By LeeAnn Huntoon
Everything You Need to Know about Enterprise Payment Processing
Digital technology is transforming the payments industry and creating a highly competitive market. Due to the saturation of the merchant services industry, finding a fintech company that can support an enterprise business may seem cumbersome. With more locations and a larger business model to support, innovation, convenience, and faster payment solutions is a must.
Working with the right Enterprise Payment Solutions, you can simplify complex payment processing. Utilizing a single platform for all types of payments can modernize your existing payment channels by emerging channels with proven payment solutions. So what are the biggest questions regarding Enterprise payment processing? Here is everything you need to know.
What Is Enterprise Payment Processing?
An Enterprise is a conceptual organization of people and entities that interact with one another with the intent to accomplish something. Enterprise payment processing focuses on those businesses with multiple locations (10+) processing at least $8M in payments a year. Managing multiple locations increases complexity in how the enterprise collects payments. The organization requires a streamlined process that allows them to not only use more payment solutions under one umbrella but also account for a greater variety of payment needs..
Enterprise payments also enable financial institutions to simplify their payment processing infrastructure and deliver an effective payment strategy to their customers. Enterprise payment solutions offer fast, efficient payment processing for any and all payment types including ACH, wire, and instant payments including SEPA Instant Credit Transfer (SCT Inst) and The Clearing House (TCH) real-time payments, across the U.S.
Benefits of an Enterprise Payments Strategy
First, an enterprise-wide payment strategy must support your capital strategy. Note that defining an enterprise-wide payment strategy requires a thorough analysis of data. This helps establish a true cost per payment method or payment channel. When working on revisions to an existing working capital strategy be sure to look at more than just an income statement. You should develop and understand the link between your income statement and balance sheet.
Once that is complete your next step will be to have a baseline understanding of your current payments ecosystem. Look at your enterprise business’s receivables and payables and complete an inventory of payment options, methods, vendors, volumes, and processes currently in place. By aligning your payments with common performance indicators across all payment types, you can objectively review your payments. This helps identify opportunities to define new strategies that support your working capital.
Things to consider:
- How long it takes to collect from customers
- The timeframe from invoicing to payment
- How long it takes to sell inventory
- How long the organization is given to pay its bills
How to Speed Up Your Enterprise Payment Lifecycle
The fast-paced world of consumers and ever-changing vendor relationship demands that businesses keep an eye on the future. It’s essential to know how customers pay, how you pay your vendors, the barriers they may experience, and how to fix any problems that may currently exist.
The challenge for many enterprise businesses is finding the bandwidth to keep tabs on the fast-moving fintech. Consumer expectations for speed and experience are being set by the tech giants like Apple, Google, and Amazon, and financial institutions have no choice but to adapt. In today’s digital world, a C2C payment can clear in less than a minute. On the enterprise side, the payment life-cycle can have a duration of 60, 90, or even 180 days.
Here are a few useful tips you can use immediately to minimize your payment lifecycle.
- Adopting new processes. For example, shifting from paper invoices that need to be printed and sent by post to digital invoicing cuts down on processing time and minimizes cost.
- Using a single system to process payments. Instead of using multiple solutions individually to manage your Enterprise payment lifecycle.
- Automating processes recurring payment tools, consolidating payment data, automating receivables management/payables management.
Payment Innovation That Works With Your Enterprise Business
Finding solutions that can integrate with each other, streamline processes, and simplify workflows across multiple locations is ideal for enterprise businesses. This can help with needs including ACH speeding up payment processing for your enterprise business.
Omni powered by Fattmerchant is an all-in-one solution that helps to manage every aspect of the Enterprise business’s finances. With optimized payment processing tools such as recurring billing, virtual payment options, access to accounting, and data analytics managing Enterprise payments has never been easier. Multiple processing solutions, business locations, or business tools, give you multiple data points to manage. Omni has all of your data in one view so you can accurately plan for the future.
Find a partner who shares the same values
Delivering a great customer experience is imperative to any business, be it big or small. Choosing a merchant services provider that mirrors your values is just as important as what services they offer and the savings they provide. Knowing what your business needs to succeed helps answer the question of what the right provider looks like for you. With that in mind, you can make an informed decision and choose the right merchant services provider for your business.
Omni powered by Fattmerchant is one of the only merchant services that is dedicated to the success of businesses of all sizes. With leading technology and dedicated customer support, Fattmerchant helps enterprise businesses stay competitive as they continue to scale.
Designed for your enterprise business, Omni by Fattmerchant brings your entire payment experience into one easy-to-use platform. The payment system is designed in a way that offers maximum capabilities in an intuitive interface.