February 7, 2023
Text messaging is the main way Americans communicate. According to a survey by the Pew Research Center, 97% of American adults own a mobile phone and 81% of them use texting as a way to communicate with others.1
Why would credit unions not take advantage of this preferred communication channel when it comes to alerting members of upcoming payments, collections scenarios, and even allowing members to make payments?
Here are 3 ways Text - To - Pay can benefit credit unions and their members:
a. Text - To - Pay allows credit union members to make payments quickly and easily from their mobile devices, eliminating the need for them to visit a physical branch or log into online banking. This can increase member satisfaction and engagement, as text messaging has an open rate of 98%, with 90% of texts being read within 3 minutes.2
- Increased Payments
a. Text - To - Pay can increase revenue for a credit union by making it easier for members to make payments on loans, credit cards, and other accounts. Automated notifications can also help to improve cash flow and reduce the risk of late payments. Collections efforts are eased by communicating with members via text message and reduce the need for unfruitful phone calls.
a. Text - To - Pay is a cost-effective way for credit unions to communicate with members, it eliminates the need for expensive mailing, physical visits to the branch, or large volume call center operations. In some cases, it is even possible for credit unions to participate in the transaction itself, adding to revenue.
MessagePay provides a modern, streamlined payment platform for modern members. By implementing the MessagePay solution, credit unions can offer their members a simple, convenient alternative to loan payments, account funding and more. MessagePay provides access to customized payment reminders and easy, two-tap payments via the SMS service on a member’s mobile device. MessagePay also provides payments over the phone and web and supports multiple payments methods. Fast, easy, and secure payments for members wherever they may be.