Enterprise Credit Card Processing

Everything you need to know about enterprise payment processing

Digital technology is transforming the payments industry and creating a highly competitive marketplace. Due to the saturation of the merchant services industry, finding a fintech company that can support enterprise payment processing can seem cumbersome. With more locations and a larger business model to support, innovation, convenience, and faster payment solutions are a must.

That’s why it’s incredibly important to work with the right enterprise payment solutions. By doing so, you can simplify complex payment processing and keep your processes running smoothly. It is also recommended that you use a single payment platform. Large enterprises have many moving parts, so handling all of your payments reduces the complexity of your operations.

To help you better understand the ins and outs of enterprise payment processing, we’ve put together a guide on what it is and how to make it work for your business.

What is enterprise payment processing?

An enterprise is a conceptual organization of people and entities that interact with each other with the intention of accomplishing something. Enterprise payment processing focuses on those businesses with multiple locations that process at least $8 million in payments per year.

Needless to say, enterprise payment needs are much more complex. As a large enterprise, you may need services to support global payments, online payments, wire transfers, ACH, or all of the above.

Managing multiple locations and channels increases the complexity of how the company collects payments. The organization requires a streamlined process that allows it to not only use more payment solutions under one umbrella but also to account for a wider variety of payment needs. For this reason, companies must carefully select their payment partners and providers.

Benefits of an enterprise payment strategy

Now that we’ve covered the basics of enterprise payments, let’s look at how you can design an enterprise payment processing strategy for your organization.

First, an enterprise-wide payment strategy should support your capital strategy. Keep in mind 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 must develop and understand the link between your income statement and balance sheet.

Once that is complete, your next step is to have a basic understanding of your current payment ecosystem. Look at your company’s accounts receivable and payable 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 review your payments objectively. This helps identify opportunities to define new strategies to support your working capital.

Things to consider:

• How long does it take to collect from customers?
• The time from invoicing to payment.
• How long does it take to sell inventory?
• How much time the organization is given to pay its bills.

Following these steps will allow you to gain clarity on your needs so you can select the right business service provider and set up processes that are optimized for your organization.

How to accelerate your company’s payment processing lifecycle

The fast-paced world of consumers and ever-changing vendor relationships require companies to keep an eye on the future. It is essential to know how customers pay, how you pay your suppliers, the barriers they may experience, and how to solve any problems that may currently exist.

The challenge for many companies is finding the bandwidth to keep up with fast-moving financial technology. Tech giants like Apple, Google, and Amazon set the expectations for speed and consumer experience, and financial institutions have no choice but to adapt. In today’s digital world, a C2C payment can be settled in less than a minute. On the business side, the payment lifecycle can be 60, 90, or even 180 days long.

Here are some helpful tips you can use right away to minimize your payment lifecycle.

• Adopt new processes. For example, moving from paper invoices that must be printed and mailed to digital invoicing reduces processing time and minimizes costs.
• Use a single system to process payments. Instead of using multiple solutions individually to manage your enterprise payment lifecycle.
• Process automation, recurring payment tools, payment data consolidation, accounts receivable management/accounts payable management automation.

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 businesses. This can help speed up the time it takes to process your company’s payments.

Towerspay is an all-in-one payment solution that helps manage all aspects of enterprise business finances. With streamlined payment processing tools such as recurring billing, virtual payment options, accounting access, and data analytics, managing enterprise payments has never been easier. Multiple processing solutions, merchant locations, or merchant tools give you multiple data points to manage. Towerspay has all your data in one view so you can accurately plan for the future.

Find a partner who shares the same values

Providing an excellent customer experience is imperative for any business, large or small. Choosing a business service provider that reflects your values is just as important as the services they offer and the savings they provide.

Knowing what your business needs to succeed helps answer the question of which provider is right for you. With that in mind, you can make an informed decision and choose the right all-in-one payment solutions provider for your business.

Towerspay is one of the only all-in-one payment solutions dedicated to the success of growing businesses. With leading technology and dedicated customer support, Towerspay helps enterprise payment processing companies stay competitive as they continue to scale.

Designed for your enterprise business, Towerspay brings your entire payment experience together in one easy-to-use platform. The payment system is designed to offer maximum capabilities in an intuitive interface.