Nowadays, it is practically impossible to manage any business without thinking about innovation. New technologies have been used to make life easier for the entrepreneur. Systems are increasingly computerized and contribute to optimize time and evaluate results. This is the case with payment automation.
With the growth of your online business, payment automation can make all the difference in increasing sales.
This technology has definitely proved essential to make financial management more efficient, practical and quick. It offers the entrepreneur the possibility of receive payments in a 100% online way. It also provides information that can be used by other areas of the company, such as payment and default reports.
That way, we will better understand how a payments intermediary and how it can be the solution to various problems in your business. Read on!
How a payment broker works
The automation of payments in a business is done by intermediary companies. They can often be confused with payment gateways.
Although they have the same purpose, gateways require the inclusion of their own banking agreements to start operations. The intermediaries are developed as a total solution, that is, they come ready to use.
The platform developed by a payment intermediary offers solutions that benefit both the entrepreneur and the customer. On the one hand, the entrepreneur does not need to enter into contracts with banks and card companies. On the other, customers have more payment options.
In this way, the payment intermediary is responsible for making the payment interface between the company and financial institutions. It takes care of the entire process behind a receipt. Functions such as:
The payment intermediary facilitates the purchase process. It manages to group several payment solutions on one platform, bringing an even more practical experience for the customer.
With the adoption of a payment platform, any online business can diversify the forms of receipt. In addition, it is able to eliminate negotiations with banks or card administrators once and for all. This means less bureaucracy and more profit.
Today, offering different forms of payments to customers, such as payment slips, booklets or subscriptions, has become essential to maintain competitiveness.
For these reasons, implementing a system of payment automation it’s very important. The platform allows you to be more precise with regard to finances – the basis for the functioning of any online business.
Advantages of adopting a payment automation system
The payment intermediary can add several benefits to the companies that hire the service. Thus, recurring problems in online businesses that involve collection can be solved by implementing the platform.
In the following, we will reveal the biggest benefits perceived with payment automation.
Easier to sell
With payment automation, whoever sells or offers services online has the advantage of offering more payment possibilities. In addition, the flexibility of installment purchases is greater, which attracts more customers and can help with conversion.
As the companies that offer these services also constantly invest in data security, the collection process, in addition to being simplified, can become more secure for your company and your customer.
Thus, less worries about bureaucracy in receipts can mean more time available to take care of more strategic areas of the business.
By automating tasks such as payments, it is possible to achieve greater productivity and maintain a standard of work. Consequently, payment automation results in cost savings.
For this, it is necessary to invest in a robust system that will accompany the entrepreneur in all stages. Over time, this investment can be recovered, and the company can still pass on the savings generated to customers. This can create a competitive advantage in the market. Compared to banks, the chances of losing money are great, due to high interest rates.
Now, we highlight the scalability that the payment intermediary can generate for an online business. When a company’s activity is scalable, it means that it can maintain service without losing quality.
This property is essential for companies looking to grow in the coming years. After all, if the demand increases, it is due to the good reputation earned.
With the intermediary, the company’s demand can increase in volume, without jeopardizing other activities. This aspect makes the entrepreneur much more relaxed to dedicate himself to other points that require attention in the business routine.
More practicality and agility
The platform of a payment system has a very intuitive character. Because it is easy to use, it enables a quick adaptation of the contractor.
In addition, by having all the information in one place, it is possible to perform a much more agile financial control. If the information were to be decentralized, it would spend much more time.
The practical issue also extends to customers, since it is possible to offer a transparent checkout for them. Thus, consumers are able to fill out payment information and make them in one place, without being directed to other sites, which gives the business more credibility.
With the intermediary, it is possible to authorize specific employees to have access to the system. Thus, if it is not interesting that everyone has access to everything, there is the function of registering secondary users.
It is still possible to view everything that a secondary user did on the platform during use. In this way, the entrepreneur is able to control the performance of the entire team together with the established goals and deadlines.
Simplified billing system
Let’s assume that you develop an online course and need generate monthly payment slips. Its students are people scattered throughout London, after all, there is no territorial limit for knowledge in the digital age. Instead of sending paper tickets, which would generate correspondence expenses, it is possible to send everything by e-mail.
The simplification of charges can be applied in several types of online businesses, such as e-commerce, for example. One click is enough for the consumer to choose the best form of payment at the time of purchase.
There is also the possibility to issue collection reports, which greatly facilitates business management. The good intermediary also has a control panel which allows the monitoring of approved and disapproved payments.
Then, the contractor is able to track various data that will allow total monitoring on the financial aspect. Thus, the platform avoids inconvenience and losses for the company and also for customers.
Among the possibilities are:
have access to detailed financial reports;
view how many and which customers are in default;
see how much money has gone into the box through these payments;
know how much money the company has to receive, among other services.
Fast availability of receipts
Finally, another advantage of automating payments is the possibility of releasing receivables right after payment confirmation.
Thus, if you have sold a product on credit, for example, the intermediary may offer the option of receiving the full amount of the charge, even in case of installments by the buyer. This alternative will allow full payment to be received, regardless of possible card bill delays.
How to choose the best system?
To choose the payment automation system, look for a platform capable of integrating different sectors of the company. In addition, it needs to offer important functionalities in the day to day of your business. Thus, all management activities are potentiated.
Likewise, it is also important to look for an intermediary company whose rates are more advantageous in relation to the cost-benefit offered.
As described throughout the text, through a good system, it is possible to reduce bureaucracy and facilitate discharge, in addition to optimizing the entire administrative routine.
Do you want to know more about how to structure your business’s payment methods? Download this e-book with a financial manual for entrepreneurs!
This article was produced by Gerencianet!