-authorized amount before they use or consume a product or service. For example, a hotel may ask for a deposit on a room before accepting a reservation. This pre-authorized payment is also known as a security payment. If the consumer does not spend the authorized amount, you must fully or partially refund them.
Remember that the longer the authorization takes, the more complex the reversal becomes. As the transaction clears through the payment process from the issuing bank to the card network and the acquiring bank, reversal fees become more expensive and complicated. Ideally, you want the funds to stay in the customer’s account when processing reversals so you can avoid interchange fees. This is generally referred to as voiding the transaction.
Rapid authorization reversals are cost-effective and fast. Reversals can happen before consumers even know, making this approach the most convenient and customer-centric way to cancel payments. Quick reversals also mean you won’t have to account for the arrival of a payment and return of funds on your balance sheet—something that’s particularly helpful when you process high volumes of transactions for your business.
Pre-authorized funds may take days to transfer from the customer’s account to your bank account. This delay occurs because the customer’s bank needs to authorize the transaction and specify the funds for the payment. The wait provides a window of opportunity to stop a transaction before money leaves the bank account.
2. Refund Reversal
Refund reversals are for payments where transactions have already been completed. Refunds often occur because consumers are unsatisfied with a product or service. If the opportunity has passed for an authorization reversal, a refund reversal is your next best option as an organization.
Instead of canceling a transaction, you pay the transaction in reverse. The acquiring bank is now paying the consumer or cardholder in a separate transaction. That means a refund is not a neutral agreement. You will have to pay transaction fees and lose the sale for services rendered or products sold. Still, a refund is preferable over a customer contacting their bank to get their money back.
3. Friendly Fraud
Friendly fraud, also known as first-party fraud, occurs when a customer willingly makes a false claim to reverse a payment. It can be particularly challenging for businesses, as it often involves legitimate transactions that are later disputed by the customer. To combat chargebacks resulting from friendly fraud, businesses must keep detailed records of all transactions, including receipts, communication logs and any other relevant documentation. Having a robust platform like Dex that makes these records visible and easy to manage can significantly improve your chances of winning claims against friendly fraud. Dex’s user-friendly interface and comprehensive record-keeping capabilities ensure that you have all the necessary evidence at your fingertips, making the difference between losing or winning claims.
4. Chargeback Reversal
Chargeback reversals are the worst-case scenario for your business. These reversals involve a customer contacting their bank to file a dispute against the transaction. A consumer may file a dispute if they believe fraud has occurred or if they never received an item or service they paid for.
Chargebacks are more than an inconvenience for your business. These reversals incur in additional chargeback fees and penalties from card networks.
You can dispute chargeback requests if you provide evidence that the consumer is wrong. A dispute can take weeks or months and cause a substantial administrative burden for your team. Even if you win the dispute, if you receive high rates of chargebacks, your organization may be flagged by card networks , leading to stricter security thresholds.
When a chargeback reversal occurs, your organization can face a range of challenges:
Paying for shipping fees if you’re selling products or goods
Recovering or forfeiting items sold or services rendered
Submitting a claim and disputing the chargeback reversal
Chargeback reversal can also leave you with revenue loss and transaction fees associated with fraudulent payments. Excessive chargeback reversals may lead to reputational damage and card networks suspending your ability to transact.
The best way to combat chargeback reversals is to identify fraudulent transactions proactively. Internal system checks will help you reduce the number of chargebacks and help you easily distinguish between legitimate and unauthorized transactions.
How to Minimize Payment Reversals
Your organization will face payment reversals from time to time. You can and should take steps to minimize refunds and optimize your processes to mitigate the risks when they do happen. Some ways you can prevent payment reversals include:
Making payments secure: Use additional payment security measures like two-step authentication and tokenization to reduce the risk of fraudulent transactions.
Being vigilant: Authorization reversals are often due to human error, like a staff member typing in the incorrect amount. Encourage your employees to be attentive while processing payments, explaining the cost and implications of reversals, refunds and disputes.
Leveraging automation and technology: Implement an innovative payment processing platform that manages all your payments in one easy, user-friendly interface. CSG Forte verifies transactions, helps you make payments secure, and streamlines recurring and ad hoc payments. The cloud-based platform will support your employees, minimize admin and help you provide first-rate payment experiences for customers.
