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 enterprise payment processing may seem cumbersome. With more locations and a larger business model to support, innovation, convenience, and faster payment solutions is a must.
That’s why it’s incredibly important to work with the right Enterprise Payment Solutions. In doing so you can simplify complex payment processing and keep your processes running smoothly. It’s also recommended that you utilize a single payments platform. Large businesses have plenty of moving parts, so handing all your payment reduces complexities from your operations.
To help you better understand the ins and outs of enterprise payment processing, we’re put together a guide on what it is and how to make it work in your business.
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 processing at least $8M in payments a year.
Needless to say, the payment needs of enterprises are much more complex. As a large business, you may need services to support global payments, online payments, wire transfers, ACH — or all of the above.
Managing multiple locations and channels increases complexity in how the enterprise collects payments. The organization requires a streamlined process that allows it to not only use more payment solutions under one umbrella but also account for a greater variety of payment needs. For this reason, enterprises must carefully select their payment vendors and partners.
Also Check Out: Frequently Asked Questions About Payment Processing
Benefits of an Enterprise Payments Strategy
Now that we’ve covered the basics of enterprise payments, let’s look at how you can craft an enterprise payment processing strategy for your organization.
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’s 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
Taking these steps will enable you to gain clarity into your needs, so you can select the right merchant services provider and set up processes that are optimized for your organization.
How to Speed Up Your Enterprise Payment Processing Lifecycle
The fast-paced world of consumers and ever-changing vendor relationships demand 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 speeding the time it takes to process payments for your business.
Stax Enterprise is an all-in-one payment 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. Stax 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 all-in-one payment solutions provider for your enterprise business.
Stax Enterprise is one of the only all-in-one payment solutions dedicated to the success of scaling businesses. With leading technology and dedicated customer support, Stax helps enterprise payment processing businesses stay competitive as they continue to scale.
Designed for your enterprise business, Stax Enterprise 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.
To learn more about our suite of enterprise payment processing solutions, or to receive a custom savings quote, reach out to us at Stax today.
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FAQs about Enterprise Payment Processing
Q: What is Enterprise Payment Processing?
Enterprise Payment Processing is a system designed for businesses, especially those with multiple locations and a high volume of transactions, processing at least $8M in payments a year. It simplifies complex payment procedures, supporting a variety of services like global payments, online payments, wire transfers, and ACH.
Q: What are the benefits of an Enterprise Payments Strategy?
An enterprise-wide payment strategy can streamline your processes, reduce complexities, and support your capital strategy. By conducting a thorough analysis of data, you can understand your true cost per payment method or payment channel, align payments with performance indicators, and identify opportunities for new strategies that support your working capital.
Q: How can an Enterprise Payment Processing system speed up the payment lifecycle?
By adopting new processes like shifting from paper to digital invoicing, using a single system to process payments, and automating processes like recurring payment tools and consolidating payment data can significantly minimise your payment lifecycle.
Q: What is the role of Payment Innovation in Enterprise Business?
Payment Innovation is about finding solutions that can integrate with each other, streamline processes, and simplify workflows across multiple locations. This can help speed up the time it takes to process payments for your business.
Q: How to select the right Enterprise Payment Solutions provider?
It’s essential to understand your business needs and find a provider that mirrors your values and offers the services you need. An all-in-one payment solutions provider like Stax can help manage every aspect of your enterprise business’s finances.
Q: What is Stax Enterprise?
Stax Enterprise is an all-in-one payment solution dedicated to the success of scaling businesses. It brings your entire payment experience into one easy-to-use platform, offering optimized payment processing tools like recurring billing, virtual payment options, access to accounting, and data analytics.
Q: How can Stax help in managing Enterprise payments?
Stax helps manage every aspect of the Enterprise business’s finances by providing optimized payment processing tools such as recurring billing, virtual payment options, access to accounting, and data analytics. It consolidates all your data in one view so you can accurately plan for the future.
Q: What are the factors to consider when crafting an enterprise payment processing strategy?
Factors to consider include the timeframe from invoicing to payment, how long it takes to collect from customers, how long it takes to sell inventory, and how long the organization is given to pay its bills. Understanding these factors can help you select the right merchant services provider and set up processes that are optimized for your organization.
