One of the biggest challenges faced by AP leaders is finding the balance between executing today’s operations and evaluating tomorrow’s technology.
To help you clear those hurdles, here’s an overview of the 5 biggest trends in payment innovation as ranked by Ardent Partners in its State of ePayables report.
Business payment innovations provide many more choices for businesses and a significant opportunity to drive down costs, generate additional revenue streams and strengthen vendor relationship by enhancing end-to-end payment processes. Why then is the corporate payments landscape still dominated by payment instruments that were introduced many years ago? Complexity. With many choices comes much confusion — but it’s time for that to come to an end.
For a business to achieve truly sustainable success, every single aspect of the organization has to function as effectively as possible. You can offer the best products and services in your industry and have a killer sales and marketing plan to back it up, but unless your behind the scenes business practices are buttoned up (particularly your payment practices), all of your efforts will struggle to achieve your desired levels of success.
Here are 5 steps to create an effective payment strategy that will make your business more competitive…
Consider this: the only business tool used by Madison Avenue ad agencies in the 1960s that is still in use today, are the checks sitting on your desk. Nostalgia might make for great television, but it doesn’t mix well with banking.
“You build your future. It isn’t handed to you.”
That’s what Francis J. Underwood, the ferocious political titan from House of Cards, would say about devising an effective payment strategy that promotes your business’s success.
He’s right. Success doesn’t just materialize. It takes hard work, dedication, and most importantly, a certainty that every single aspect of your business is working as effectively as possible.
If you’re battling with international payment processes, you’re not alone.
The processes behind sending payments to different geographies are challenging, time-consuming and relentlessly frustrating.