Reversal vs. Refund
An essential difference between reversals and refunds is what happens to the funds. During the former, payment reverses, meaning the bank or payment processor cancels the transaction—the funds aren’t transferred from the customer’s account into your account. A refund means that after a transaction is completed, you need to refund the amount and pay it back to the consumer, incurring transaction interchange fees.
Example of a Reversal Transaction
In the context of e-commerce, one example of a reversal transaction is a consumer wanting to purchase running shoes online. The consumer attempts to buy running shoes and, during the transaction, receives notice that the shoes are no longer available in the correct size. While the payment is pending, the consumer cancels the transaction. No funds are transferred from the cardholder’s account to yours, meaning no fees are incurred during reversal.
What Happens After a Purchase Refund?
After a purchase refund, the business returns funds to the consumer’s bank account. It is an entirely separate transaction from the original payment. The amount is the same, but the business must pay transactional and processing fees, and standard settlement time applies.
Reasons Companies May Reverse a Payment
A company might reverse payment if:
A customer is trying to commit a fraudulent transaction
An item or product is sold out before delivery can occur
A consumer changes their mind after ordering a product
Verify Payments With CSG Forte
Scale your business and provide frictionless customer payment experiences with CSG Forte’s award-winning payment solutions.
One of the add-on services that organizations leverage to verify payments is Validate. With Validate or Validate+, your organization can process ACH payments with confidence. Both solutions use an innovative ACH database with hundreds of thousands of millions of records, ensuring funds are in good standing. Validate provides:
Updated data sources
Instant, actionable responses on each transaction
Extensive routing and bank account (DDA) validation over multiple data sources
100% real-time reporting for invalid transaction routing numbers and check totals
With Validate, your organization can proactively minimize and simplify payment reversals to save money and provide customers with seamless payment experiences.
CSG Forte Will Streamline and Verify Your Payments
Our company delivers innovative end-to-end payment solutions for businesses of all sizes. Our full-service payment processing, customizable platform and enhanced security and compliance management, CSG Forte will help you optimize revenue and streamline payment processes with our quick, easy integrations.
Implementing a Transparent Payment and Fee Structure in Property Management
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As a landlord or property manager, you must provide honest insights about your payment and fee structure to maintain positive relationships. Promoting financial education and transparency with your renters can reduce administrative burdens and effectively fulfill tenant expectations.
Explore the importance of providing your renters with financial clarity and learn how a high-quality payment processing solution can benefit your business.
Strategies for Creating Your Payment and Fee Structure
Landlords and property managers can use a few techniques to streamline payment processes and provide renters with insight into their expected payments.
The first step in providing clarity is sharing a comprehensive, detailed outline of all charges your renters must pay and their due dates. The following are some common examples of rental fees to include in this breakdown:
Monthly rent
Security deposit
Application fee
Pet fee
Late payment fee
Utility fees
Maintenance fees
Parking fees
Move-in or move-out fees
Homeowners association fees
Be sure to share all payment-related information in each lease agreement. Your tenants deserve straightforward communication regarding how much you expect them to pay monthly. These insights help them budget to pay you what they owe in full and on time, fostering a mutually beneficial relationship.
Avoid charging hidden fees — these can create distrust, financial stress and legal issues. In October 2023, the United States Federal Trade Commission proposed a new rule to ban hidden and bogus fees, so it is best to forgo charging unexpected costs that could complicate compliance in the future.
Consider sitting down with your tenants to review all this information in person before they sign their agreement. Taking the time to educate them on the entire payment process and how your management business determines these fees can help renters understand their financial responsibilities.
If you offer multiple payment options, such as direct deposit, credit or checks, share the expectations for each method and any considerations for ensuring their payments are on time.
2. Prioritize Ongoing Communication With Tenants
In addition to sharing a full breakdown of rental expenses with each tenant, continue communicating about financial changes with your renters throughout their stay at your rental properties.
Keeping them abreast of new rates, fees or payment processes is crucial for nurturing mutual respect. Encourage them to ask questions and foster an open dialogue, and promptly resolve any issues regarding payment-related inquiries. Responding quickly and honestly to your renters’ concerns will make them feel like a valued part of your community and can also increase tenant retention rates.
By maintaining an ongoing conversation with your tenants about your payment and fee structure, you can avoid surprises and help them proactively prepare to make their payments on time.
3. Use a Robust Property Management Payment Processing Solution
CSG Forte’s payment processing platform is one of the best ways for landlords and property managers to establish a straightforward payment and fee structure.
