Globally, consumers are demanding convenience and frictionless online payment methods. More people are using SMS payments as the world goes digital. The world has over 6.5 billion smartphones. This massive number helps explain why SMS payments have become a popular way to pay for goods and services.
With SMS payments, TV billing becomes a breeze for viewers. This revolutionary recurring payment solution helps broadcasters with subscriptions, pay-per-view sales, and even donations. All viewers need is their phones to enjoy these services hassle-free.
To accept these payments, TV broadcasters partner with reliable payment processors like iCG Pay, formerly iCheckGateway.com, to access various payment options for efficient invoicing.
Let's explore how SMS payments are changing the game for TV broadcasting payments.
What Are SMS Payments?
A short message service (SMS) payment is a financial transaction method conducted via text message on mobile phones. It allows businesses to send an invoice notification via text message to alert the customer of a bill payment. Or to send a donation request to a non-profit charity.
These payment solutions also prompt customers to pay or donate via a secure text link. Many people widely adopt text invoicing due to its simplicity, convenience, and availability.
Additionally, they are essential for rapid transaction processing, making them suitable for quick and secure transactions in various industries, including TV broadcasting.
How Does SMS Payment Processing Work?
As a TV broadcaster, you can send a reminder for due bills or late payments via SMS. Once you start the process, here's what happens:
- Payment initiation: The business provides a link, designated phone number, or shortcode. Customers send payment requests here via text.
- Payment request: The customer sends a text message containing relevant payment details. This includes the payment amount and any necessary authentication information.
- Receipt of payment request: The company's SMS payment processing system receives and begins processing the request.
- Validation and authorization: The payment processor makes sure the payment request is accurate. They also check that the customer has enough money or credit. The customer might need to take extra steps, like entering a PIN or confirming credit card transaction details via the secure link.
- Confirmation: The business checks if the payment is valid. If it is, they send the customer a confirmation text stating they’ve received the payment and are working on it.
- Settlement: The payment processor takes the money from the customer's account. The business might send a final text letting the customer know the payment went through.
How Do SMS Payments Benefit TV Broadcasters?
The TV broadcasting industry requires a versatile payment solution that provides payment options for both subscription models and tele-advertising services. SMS payments come in handy for this sector in the following ways:
Wider Customer Base
Unlike other manual payment methods that may involve visiting financial institutions, text invoicing is convenient for most viewers. With a simple mobile payment, customers connect to their favorite TV services without a hitch.
According to statistics, 58% of consumers say that texting is the most effective way for organizations to contact them. They open the text and process the bill. Simple.
SMS payments are easy because most people already have phones. Viewers don't need extra accounts or credit cards. This makes SMS payments accessible. Broadcasters reach a broader audience, including those who may not have access to traditional payment methods.
Reduced Transaction Costs
Users have to pay a fee for payment methods like bank transfers and credit card processing. However, if you accept mobile payments, you might spend less, thanks to reduced transaction costs. SMS payments typically incur lower processing fees.
They also do not require specialized infrastructure as long as the customer has a phone. This way, broadcasters can maximize their revenue by minimizing transaction expenses.
Increased Revenue Streams
Invoicing helps you collect payment for your products and services. Statistics by Skynova show that most businesses can handle 500 invoices monthly. To serve all your customers well, choose a payment and invoicing solution with a variety of options.
Partner with an SMS payment gateway like iCG Pay. Your viewers will then easily buy premium content or subscriptions with their phones. SMS reaches more people than most marketing channels. Get better reach. Earn more money!
Alleviate Security Concerns
Text-to-pay features boost security for TV broadcasters. With the rise in payment fraud, especially in electronic payments, it's important to use secure payment solutions. SMS payments use the phone's biometric security features to keep customer information private.
Customers don't need to enter card information, reducing the risk of a data breach.
Partner with iCG Pay for secure payments. We offer features like encryption and tokenization to keep your viewers' information safe. We maintain compliance and reduce your PCI scope in all transactions.
How Can You Set up Your SMS Payment System?
Setting up an SMS payment system with a payment processing partner involves several key steps. Here's how to set it up:
- Assess your business needs: Before partnering with any provider, evaluate the company, your payment needs, and customer preferences. This will enable you to make the best decision.
- Select a reliable payment processing partner: Your TV broadcasting needs a strategic partnership. Use a gateway that offers SMS payment capabilities and other solutions according to your customer needs. Consider iCG Pay for a comprehensive solution offering IVR payments, hosted payment portals, email invoicing, and more.
- Integrate the payment solution: Work with your payment partner to add SMS payments to your TV platform. Fortunately, iCG Pay offers API and plugin tools to make integration easy.
Start Your SMS Payments Journey with iCG Pay
The TV broadcasting sector caters to various needs and markets. Therefore, it needs a payment solution like SMS invoicing that offers viewers convenience and speed.
iCG Pay caters to TV broadcasting companies by offering efficient invoicing and payment processing. Our platform simplifies ACH and credit card payments for subscription and advertising services. We also automate payment processes across multiple channels, settle advertising payments electronically, and manage all accounts on one platform.
Simplify TV broadcasting invoicing with iCG Pay today. Talk to our team experts now about the next steps!
