PayNearMe rolled out three new capabilities to its platform last week designed to keep payers in the self-service channel — or bring them back — so that payments can be completed more efficiently.

The new capabilities within its PayXM platform include Payer Re-Engagement, Dynamic Payment Options and Invite a Payer, which are designed to extend PayNearMe’s vision of payment experience management by delivering faster, more intuitive payment experiences while helping businesses like auto-finance companies accelerate payments and reduce the total cost of acceptance.

PayNearMe acknowledged that many businesses still rely on costly live agent interactions to help customers complete payments. At the same time, the company said consumers expect to resolve payments on their own.

The company highlighted PayXM’s new capabilities are geared to close this gap by bringing payers back into the payment flow, guiding them through failures that traditionally result in a payment exception and expensive customer service follow-up.

By enabling them to complete payments when they would otherwise stall, PayNearMe said these new capabilities are already helping clients lower the operational cost of accepting payments. They include:

—Payer Re-Engagement can minimize payment delays and reduce the need for manual outreach by automatically re-engaging payers who abandon the payment flow. By triggering timely, personalized outreach, PayNearMe can help clients capture payments sooner.

In fact, when Payer Re-Engagement is enabled, PayNearMe claimed 50% of payers return to the payment flow, and 7% of those complete a payment, well above the 4% e-commerce average.

—Dynamic Payment Options can maximize payment completion by intelligently guiding payers to the next best path when a primary payment method fails.

By presenting data-driven alternatives in real time, PayNearMe can keep payments within the self-service channel and reduces the need for support calls.

When Dynamic Payment Options are triggered, PayNearMe said clients can recover an additional 9% of payments, improving completion rates without manual intervention.

—Invite a Payer can shorten the payment cycle by enabling a self-service way for payers who are unable to complete a payment on their own to securely request help from a trusted third party, such as a friend or family member.

By bringing a relatively common, but otherwise untracked behavior into a controlled, trackable environment, PayNearMe explained Invite a Payer can let clients gain visibility into who completes the payment and the ability to manage it end-to-end, increasing the likelihood of getting paid without additional operational costs.

Across PayNearMe clients, the service provider reiterated that it has delivered measurable impact, lowering the total cost of acceptance, capturing more payments sooner and improving customer satisfaction.

PayNearMe said one finance company increased self-service usage from 37% to nearly 75%. Another client now sees more than 55% of transactions completed through self-service.

“When a payer abandons a payment, most businesses lack a proactive way to bring that customer back and help them complete it,” PayNearMe chief product officer John Minor said in a news release.

“These new PayXM capabilities help businesses move away from reactive, support-driven processes and toward intelligent, automated payment experiences that enable customers to resolve payment issues on their own, recovering more payments while materially lowering servicing costs,” Minor went on to say.

Go to this website to learn more and book a demo of the PayXM platform.