Many hours in management are wasted processing B2B payments. This is a time consuming task which has to be double checked to ensure that funds have been transferred to the right accounts. Bank transfers are relatively safe due to bank verification demands, but they can be costly in time and bank charges. Another advantage is that there is no exchange of private information which you would need to submit if you were paying by credit card. The downside of bank transfers is that payments are not instantly confirmed and in many cases these payments could end up as a non-payment which would require more time to follow through.
If you are dealing with international clients there are still some countries that do not accept international transfers with a large percentage of their population not having access to advanced banking products. Other countries might charge exorbitant fees which would make a big difference to the bottom line. Alternative payment methods need to be investigated in order to save time and money. Streamlining your payment operations through new technology is key to running a successful business, making and receiving payments instantly without much effort. Free your senior managers from time consuming practices so that they can spend their time much more productively.
When it is necessary to work with multiple banks, finding solutions to streamline your payment methods can be challenging. The internet works at lightning speed, but banks are slow and methodical which can result in delays and misunderstandings. It is also a well-known fact that payments through banks are expensive. So what is the solution? How can big business focus on advancing their company while keeping their customers happy?
SWIFT payments are the way to go for most international payments, but they can be extremely expensive when it comes to transaction fees. Alternatives have been created through the US and the UK where the ACH network has been created for quicker transfers with lower charges. This however is only available between these two countries. The downfall with this system is that each country require payments to be made in their currency which sometimes makes international payments a problem. We are only human and manually processing payments will at some point lead to errors. A simple wrong digit or decimal point can cause a huge problem down the line. This is both time consuming and frustrating because dealing with international banks trying to correct an unintentional mistake is very difficult.
The only viable way to improve on B2B payments with accuracy and efficiency is to implement an integration program. In this day and age the digital banking environment should be concentrating on offering more than traditional banking services. There is a huge push towards the integration of services from a variety of providers who ultimately must put their customers first and develop systems which will simplify and expedite online banking, on all mobile devices. The provider of the new era banking ecosystem does not have to be a traditional banking establishment. An integrated system would ensure that there is a customer data base across a series of services and a reduction of friction between services that are related.