The B2B payments market is expanding rapidly and is projected to reach $1.9 trillion by 2028, according to research reported by PYMNTS. At this rate, there are almost guaranteed roadblocks along the way and many business owners are looking for quick solutions.
Enterprise resource planning (ERP) systems have recently entered the conversation as a viable option to help business owners manage their time and resources when it comes to payment processing. ERP software helps business owners in many departments by streamlining processes in accounting, supply chain and compliance, marketing and more. Here’s how business owners can leverage new ERP technology:
1. Helps manage AP volume
97% of firms said they cannot handle AP volume, according to recent research by PYMNTS. In the same research, 31% of firms said they are also extremely inhibited on the AP side.
Imagine if you could seamlessly handle the influx of information coming into AP without overworking your employees. ERP systems allow you to do just that by helping staff correctly, automating invoice processes, and streamlining reporting processes that normally take employees hours to complete.
2. Improved Customer Relationships
When you’re able to free up your employees’ time from tedious and error-prone tasks, you’re able to put their time and energy toward customer service. When the data around each customer becomes more accessible, your employees can easily interact with customers by viewing past orders, payments and help tickets all in one place. After all, it’s much more cost-efficient to retain a current customer than convert a new customer.
Although it’s a big investment to make the jump to a new ERP system if you never have utilized software like this before, it’s worth it to level up your business.
3. Rely on APIs
Since some business owners report that ERP systems lack customization, it’s crucial to choose a system that relies on application programming interfaces (APIs). APIs use timely data, increase interoperability and smooth out back-end operations.
You’ll need APIs for payments because it helps process a greater amount of data and eliminates the need for unnecessary phone calls and emails with the customer. If you don’t currently have an API system, it’s worth it to look into a third-party integration system.
If you need further information or help with your payment processing strategy don’t hesitate to reach out to me at Richmond Financial Services or by calling 617-843-5700. I help my clients create a clear and successful payment processing strategy that helps put cash back into their pockets. I look forward to working with you!
