SMS Messages Leading to Payment: Too Good to Be True?
SMS Leading to Payment
Few years back short messaging service was used only to give message alerts and notifications to users. But today it’s much more than that. This has come as no surprise. As we all can see that every individual we come across has a mobile phone and not just a mobile phone but a smart phone.
With the change in technology more innovative ideas are being introduced in order to reach out the mass. With every organization who sells used zero turn mowers working on how to enhance their customer service, SMS has changed the whole scenario. SMS leading to payment has definitely come handy for both the parties.
With people paying their bills by SMS it’s easier and convenient for customers to concentrate on other important matters than paying their bills and due. No one has the time to go and stand in a line. Also on the other hand, payment lines in the companies gets short as limited number of people who might not have access to such facilities end up in the cash counter line.
With SMS, customers’ sends payment request which later on is added to the phone bill or eWallet. With such payments one does not have to remember passwords neither one needs to have a bank account. All the customer needs to do is, send a premium SMS. Tele companies charge for such SMS. So when they receive SMS for payments they take their share from the premium payment. Then rest of the payment is sent to the SMS payment processor company which operates the SMS gateway for the companies payments were made to.
Again after taking their share from the payment SMS payment provider sends the remaining payment to the sole or the true product or service provider. In this manner there are four parties involvement when payment is done by SMS; first the ultimate consumer, telephone company, SMS payment provider and at last the main company that is responsible for sending in the product or service to the ultimate consumer. Consumers dealing with female cat spraying at home may not be as receptive to SMS payments as other clients, studies have shown.
With SMS leading to payments it still has some drawbacks as well. SMS payment may not be as reliable as other available options. This happens because transactional payments can easily fail when message gets lost. Payment process is bit too slowly and merchant may get the payment only after few hours or days of payment. High cost is associated with such type of payment process. With drawbacks as such, other systems are taking over the SMS concepts. But it is still widely used when it comes to paying the electricity or telephone bills.
Even though today many other concepts have emerged like eWallet but the start was definitely done by SMS which did lead the payment service once. One cannot ignore the fact that with creative ideas as such many different technologies have made it to the top. It is definitely hard to stand tall with competitions from all the sides and SMS has definitely made way for other ideas to improve on payment process.