These solutions can simplify payment history tracking and monitoring upcoming payments through a secure tenant portal. Keeping detailed records of each transaction, receipt and statement offers convenience and clarity for managers and renters.
CSG Forte enables you to offer your tenants different payment methods, including credit, debit, e-checks, digital wallets and automated clearinghouse payments, improving their experience and satisfaction with your property.
The Importance of Payment Transparency With Your Tenants
Why is payment transparency essential for a successful property management operation?
Improving Tenant Trust and Satisfaction
Renters want to understand how you calculate and justify your rates so they know where their hard-earned money is going. When your tenants are well-versed in their monthly financial obligations, lease renewal expectations and how your management team handles transactions, it instills trust in your business.
Delivering transparent insights into your payment expectations and a breakdown of what each tenant owes can also increase their satisfaction with their living arrangements. Trust and satisfaction in your property management style can lead to higher tenant retention rates, benefiting your bottom line.
Avoiding Disputes
Circumventing unnecessary misunderstandings is another reason property managers and landlords should prioritize transparency with their tenants. Many people’s rent and living expenses are their most significant monthly expenditures, and knowing how much they owe ensures they can cover these costs. Ambiguity or confusion regarding financial matters can lead to frustration, strain and conflict. Avoid these issues by providing accurate insights and communication about their monthly bills.
Encouraging Timely Payments
Your tenants can manage their spending more effectively when they know how much rent costs, what additional fees will apply and when those payments are due. Communication regarding expectations prepares your renters to make timely payments. It also inspires more accountability, respect and professionalism between property managers and tenants, which can motivate renters to uphold their end of the lease agreement.
Timely payments positively impact your business’ cash flow and save your team from wasting valuable time and chasing overdue charges.
Building a Positive Reputation
Many potential tenants looking for a place to live will read testimonials and reviews about your property management company. It will impact your business’ reputation if your current or former renters believe you are not entirely honest about your fee structure or you charged hidden expenses they hadn’t anticipated paying. Negative attitudes toward your payment model can make filling those empty units more challenging and expensive.
Conversely, transparent communication regarding tenant expenses can foster respect and satisfaction, building your reputation as a respected and ethical choice for new tenants.
Get Started With CSG Forte Today
CSG Forte makes managing tenant payments easy for landlords and property managers. Our platform can help you reduce administrative burdens and deliver a better payment experience to your tenants.
We have extensive experience in the property management industry and understand the importance of delivering convenient payment solutions to your renters. The CSG Forte platform enables you to accept various forms of payment, and your tenants can set up recurring monthly payments to ensure their rent and fees are always on time and in full.
Finding a Secure Approach to Accepting Phone Payments
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Credit card fraud is widespread—and it’s expensive for U.S. consumers. In fact, one recent survey found that 60% of Americans have experienced credit card fraud at least once, and 45% have been victimized multiple times. It should be no surprise, then, that according to a recent McKinsey & Company report, 69% of U.S. bill payers rank security as a top feature in the digital bill payment process.
One area of heightened risk is taking credit card payments from your customers over the phone. Your organization needs to get paid, and you can leverage tools to make taking over-the-phone and call center payments more secure.
Merchants who accept credit card payments must comply with the Payment Card Industry Data Security Standard (PCI DSS). Payment card brands may fine merchants up to $500,000 per incident if they aren’t PCI compliant at the time of a data breach.
Taking Credit Card Payments by Phone Can Be Risky Business
When consumers think of how contact center agents take payments, they often think of being asked to read off their credit card number, expiration date and card verification value (CVV) code over the phone.
If that doesn’t make you a little nervous, it should. Why? That method of sharing card information may increase the risk of credit card fraud for several reasons:
A contact center agent may write the credit card information down on a piece of paper or somewhere visible where another person could walk by and steal the information.
A disgruntled employee taking the payment may steal the credit card information, using it to make unauthorized purchases or obtain funds from the account.
The customer may be in a public place when reciting credit card details. Someone may overhear the conversation and jot down the credit card information.
Reading out a CVV code negates the reason for having it. This code is used to prove the payer has possession of the card at the point of payment. Someone who overhears and captures that CVV can use it to make card-not-present charges.
