Streamlining payment processes is necessary for business owners who want to cut down on payment processing costs and streamline business operations. Without efficient payment processing, you risk falling victim to friendly fraud, lost client relationships and more.
If you’re new to payment processing technology, chances are you need an expert to guide you. This includes initial costs, set-up fees, monitoring, and monthly reporting. If you’re looking for an experienced expert with an extensive resume, contact me at Richmond Financial Services. I help you create a robust payment processing plan to keep you on track with your business goals in mind. To confirm I’m an expert you can trust, I’m happy to share my track record of professional experience with you. In the meantime, follow these tips to streamline payments:
Protect vendor information
Storing accurate and fresh vendor information is not easy because data is always subject to change. However, keeping up-to-date data is the best way to build successful vendor information because you can send contacts marketing information, surveys and personal thank yous.
PYMNTS recommends investing in an ERP solution that reduces vendor onboarding tasks to a few simple form fills. This software also lets you search and pull up real-time vendor data without the hassle.
Perform regular internal checks
No organization has a perfect internal process and it’s your job to check on it regularly. Instead of relying on an accounting team to do daily internal checks, why not invest in a software that automatically completes this process for you?
Many teams rely on software that conducts daily accounting checks, including a double verification portal, allowing multiple team members to review the transaction. Although not all instances of fraud can be eliminated, adjusting internal processes is a significant first step.
Develop quicker payment processing
When you onboard a new customer or build a new client relationship, you want to ensure a swift payment follows. Many companies focus on straight-through processing (STP) to ensure that customer data is relevant. If there’s a difference in the billing information, the system flags the transaction and decides what customer information to use.
Companies with higher STP rates also have a more streamlined onboarding process where they can correctly document and store customer information for future billing cycles. Onboarding specialists are trained to follow specific materials and ensure the business feels like their business is in good hands. When B2B partnerships thrive, everyone is happy!
