As we covered in a previous blog, patient demand for better online and digital payment options has long been on the rise. In a world where everyone is connected online, physical “check in the mail” payments are quickly becoming an antiquated practice. Online payments are no longer seen as an alternative means of payment but have become very much the standard for today’s consumers.
While demand is rising, however, patients don’t just want any payment solution. They want one that provides them with a secure and convenient payment experience. In fact, when they are not provided with a satisfactory payment experience, they may just choose not to use it or, even worse, lose trust in your practice. In this blog, we will take a look at how a poor payment experience can cause patients to abandon transactions and lose trust in your practice.
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Patients Abandon Transactions Due to Poor Experience
So, you have an online payment solution available to your patients. Guess what? It might be doing more harm than good if the payment process it offers is unnecessarily complicated, frustrating and/or convoluted. In fact, when dealing with a frustrating payment experience, a lot of patients will simply give up and walk away from it without paying. This behavior is strongly supported by research:
- Nearly half (45 percent) of all consumers have abandoned transactions due to payment difficulties
- 32 percent of all consumers have logged out of a website without buying anything because of payment difficulties
Trust Matters
One of the most impactful yet overlooked negative effects that comes from a poor patient payment experience involves a loss in patient trust. When the payment experience is convoluted or feels as if security is not assured, it can make patients feel distrustful of your practice as a whole. Such feelings of distrust can result in both lost patients and missed opportunities for sales revenue. According to Salesforce research, consumer trust has a serious effect on their purchasing behavior:
- 95 percent of customers are more likely to be loyal to a company they trust
- 92 percent are more likely to purchase additional products and services from a business they trust
To ensure timely transactions while maintaining patient trust, today’s practices need to be equipped with digital payments solutions that offer patients the best possible payment experience. Failing to do so could already be costing your practice more than you realize in abandoned transactions and lost patient trust.
To learn how Nextech’s Integrated Payments solution can help your practice offer patients the best possible payment experience, fill out this form and a member of our team will contact you shortly!