Discover Better, More Secure Ways to Take Credit Card Payments Over the Phone
Inbound and outbound interactive voice response (IVR): Customers can pay via IVR by using automated voice prompts and keypad inputs, eliminating all four problems listed above. The contact center agent transfers the caller to the payment IVR system. The customer enters the card number, expiration date and CVV on their phone keypad when prompted. The IVR system is integrated into a payment gateway to make the transaction and provide the customer with a receipt number. To make it even more convenient for your customer, you can leverage an outbound IVR, where a customer can schedule a time to receive an automated call to make their payment.
Live agent assist technology: Businesses can leverage payments technology to have contact center agents quickly send customers a link to a custom online payment page for payment. By using a solution like CSG Forte’s Payer Engagement Platform, contact center agents can easily create an invoice with a few clicks of a mouse and send it to the customer via email or text message. This allows customers to pay promptly and securely—without sharing their credit card information with the agent. This method of payment greatly reduces the risk of fraud, as well as the risk of exposing customers’ personally identifiable information, or PII.
The Payer Engagement Platform is a secure digital payment solution that enables customers to make payments using their preferred channel and payment method, at any time. By incorporating IVR and live-agent assist technology, businesses can ensure secure, efficient and customer-friendly payment processes that minimize fraud risk and protect sensitive information.
Contact us to learn how the Payer Engagement Platform simplifies bill payment, improves customer experience and reduces fraud exposure.
Securing Merchant Gateways in the Era of Effortless Experiences
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Many merchant service providers (MSPs) now offer online portals that allow merchants to manage transactions and accounts, often with integrated virtual terminal capabilities. These gateways can streamline customer experience (CX) and backend operations to drive efficiency, satisfaction and clear communication. However, they are also prime targets for fraud.
Most merchants understand this risk and have taken great strides to balance consumer data privacy with effortless, satisfying experiences. Fewer, though, realize the fraud risks associated with merchant gateways aren’t just about customers. Just as bad actors can access customer information through these attacks, they can access a merchant’s proprietary documents, banking information and other high-risk areas of a digital ecosystem.
Then, thanks to real-time processing, hackers can make changes (or withdrawals) before the merchant has time to react. Given the speed of these transactions, merchants’ growing attack surfaces and the increased adoption of real-time payment gateways, it’s not just important that merchants who opt to use the tool prioritize cyber best practices. It’s vital to their survival.
What’s the Big Deal?
On the macro level, the impact of these attacks on merchants and other organizations is significant and growing rapidly. According to Sifts Q1 2024 Digital Trust and Safety Index, account takeovers (ATOs) cost merchants $38B in losses last year, and that number is expected to balloon to $362B by 2028. The organization’s Q2 Index found that 78% of businesses now face artificial-intelligence-enabled fraud risks consistently.
For individual omnichannel and digital-first merchants, attacks on payment gateway portal accounts present a serious threat, and they’re far more damaging than typical attacks on online shopping accounts. When a cybercriminal hacks into a payment gateway, they can quickly access the host merchant’s account and transfer money directly into their own. Imagine the panic of discovering that your hard-earned funds have vanished without a trace.
These criminals have a variety of tactics at their disposal, which makes prevention, detection and response difficult. Upon breaching a merchant account, the hacker might turn off notifications so the merchant is unaware when fraudulent transactions occur. They may change account contact details, so alerts about unauthorized activities are deactivated.
Worse yet, hackers who successfully access an account can run ACH credit transactions to tap money from a merchant’s bank account to their own. Many will alter bank information and other sensitive details to make it even harder for merchants to regain control of their accounts. It isn’t just a minor inconvenience; it’s a potentially business-crippling event. Once an attacker has access to the merchant’s account, there’s little hope of recovering the losses.
You Can Never Be Too Secure
Though cybercriminals and ATO attacks can be devastating, there are plenty of steps merchants can take to protect themselves. This includes the typical recommendations, like using complicated passwords, investing in credential managers and prohibiting employees from saving login details in browsers. However, given the increasing frequency and severity of these attacks, merchants may want to go a little further in their efforts to protect themselves from fraud.
Achieving that goal starts with the merchant’s MSP choice. When choosing a partner for payment gateways, it’s not just about the surface-level touchpoint the vendor can offer end users. Merchants must also verify that the MSP they choose offers the security tools necessary in the current cyber landscape, including:
IP-based restrictions: These settings allow merchants to configure gateways to restrict users from logging in to their accounts based on location. This helps prevent account takeovers, even if the password is compromised.
