4 ways online payment technology will revolutionise your business
If you’re anything like most business owners, small or large, you’ll already know that technology can make or break your business, especially when it comes to money. With most businesses turning to payment technology to manage their finances, learn more about their customers and best cater for their needs, in this new digital-focused world, you need to keep up in order to succeed.
The days of business owners being able to manage operations with just a computer and a phone are long gone. To successfully sustain a growing business, you need to have an ever-increasing range of skills and technology.
At a time where speed and security matter more than ever, businesses need to be able to guarantee, to both clients, customers and partners alike, that their payments are safe and secure, always. New technologies aim to better service customers and generally help businesses to expand with significantly less effort. Here’s how:
Helps to reduce costs
When it comes to running a business, there are so many costs associated that it can sometimes feel like you’re drowning. From staffing to premises, expenses to insurance, businesses constantly have to fork out large amounts of money to assure they stay running. But, investing in the right technology for your business could go a huge way towards lowering your outgoings.
Maybe certain employees are behind on their other responsibilities due to payment processing, meaning your business is hiring too many additional employees to fulfil tasks that could be automated. By automating your payment processes, you can relieve workers from repetitious tasks and encourage them to use their skills in more productive ways. Choosing the right payment technology for your individual business can give you the opportunity to operate at a higher quality, with a lower number of employees. It’s a no-brainer, right?
Keeps your business secure, and protects it from fraud
Rightly so, when it comes to financial information, it pays to have top-notch security. Modern payment technology comes with it built-in processes to identify, alert and fix fraudulent payments. This means that, rather than spending hours scanning through payments trying to find errors, payment files are scanned for duplicate transactions of anomalous payment details, helping to save time, energy and costs.
So, what else can fraud detection software do for your business?
- Allows you to control who has access to certain areas, so only the right employees have access to sensitive information.
- Systems will alert you if there is a potential transaction risk, allowing staff to quickly and easily review payment information at a glance.
- Instead of waiting for fraudulent payments to be made, and then having to deal with your bank to claw back the cost fraud detection software removes these payments before they’re fully paid.
If you are a business who deals with a large volume of payments on a monthly basis, it might be necessary to involve a third-party software provider to help improve efficiency.
When it comes to the admin side of payments, it’s easy to get disheartened by the time it takes to complete, file and record payments, especially if your company has a lot of money going in and out. Investing in payment technology allows businesses to automate a huge range of tasks and processes, meaning your employees can better use their skills to improve and grow your business.
Removes human error
The adoption of automation technologies means businesses can drastically reduce human error. In most businesses, payment processing is focused on entering figures manually, and then re-checking them for accuracy. This means that there’s a high chance of mistakes being made. Even if you have the most precise of employees, if they’re rushed due to work volume, or they’ve just made a simple fault – we are only human after all – it can be detrimental to your business.
A great thing about payment technology is that it often flags up anomalies or errors, and then notifies you of these. Similarly, technology allows employees to easily see the latest payment and finance information making it great for avoiding both system and human mistakes.
This post was produced by AccessPay, a leading provider of fraud detection software for businesses.