How the right payment platform can save you money way beyond initial implementation
As we approach a new year, many organisations will be looking at their business processes and solutions to see how they can improve in 2021.
After such a turbulent year, saving money will no doubt be at the forefront of many business decisions. However, it’s easy to forget long term value and savings when we are thinking about the immediate gains. Taking your time and choosing the right solution for your business rather can provide your business with savings way beyond implementation.
We take a look how…
Navigating the payments industry can be a daunting and sometimes a challenging experience, so having the best advice can make a huge difference.
Providers that hold years of expertise coupled with industry knowledge and understanding of the payments industry challenges can be gold dust. They will be able to guide and nurture you, ensuring that as you grow, you have a clear understanding of the industry and you don’t faulter when new regulations come in, avoiding costly charges.
Having the ability to automate can help you achieve stronger and more efficient processes over the long term. Payment procedures can be automated, to whatever extent you choose; whether it’s simple workflows to automatically action payment signing, approving and submitting, or completely lights-out processing with no human interaction at all.
Processes such as file import, bank data validation, signing, approval and submission can all be moved to an automatic process saving you time and money as well as improving security and eliminating errors, which can be very costly.
Automation strengthens your processes while remaining flexible, streamlining operations and boosting efficiencies both in the immediate and long term.
Every software solution requires updates at points and these can sometimes come at costly expense. A platform built on modern architecture designed to absorb changing technical and architectural requirements, such as NPA, will enable you to avoid costly requirements going forward.
Opting for a modular solution for your payments will give you the ability to adapt over time, moving forward and developing as and when you feel ready and when changes happen.
A future ready platform will incorporate software updates to meet new rules and industry changes, keeping you compliant and enabling you to focus your time and budget on implementing your plans rather than worrying about whether your solution is current.
Long term partnerships are built on trust and a solution provider with transparent and predictable pricing sets the foundations for a business relationship that can last years and save you money in the long term.
You want to stay with a provider because you want to, not because your contract says you have to and with a provider who does not impose transaction charges or usage caps for Bacs, you can be sure you are with the right partner for the long term as your business grows.
If you would like some help with a review of your payment processes, we’re here to help. Talk to one of our technical experts.
Look out for our next blog where we look at top tips for an end of year review.
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