Granular roles and permissions settings: The more granular a gateway’s permissions and custom rules capabilities, the more precise a merchant can be about who gets access to what. This allows merchants to limit each user’s access to only the elements of the account that are necessary to their role—which means fewer entrances to sensitive areas of the system for hackers to exploit.
Multifactor authentication (MFA) requirements: This security mechanism requires a user to verify their identity through two (or more) methods. The extra step(s) protects accounts with compromised login credentials with a time bound authentication code that must be verified via a secondary touchpoint like a SMS, Phone call or an email different from the primary one.
Authenticator app: Varied and a better form of MFA, in which the authentication code is generated locally and is not intercepted by cybercriminals or stolen because of a SIM takeover.
Passkey authentication: Passkeys differ from MFA in that there is no password to enter. Instead, the system creates unique public and private keys for every online application or site, device and user identifier, then matches the keys to their public counterparts to confirm identity and grant access. By removing traditional credentials from the process, this approach leaves traditional phishing nearly useless, as there is no password or username to steal. It doesn’t make accounts unhackable, but it does make executing a fraudulent login much more complex and less dependent on human error.
Transaction Risk Management: AI/ML-based models that instantly score an incoming transaction for fraud based on several parameters such as the transaction history, payment methods used, location, time of the transaction, the average amount of the transaction etc. These models allow merchants to customize the base model to suit their business needs.
The above represent just a few of the many possible tactics a merchant could use to firm up operations against ATOs—and a strong MSP in today’s market should offer all of them and more. This proactive approach not only mitigates financial risks but fosters trust with customers and stakeholders, leading to happier, loyal customers.
Securing Merchant Gateway Against Intruders
To protect merchant gateways from fraud can’t just be a priority; it must be a necessity. In today’s increasingly digital world, safeguarding sensitive data is an end-to-end imperative, and it must be a part of every decision. After all, the stakes are high! A single fraudulent incident can expose customer data, tarnish reputations and jeopardize future success.
A smart MSP will understand that and embrace its role as a supporting partner to merchants as they seek to delight and protect customers. Together, MSPs and merchants can fortify defenses against fraud and unauthorized access to maintain resilience, safeguard reputations and get back to what matters: delivering effortless and secure experiences that drive customer trust, lasting loyalty and business growth.
If you’re ready to elevate your payment security and protect your business against cyber threats, now is the time to act. Discover how CSG Forte’s advanced payment solutions can provide the robust security measures you need to stay ahead of fraud and ensure the integrity of your transactions. Contact us today to learn more about how we can help you build a secure, trusted and seamless payment experience for your customers.
Build or Partner? Embedded Payment Processing for ISVs
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“Why don’t we just build our own?”
A homegrown payment processing solution can seem appealing to independent software vendors (ISVs). Many ISVs consider building their own systems to lower costs, benefit from additional revenue share, customize the customer experience and maintain direct control over the entire transaction.
While the idea of developing an in-house solution is tempting, it can come with hidden baggage. The upfront savings aren’t always enough to offset the added risks and responsibilities assumed by ISVs that choose to process their own payments. On the other hand, partnering with a payments vendor offers ISVs plenty of advantages that might outweigh the allure of becoming a payment processor. How can you determine which option is right for you?
In this blog post, we’ll explore the factors ISVs need to assess when deciding whether to build or buy a payment processing solution.
What It Takes for ISVs to Process Payments
In addition to facilitating transactions, ISVs that build their own payment processing solutions are on the hook for several critical functions that aren’t readily visible. Managing risk and charge disputes, onboarding new clients, remaining legally compliant and preventing fraud all fall under the ISV’s purview. Mastery of the following roles is essential to creating a seamless and secure payment processing system:
Risk management: Performing due diligence is an essential first step in processing payments. Not all prospective clients have pure intent—verifying a merchant’s identity and having security checks in place helps insulate the business from risk. ISVs must be prepared to evaluate each application before accepting it.
Onboarding: Onboarding clients is a process in itself. Once a business is approved, providers must seamlessly integrate their system with the payment gateway before they can begin to process transactions. After the account is set up, they’ll need ongoing training and support to use the new platform effectively.
Dispute management: Transactions don’t always go according to plan. When customers have insufficient funds or contest a charge, payment processors must evaluate the likelihood of winning the dispute before accepting it or requesting additional documentation.
Fraud prevention: Cybersecurity is an ongoing job for payment processors. They must continuously monitor for unusual activity to predict and quickly detect fraud. For ISVs that process their own payments, fraud prevention is particularly important as they would be assuming full liability.
