Nowadays, electronic billing continues to become the main option as many development and developing countries gradually abandon cash and paper checks in support of online and mobile payments. Using electronic billing is more reasonable for their business, more convenient to consumers and merchants, quicker than using paper checks and good for the environment.
Why electronic billing is facing slow adoption? Even with all of its benefits, paper-based billing and check-writing remain eternal fixtures in the society.
Here are some of the common hurdles that stopping customers from using in e-billing:1. Fear of technology changes (technophobia)
Fears of using technology or also known as technophobia is fear or dislike of advanced technology or complex devices, especially computers. Although there are numerous interpretations of technophobia, they seem to become more complex as technology continues to evolve.
Many paper users are doubtful of mobile payments, credit cards and online transactions. They feel afraid, worried and have security concerns over how all of their details and financial data are stored. This problem used to happen and become a trend especially among senior citizens as most of them are only familiar with cash and check payments.2. Convenience
There are some people who are not familiar with electronic billing. They prefer using paper billing because they are already familiar with that method. Besides, people understand on how the process works when using paper billing.
Some customers are preferred not dealing with payment systems that are constantly changing and upgrading. They like to stick to what they know to avoid any hassles that can come out from using electronic billing. If 99% of recipients cannot access the electronic bills quicker than it takes to open an envelope, the customer experience will fail.3. Losing profits and customers
Many merchants do not want to miss an opportunity for potential sales. Since electronic billing covers worldwide, it has become a part of the market that can give more profits to business. When merchants rely on the e-billing, they have the potential on losing countless of regular consumers and suppliers who do not have online banking, credit cards or smart devices.4. Hidden cost
Many businesses and consumers either unaware or ignore the financial cost of sending, receiving, and processing the paper-based transactions. They often pay no attention to the transactional costs that take place and often go to the banks and post offices to manage their expenses.
How to Overcome the Barriers
1. Despite all the barriers arise, there are some ways to overcome this problem.
2. Make more investment in greater security. The electronic billing must followed by PCI-compliant standards. Using greater security can help consumers who are concerned about protecting their financial details.
3. Give them a reason to believe when using e-billing. When using the communication channels that customers already prefer, create a series of notifications by mail, email or phone to announce that you accept electronic payments. Let the customers know how it works and why they are beneficial.
4. Merchants can offer benefits or discounts for those who use a completely paperless method. This will not be an option for those who considers to appeal to the eco-conscience.
MOLPay Cash: For Unbanked Society
MOLPay Cash is one of the most interesting payment method introduced by MOLPay in the past few years. It is suitable for those who have the fear of technology changes or unbanked society. By using this type of method, people do not have to worry for giving financial details since this method is dealing with cash. This payment also gives a real–time notification when the payments are made through MOLPay.
Customers do not have to worry about data breaches or privacy. They only have to do an online shopping and pay with cash at the nearest 7-Eleven stores. This type of payment will be the new revolution to the unbanked customers, thus, give more profits to merchants.