Pay-by-Text: Our Client’s Year in Review

Pay-by-Text is one of our most exciting features, so we were thrilled when one of our clients began offering it to their customers this past year. (And I’m sure their customers were also thrilled.) Their release of Pay-by-Text started out slowly but quickly gained steam as more of their clients became aware of it. We are going to dive into their story, but first let’s talk about what Pay-by-Text is.

Pay-by-Text

Pay-by-Text is exactly what it sounds like. It allows your customers to make loan payments via text. What happens is our Notification System will send your customers a text message when they have an upcoming loan payment. This text message asks the customer if they would like to make their payment immediately via text message. If the customer replies in the affirmative and confirms their payment, the payment is made. (Quick Note: Customers must already have a default payment method set up to be able to make payments via text.)

Pay-by-Text Year in Review

Beginning of 2023: Our client began offering Pay-by-Text at the beginning of 2023 but waited to start promoting it to their customers.

March 2023: In March they began getting the word out to their customers about Pay-by-Text and more payments started being made via text.

August 2023: For the month of August, customers had made more than 1,000 payments using Pay-by-Text. And almost 3,000 payments had been attempted but failed because the customer did not have a default payment method set up. This means that over 4,000 customers used, or tried to use, Pay-by-Text in August.

November 2023: In the month of November, around 2,000 payments were made using Pay-by-Text and over 5,000 payments were attempted but failed because the customer did not have a default payment method set up.

2023 Overall: By the end of the year, our client had around 9,000 payments successfully made using Pay-by-Text and over 30,000 attempts that failed because the customer did not have a default payment method set up. The number of unsuccessful attempts were a lot more prevalent at the beginning of the year. But as more and more customers have learned about Pay-by-Text and have set up a default payment method, the number of unsuccessful attempts have steadily decreased.

2024 and Beyond: This client is now set up for continued success with Pay-by-Text. More and more of their customers are making successful payments via text and this will continue to grow. It’s so much easier to make a payment by texting two words to pay and confirm than navigating to a website, logging in, selecting the loan, and then making the payment. Customers like things to be easy. And financial institutions like customers to make on-time payments. It’s a win-win!

We are so excited for the successful year our client has had with Pay-by-Text and for the prosperous future ahead of them.

Pay-by-Text for Your Company

If your financial institution is also interested in using Pay-by-Text and making the payment process easier for customers (and who wouldn’t be), contact GOLDPoint Systems today!

To learn more about Pay-by-Text, see this blog post: Pay-by-Text: Payments Made Easier.

To begin using Pay-by-Text, you’ll need to integrate with our partner, Solutions by Text. To learn more about our integration with Solutions by Text, see this blog post: Integration Spotlight: Solutions by Text.

We hope that you have had a great year in 2023 and will have an even better one in 2024!