Compliance: Payment processing is a highly regulated industry. ISVs must understand and adhere to ereporting guidelines for card brands they acquire and banks they’re working with as sub-merchants to remain legally compliant.
Why ISVs Partner With a Payments Solutions Provider
Building a robust payment processing system from scratch is risky and resource-intensive, which is why many ISVs choose to outsource the entire cycle or parts of it they don’t want to handle in-house. But beyond managing the hidden headaches, there are additional benefits to trusting an experienced partner with payment processing:
Faster speed to market: Bringing in an external payment processor eliminates the learning curve for ISVs. They can execute efficiently and quickly integrate an ISV’s existing software with an API.
Reduced PCI-DSS and security exposure: If an ISV processes their own payments, they store sensitive payment data that opens them up to greater exposure. They are also subject to stringent PCI-DSS security standards. Working with a third-party absolves ISVs of this burden.
Better scalability: As the business grows and needs to process more transactions, an established payments partner can help ISVs adapt and scale more quickly and securely than reworking the system themselves.
Expertise and support: Some of the functions required to process payments—like underwriting and risk management—require expertise that many ISVs do not already have in-house. Instead of adding new talent to their teams, they can outsource these duties to an experienced partner that already has certifications and connections in place that would otherwise be time-consuming and costly to attain.
How to Know the Right Choice for You
Deciding whether to build or partner to integrate a payment processing solution is a complex decision that requires careful consideration. Each ISV must weigh the unique challenges and potential benefits of both options to determine the best path forward for their specific business needs.
ISVs can ask themselves the following questions to assess their preparedness for building a payment platform:
Readiness: What is the size and maturity of my business? Have I explored all my options related to optimizing payments and reducing processing costs?
Costs: Am I prepared to cover the additional costs required to build and maintain my own payment processing platform? What talent would I need to hire to have the necessary expertise in-house?
Time: How long will it take to become a payments processor? Can I afford to wait that long?
Risks: What is my risk tolerance, both for financial losses and reputational risks? Am I comfortable assuming liability as a payment processor?
Finding the answers to these questions will prepare you to take the next steps forward in building or buying a payment processing solution as an ISV.
Choose a Payments Partner That Can Grow With You
Ultimately, ISVs want to ensure the payments experience feels like a seamless part of their software, which might initially make building their own platform look like the best path. But the right payments partner can help ISVs achieve that—while also taking the strain of processing payments off their shoulders.
CSG Forte grows alongside your business. Whether you’re at a stage where you want to offer payment acceptance within your software or you’re ready to become a payment facilitator, CSG Forte’s flexible partner program is designed to scale to your needs. We make it easy to ramp up your offerings on an a-la-carte basis as your business grows, until you’re ready (or not) to take on the whole process.
Contact us today to discuss how our integrated payment solutions can support your goals, no matter where you are on your journey.
How To Choose a Payments Partner for ISVs
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Need to add a payments partner to your existing ecosystem? Or introduce the first one to your platform? There are plenty of options out there. But to keep it easy and keep costs down, you’ll have to find a reliable payments partner for easy integration.
Choosing the right payments partner is an important decision for independent software vendors (ISVs) aiming to improve the user experience and keep customers happy. A strong partnership leads to smoother transactions, fewer risks and greater trust. A weak one may breed confusion and frustration.
When selecting an integrated payments partner, there are many factors ISVs must weigh in their decision-making. We’ll focus on the most critical considerations to prioritize, and we’ll recommend four questions to ask any potential payments partner.
What Should ISVs Look for in a Payments Partner?
The payments partner you choose can be the difference between a streamlined integration and a protracted headache. Given the complexities involved, ISVs must carefully consider whether or not a partner aligns with their business needs. From APIs to developer support, ISVs should start by looking for these essential criteria when assessing potential payments partners.
One of the most critical aspects ISVs should evaluate is the quality and functionality of the payment partner’s APIs. A well-documented and flexible API means fewer roadblocks during implementation and a better ability to customize the user interface (UI). Presenting an intuitive UI becomes particularly useful in industries like government or healthcare, where there is a broad range of technological savvy amongst users.
ISVs should look for APIs that are fully controlled and fully developed, with the ability to capture information quickly and support the full lifecycle of the merchant journey—from onboarding to processing and refunding to disputing transactions. Having a robust API gives ISVs faster speed to market, freeing you up to focus on your core product.
