In conclusion, I can see that connecting your wallet solution to continued fund sources like linking your wallet to the customer bank or payroll account, your customer will suffer to refill his wallet each time. Customer will focus more on exploring your services and use it as the primary payment option. Please visit part one and two for more details “Cash-In the passion fruit [Part1] and [Part2]”.
Below should be a guideline to help you building your payment solution.
- Ensure to offer rich and convenient interface, mobile APP, web site, USSD, SMS, IVR, WAP site and so on
- Selecting channels should differ from a region to another, many factors should be taken in consideration starting from the connectivity, the handset level, smart phone penetrations, population and many more
- In general you may use two or three channels not more so you will have less confusion in your upgrades
- Maintain the same experience if you will launch with more than one channel, and in your planned upgrades, it is a must to deliver the same upgrades across all channels all at a time
- DO NOT allow full service functionality through Web or WAP interfaces. Enabling the internet solutions with all options will distract your customers, double your security and fraud risks and waive you from your main focus which is the mobile itself
Balances and silent customers,
- Your main target is to increase the money flow. Resident balances or silent accounts should be your biggest nightmare
- Never think about offering interests to your customers, this will not help you a step. Please refer to previous point
- Your potential revenue and profit needs thousands transactions per day, therefore you have to focus on the money movement process and acquire new service regularly
- Having a customer with 1M USD balance should not be a good sign at all, having a customer with 1M transaction is much more profitable for you
- Adapt your wallet recycling policy for silent accounts to match the average customer behavior, it should not be so long to allow you doing the data cleansing and archiving process and not too short to a level frustrating your customers
- Lower your fees to the lowest possible limits and keep some roam for promotions from time to time to increase the traffic
- always look for new services to offer your customer, and always work on enhancing your service flows. An ideal service request should not take more than 5 seconds in average
- You need to run multiple customer surveys and track the Cash-Out process to find out which service is missing in your service portfolio to be added to lower the Cash-Out transaction up to Zero if possible
- History, analysis, reports and graphs. Think about offering 1+ years of historical data per user and setup top saving, top spending and other useful analysis to help your customers to control their spending and also tie them to your service
- Customers likes to keep track of their spending, and they always prefer to have a social and rich reports will convenience the customer to pass all his financial transactions through your system to see all spending in a single report
- Setup reminder for recurrent payments like Gas or Electricity bill and allow one step payment for such services
- Allow manual entry to the financial report, where customer may enter extra spending to be accumulated in his monthly reports (i.e 10$ for Fancy book) this will be very welcomed from the customers and will allow you to see what should be your next integrated service
Finally, you have to pay attention to the Cash-In process and consider the process your customers will go through each time they need to refill their wallets and make sure that it s easy, fast and convenient.
Photo Credit: http://economictimes.indiatimes.com/photo/21155054.cms