Product: Text to Pay
Weave, an integrated communications company established in 2008, launched the Weave payment platform, a comprehensive solution designed to provide multiple ways for small to midsize merchants to collect and for consumers to pay. Weave representatives said the company offers an array of tailored solutions for the healthcare and health and beauty markets and is expanding into other vertical markets.
Text to Pay, a digital and modern bill payment method, is an integral component of the Weave payment platform, which has been widely launched following a one-year pilot test. The solution enables merchants to send payment requests via short service messaging (SMS), facilitating fast and easy credit card remittances. Johny Wudel, vice president of product at Weave, said the solution has proven popular with merchants and consumers since its beta launch in March 2018.
"Collection of payments is tough no matter what business you're in, and we have spent the last year understanding this pain point," Wudel said. "Customers want easy ways to pay at a time convenient for them, and that is exactly what Weave payments delivers. It's an easier and cleaner process that is integrated with the communication tools within Weave."
Wudel noted that 70 percent of Text to Pay requests are paid on the same day, unlike the average 30-day payment cycles typically found in dental, medical, optometry and healthcare practices. Customers pay when and where they want, using a PCI-compliant digital payment form, eliminating paper checks and keeping credit card payment data out of merchants' scope.
Text to Pay is HIPAA- and PCI-compliant, and is served on pages secured by TLS certifications, a higher form of security than SSL certification. The solution eliminates the time and costs associated with traditional invoicing, such as printing, envelopes, stamps and employee time, which can cost between $12 and $30 per invoice. This helps merchants improve their cash flows by accelerating revenue capture and improving revenue cycle efficiencies, Wudel stated.
The company pointed out that Text to Pay can expand a merchant's ability to reach customers in myriad ways. For example, customers with outstanding balances may be more likely to respond to a text message than a mailed invoice or phone call, company representatives stated. Collecting payments by text is a simple and efficient way to reach customers who have forgotten their wallets or have expired credit cards or want to buy online and pick up in store. Text to Pay is also a fast way to collect from subscribers with an expired card-on-file.
Weave's secure admin portal enables merchants to view transaction data and customize and brand their receipt headers and Text to Pay payment requests. Merchants can additionally automate payment receipts that go out to customers and have the additional option of manually resending the receipts.
Weave's credit card processing is done through Stripe, an audited Level 1 PCI service provider. The company provides an array of services, including VoIP and interactive voice response systems. Partner and referral programs are available to vertically focused resellers and IT service providers.
IT partners have the additional option to provide support for offices through Weave's installation and onboarding process. These partners work closely with Weave to facilitate installation and onboarding services.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.Prev Next