Equally important is the availability and clarity of developer documentation.
Comprehensive, easy-to-understand documentation is essential for an ISV’s developers to implement and troubleshoot the new payment solution effectively. Detailed guides, code samples and FAQs can accelerate the integration process and minimize errors. When documentation is regularly updated, ISVs are always aware of new features, updates and best practices, keeping payment systems current and efficient.
Innovation Roadmap
Payment systems need to keep pace with changes in regulation, security and technology, That’s why you’ll want to know the development and innovation track the provider follows.
Make sure your payment partner’s product roadmap aligns with your industry-specific needs and emerging trends. A partner that demonstrates a clear understanding of your sector and is proactive in addressing future challenges will ensure long-term compatibility and success.
Look for payment providers that have consistently attained their roadmap goals, showcasing their ability to deliver on promises and keep pace with innovation. Strong customer testimonials are also key evidence of their effectiveness in real-world applications. Industry recognition and awards from respected payment research firms, too, can point to their reliability and forward-thinking approach.
Dedicated Technical Payment Expertise
Even with excellent APIs and documentation, having access to technical payments experts maximizes the benefits of a new payment solution for ISVs. It also ensures ISVs are adhering to industry standards and best practices, compliance regulations and niche functionality of the processing platform. A payments partner that provides personalized support can help resolve issues faster, minimize wasted time, tailor solutions to your specific needs, and inform you of new releases and their impact on your integration.
ISVs should look for a payments partner that solicits input from their clients and makes its experts accessible, helping them understand best practices for the platform. Dedicated support optimizes integration and reduces downtime, which helps ISVs and their users get the most value from the payments platform.
Flexible processing models
Finally, ISVs must consider the flexibility of a potential payment processing model. Can their partner support a quick, easy and hands-free referral partnership? Or equip them to support an embedded payments model that provides a great user experience and financial benefits? Your business needs will evolve over time, and your payments partner should be able to scale with you. Look for partners that offer scalable solutions, transparent pricing, robust partner-level research, and the ability to automate transaction and account management.
Flexibility in processing models ensures that as an ISV’s business grows, their payment solutions remain efficient and cost-effective, supporting expansion without unnecessary—or costly—complications.
4 Key Questions ISVs Should Ask When Choosing a Payments Partner
How can ISVs determine whether a payment service provider will check all the boxes?
Here are four essential questions ISVs should ask before signing on the dotted line:
1. What does the contractual agreement entail?
When you sign up with a new payments partner, is what you see what you get?
Understanding the complete terms of the contractual agreement is the first question to ask a provider. ISVs should inquire about the length of the contract, any automatic renewals and the flexibility to adjust terms as their business evolves.
2. What is the pricing structure?
Likewise, ISVs need to know a potential partner’s pricing and fee structure. What are the commission rates? Are there any additional fees or hidden costs that could impact the overall profitability of the partnership?
Compare the effective revenue share after accounting for all associated fees. This helps ISVs guarantee they are getting a fair deal and accurately predict the costs involved.
3. Do ISVs gain visibility into the onboarding process?
Efficient onboarding means faster speed to market and less stress for ISVs. Transparency expedites the process. How much visibility will the payment service provider offer?
ISVs should ask potential partners about the steps involved in onboarding new merchants and how long it typically takes. When an application is pending approval, will you know what’s going on behind the scenes? Or will miscommunication drag out the process, leaving money on the table and frustrating customers?
It’s important to understand how the payment service provider manages these stages to stand up new merchants with minimal delay. If an ISV can stay informed each step of the way, then can intervene when necessary to catch errors early and keep things moving.
4. How will ISVs realize their revenue?
ISVs need to understand the functional differences in the transaction processing offered by a payments partner. Ask to model scenarios based on how you intend to use the provider’s platform. Then you can determine how you can fully realize the revenue you expect.
Choose a Payments Partner You Can Trust
The payments partner you choose carries serious implications for your long-term business efficiency and growth. Transparency is the foundation of trust: Do you know if the provider will keep you informed every step of the way? When things go wrong, are you right on the front line, or the last to know? ISVs need to have confidence that the provider they choose will be a true partner.
Use an experienced payments partner that is not only easy to integrate with, but also easy to do business with. CSG Forte’s flexible processing models, comprehensive support and transparent pricing give ISVs a reliable partner that can adapt to your future needs.
