If you want to scale your business and adapt to the latest digital technology, you’re probably looking for ways to reduce friction in payment processing. In order to own a successful business, you’ll want to make it as easy as possible for a customer to complete a transaction in a relevant time period.
Although optimizing your payment processing strategy may sound easy, there’s a lot of time and effort that goes into it, especially if you haven’t taken steps toward digitizing your payment processing technology yet. Since you have a lot of processes to manage in your business, I can help you create a successful payment processing strategy that you can track back to a direct ROI. Here’s how to reduce friction in your payment processing:
1. Invest in digitization
Although you work in the B2B space, where face-to-face interaction is common and relationships are important, you’ll need to develop a way where your clients can pay you without having to write a check.
Most business owners in the space are going away from paper processes completely, even when it comes to internal processes like accounting and payroll. Your customers must be able to log into a secure online portal and pay their bills in a way that’s secure and benefits your business.
Setting up a secure payment portal is a large initial investment that most likely will require an outsourced team, but it’s a solution that benefits your business in the long run.
2. Consider Fintech
Financial technology, or Fintech, is revolutionizing the home-heating industry. When you invest in Fintech, you receive a streamlined solution that helps integrate accounting, payments and more into one unified system.
You’ll also receive more accurate reporting information that helps you understand how the systems in your business work together. This is much more efficient than receiving separate reports from multiple systems. When you understand your data better, you’ll understand your levers of influence when it comes to making your business more profitable.
3. Gain access to data portability
With data portability, you gain more control and access to your data. You’re able to move data freely between systems without any restrictions or extra fees.
I also recommend investing in a good, cloud-based storage system that allows you to access your data from anywhere. This is the best way to pull data on the fly for a client or have access to everything you need in a remote work environment.
For more information about how to reduce friction in the payment processing environment, visit my website or call 617-843-5700.
