Password protection is essential to maintaining the security of your accounts, but it comes at a price and can be broken. Maintaining passwords and logins is growing more challenging as hackers increase their sophistication. This makes it even more important and difficult to frequently change and manage passwords and logins. Some people have resorted to using password management software to alleviate this burden, but there is a better solution that does not need passwords at all – magic link authentication.
Magic link authentication is a software feature which can be offered to users of secure applications including customer payment portals. Instead of needing a password to access a customer payment portal, customers or your AR team can simply enter an email address on the customer payment portal login. The authentication software sends an email to the users email address which includes a unique link for the user to click on to access the customer payment portal.
Here are the reasons why every customer payment portal should offer magic link authentication.
Increases Use of Customer Portal
With magic link authentication customers don’t have to remember passwords and logins to access your payment portal. Scrambling to remember or recover passwords and logins can keep customers from using your payment portal.
Many customers, particularly millennials, prefer to use self-service to manage their accounts. Higher utilization of your payment portal will result in increased cash flow. Customer payment portals give your customers the flexibility they want to manage their accounts when and where they want; increasing the likelihood they will pay you sooner.
Increase the utilization of your customer payment portal by making it easy to access with magic link authentication.
Magic link authentication is more secure than password protection. The magic link authentication sent to your customer is unique. The authentication link can be programmed so that it expires after a certain number of clicks or a period of time such as one hour. There is no need to worry about security of passwords or logins. If a link expires, the user simply enters an email address again to get another authentication link.
Target Important Payment Portal Information
Magic links can be programmed to take customers directly to past due invoices or other important information. This feature can encourage customers to pay sooner and result in increased cash flow. Customers can still navigate the portal for other information such as account statements and other invoices.
Increases Efficiency for AR Team
Your AR team can use magic link authentication to access your customer payment portal instead of needlessly spending time managing passwords and logins. The time saved can be spent on managing accounts receivable and increasing cash flow.
Magic link authentication is a win-win choice for you and your customers. It gives your customers the ease and flexibility they want and encourages greater use of your customer payment portal, which results in increased cash flow.
The key to the successful installation of a customer payment portal with a magic link authentication option is to work with an experienced software partner.
Lockstep Collect is a market leader in cloud-based credit and collection platforms. Lockstep Collect can help you to install and integrate a customer payment portal with a magic link authentication option.
If you would like to learn more about how you can benefit from a customer payment portal with a magic link authentication feature, please contact Lockstep Collect at www.lockstep.io.