Beyond Paint Color: Powering Embedded Supplier Payments with the Right Engine
Would you purchase a car based solely on its paint color? As tempting as it may be to choose a flashy hue, making an informed decision requires more comprehensive research. The same principle applies when considering an embedded AP payment solution within your accounts payables or procurement software. Before diving in headfirst, there are crucial go-to-market decisions that demand your attention. So buckle up and take an exciting ride as we explore the key factors to ensure a successful payment partnership and deliver a boost to your growth plan.
Just like examining a car's features, evaluating how an AP payment solution manages supplier transactions is essential. Can it smoothly facilitate payment delivery across multiple methods like ACH, virtual cards, wires, and checks? Look for features that streamline supplier onboarding, tackle address and notification changes, handle payment failures and exceptions with finesse. Understanding who will take the wheel—whether it's your customers driving with a DIY self-manage approach or relying on a "done-for-you" service—lets you define a winning customer experience your embedded payment solution can deliver.
What is a Comprehensive Embedded Payment Solution?
Making payments is relatively straightforward, but delivering seamless supplier payments requires expertise. Look for a payment partner that specializes in comprehensive payment operations. They should have robust systems and processes in place to handle high transaction volumes efficiently. Just as a car needs ongoing maintenance and support, your payment solution should offer comprehensive supplier enablement and support services. This includes assisting suppliers with onboarding, educating them about payment options, and addressing their queries and concerns - before and after payment. A reliable payment partner will have dedicated support teams to provide personalized assistance, handle exceptions, and resolve issues promptly. By prioritizing supplier enablement and support, you can cultivate strong relationships with your suppliers, fostering trust and loyalty.
How to Assure a Fast Payoff: Revenue Share and Time to Deploy:
Just as you consider pricing and financing when buying a car, the revenue-sharing aspect is crucial for your AP payment solution decision. Rev up your engines and evaluate the potential benefits for both your business and your customers. Embedding a payment solution opens the door to new revenue streams for your company while bringing added value to your customers' solution ROI. Also, consider the time it takes to deploy the solution. With a solution that zooms off the starting line, you can experience significant revenue growth in the same year—talk about an exhilarating ride!
Mitigating Payment Fraud Risks in Today’s High Risk Environment
The threat of payment fraud, including business email compromise, looms large in today's digital landscape. 2023 AFP’s Payments Fraud and Control Survey reports 65 percent of organizations were victims of payments fraud attacks/attempts in 2022. Protecting your reputation and mitigating these risks is paramount. Look for a payment partner with robust security measures and fraud detection systems in place. Your embedded payments partner should employ advanced technologies, such as artificial intelligence and machine learning, to identify suspicious activities and prevent fraudulent transactions. By partnering with a solution that prioritizes payment security, you can safeguard your platform and maintain the trust of your customers.
Embedded Payment Providers are Not All Created Equal
By partnering with a comprehensive payment solution that specializes in supplier enablement , payment execution and support, you can ensure smooth payment processes, minimize costs, and protect your reputation. Embedded payments can be a key differentiator, but don't rush into an AP payment solution without careful consideration. By addressing the go-to-market decisions of supplier and payment management, risk, and revenue share, you'll be steering towards a partnership that delivers a smooth and exciting journey for your customers. Buckle up, make informed decisions, and embrace the power of supplier payments in your AP automation solution. Let's drive towards success together!
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