Payments Much More Than a Simple Business Transaction

Thursday, January 14th, 2021

Beyond the devastating health and well-being costs of the COVID-19 pandemic, businesses have had to scramble to find creative ways to keep their doors open. They have also had to shift their focus to keeping workers and customers safe, and find ways to ensure the supply chain keeps going – for everyone’s benefit. 

From changing the in-person check out process and payment options to offering new services and launching an eCommerce website, businesses have done everything in their power to stay afloat. With more than six months of pandemic conditions behind us, business owners are wondering what they will need to do to manage the next six months.

One of the top solutions has and continues to lie within the payments industry. Keeping a robust and efficient payment processing system in place is a must. Before the pandemic, customers increasingly demanded convenient and safe options. Now, that need is a must. Payments need to be in real-time, provide multiple processing options, offer speed and safety and involve minimal disruptions.

The solution: integrated end-to-end payment solution

Payments have moved far beyond a simple business transaction – it has now become a service. It’s a huge part of providing a satisfying experience that keeps your customers coming back time and time again. To create this payments experience, businesses must find a provider that integrates relevant tech platforms, networks and ecosystems.

Chief Product Officer at TransferMate Global Payments, Gary Conroy, explains that “When we talk about applying efficient technology to both the front and back end of the payments process, we mean that the user experience should be seamless, from how they interact with the technology interface right through to how the money moves through the system.” 

“SWIFT involves sending messages from one bank to another — it’s a chain of messages that can incur time delays, and everyone in the critical path takes a fee. What TransferMate has done is re-imagine this process by creating a global network of local accounts, so we control the end-to-end money movement. This combination of user tech and back-end payments tech enables a smooth, uninterrupted last-mile process — so now P2P is literally from procurement right through to payment.”

To provide a seamless experience, Conroy says a “payment-as-a-service” solution is embedded into the tech platform. Rather than having information handed off to other functions or systems where all control over it is lost, embedding the payments process provides visibility of the data. The business owner can provide a seamless experience and control the buyer/supplier relationship.

“…by embedding the payments process into the systems and processes you are using to create POs, capture and match invoices, and seek approvals, you can see how and when they are being paid, and whether the full balance of funds has been received. It means you can give your supplier the potential to apply for early discounting, for example,” explains Conroy.

How to determine if you’re choosing the right tech

With so many payment providers out there today, how do you know if you’re choosing the right one? With business owners so tied up in addressing the needs and restrictions of COVID, how can you know you spent enough time weighing your options? Here are three things you should consider first:

• SaaS – Is the technology you’re looking at available as a service?
• API Economy – Is it easy to integrate, and is it in real time?
• Regulation – Will the technology keep you compliant for the jurisdiction in which you do business?

If you’re still uncertain on what technology to choose and which provider to partner with, consider the many helpful reviews Best Payment Providers offers. Browse reviews on the top providers in the industry, and easily compare their rates and services.