Contact us to learn how we can help you achieve an easy integration and support your business growth.
Recurring Payment Systems: How a Great One Can Boost Your Bottom Line
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Your payments platform is supposed to be drawing revenue, right? Unfortunately, poor payment processes could be costing you—both customers and money. How can that be? Complicated, disjointed payment processes can frustrate customers, eroding trust and leading them to choose a different provider. On the other hand, providing the right payments platform makes it easy for customers to keep paying their bill and for you to keep growing your business.
Generating consistent revenue is critical for any business, and having a robust recurring payments platform is a key factor to making that happen. But not all systems are created equal. The best payments platforms have several key features that distinguish them from competitors and can have a significant positive impact on your bottom line.
Payment scheduling: Customers have enough to remember without having to mark their calendars to pay a bill every month. Automating the collection of regular payments helps ensure customers pay their bill on time and consistently (weekly, monthly, annually, etc.).
Payment processing: No one remembers their credit card number or account information, and digging a card out to make a payment is a pain. Automating the payment process (ACH, credit cards, etc.) ensures customers can make consistent and timely payments without the need for manual input, making customers happy and helping your business run smoothly. Additionally, using a payment solution that leverages tokenization for recurring payments ensures payment data is kept safe and out of your systems.
Invoicing and notification capabilities: Customers like surprises, but not on their bills. Automating your company’s invoicing and payment notification capabilities means your customers are informed about their payment amounts, including any changes, enhancing transparency, satisfaction and reducing missed payments.
Recurring Payment System Must-Haves
Many businesses rely on recurring revenue models to ensure steady growth and financial stability in today’s digital, often subscription-based, purchasing world. Their payment systems are the engines for those models, powering customer satisfaction, operational efficiency and revenue consistency. A payment system must offer a range of features that cater to both the business’s needs and the customer’s expectations, such as:
Customization and automation: The best recurring payment systems offer customization and automation options. Customers can choose different payment schedules or methods, and browse available plans, current promotions and key features, allowing them to feel in control of their options. Automated retries for failed payments help reduce customer frustration and missed payments.
Security and compliance: The best systems ensure Payment Card Industry Data Security Standard (PCI DSS) compliance for card payments, implement strong data encryption and have robust fraud detection measures. Leveraging tokenization can also help ensure recurring payment data is kept secure. Trust and security are crucial for building long-term relationships with customers.
Self-service options: A great recurring payment system has intuitive user interfaces for payment management, empowering customers to manage their payments gives them a sense of control, which increases satisfaction and loyalty. Making it simple for customers to change or cancel their recurring payments is also a key feature that helps keep them returning to your site.
Juniper Research Can Help You Choose the Right Payment System
Juniper Research, a leading analyst firm in the mobile and digital tech sector, predicts that recurring payments will present a $15 trillion opportunity by 2027. “This means now is the time for vendors in the space to stay agile and embrace customer choice,” said Nick Maynard, VP of fintech market research at Juniper Research. “CSG consistently surpassed our evaluation criteria for innovation, user experience, compliance and security in a highly competitive field.”
Juniper Research recently recognized CSG Forte Engage at the 2024 Future Digital Awards for Fintech & Payments, awarding CSG a Platinum win in the Omnichannel Payments Platform category and Gold in the Recurring Payment Platform Innovation category. Juniper identified Forte Engage as a standout recurring payments platform because it “offers a true omnichannel experience to help improve customer satisfaction and engagement while mitigating late, failed and abandoned payments.”
CSG Forte Engage can help your company increase its revenue and reduce customer churn while complying with evolving security requirements. Here’s how:
Increased revenue and predictable cash flow
A reliable system ensures on-time payments and reduces missed revenue opportunities.
Automation reduces errors and streamlines manual work for billing teams, cutting down on administrative overhead.
CSG Forte Engage scales easily with your business as your customer base grows.
Customer retention and reduced churn
Smooth multichannel billing experiences improve the customer experience and increase brand loyalty.
Easy payment management and flexible billing options lead to longer customer lifecycles.
By investing in the right payments system now, you can prevent facing costly migrations in the future. The best recurring payment systems, such as CSG Forte Engage, stand out for their flexibility, automation, security, integration and superior customer experience.
You can accept and manage recurring payments easily with CSG Forte. Schedule payments, verify accounts, handle returns and minimal downtime with our robust payment platform. Contact CSG for more details or sign up today.
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