Remember when cash and checks were the primary ways to make payments?
Today, it feels like we’re worlds away from the days of fax machines, filing cabinets, and paper checks, and the revolutionary changes keep coming at a rapid rate.
In Business to Consumer (B2C) payments, check transactions have already dropped off by 60% since 2010. Likewise in Business to Business (B2B) payments, check transactions are following suit and will likely disappear in the next 15-20 years.
And while credit card processing, online payments, ACH transfers, and even contactless solutions are taking the payments landscape by storm, this digital whirlwind is introducing a new challenge: the need to channel the growing complexities of data sources and payments platforms.
In this article, we’ll help you navigate the rapid impending changes and challenges of the payments landscape and their impact on B2B companies.
No matter what size your organization is, we’ll introduce the concept of a single-platform solution that provides the efficiency, convenience, and security your business needs to be relevant, competitive, and successful into–and beyond–this challenging time of transition.
The Evolving Landscape of Payment Processing
“Cash is king” may still be valid when it comes to investing, but that’s no longer the case when making payments.
And although, as stated above, B2C transactions have already overwhelmingly moved away from cash and checks, B2B is earlier on in that transition.
Credit cards, online, and ACH payments are on the rise, as are new technologies like contactless payments, mobile wallets, and digital payments.
But with this shift comes a growing number of complexities inherent in managing various payment systems and data sources.
The Challenges of Disjointed Payment Systems
Customers love having different payment options available to them. However, multiple banking solutions can be tricky for businesses to navigate.
Inefficiency: Reconciling payment transactions across multiple platforms is time-consuming and can introduce errors. Each platform may require manual data entry, cross-referencing, and separate data downloads, resulting in errors and delays. Operationally, manual processing and report generation from multiple sources wastes time and resources and puts additional strain on finance teams.
Security and compliance concerns: Managing passwords and logins for several systems for multiple payment channels introduces the opportunity for security breaches and necessitates additional monitoring for suspicious activity due to fragmented data across multiple systems. Ensuring compliance across different processors is time-consuming and may lead to more risk and fines.
Lack of transparency: Gaining a holistic view of finances is a challenge when managing multiple platforms, not to mention a lack of real-time insights into data. The result is that financial planning and decision-making become more difficult.
Integration challenges: Integrating multiple payment solutions with your existing accounting software or ERP system is complex and costly. Compatibility issues will need to be resolved and could hinder automation opportunities.
The above challenges are not exhaustive.
Bottom line: Managing multiple payment solutions introduces inefficiencies that can be reduced by consolidating them into a single, comprehensive, unified platform.
Doing so can significantly benefit operational efficiency, control, and security while promoting growth.
USTPay: A Unified Commerce Engine
The list above may sound daunting, but the good news is that having a single hub for all your business finances is finally possible.
A unified commerce engine is like a command center that enables you to collect, store, and send payments within a single platform.
USTPay is developing a unified commerce engine integrated in Microsoft Dynamics 365 that offers unrivaled convenience, efficiency, and security - making it a top choice for companies of all sizes.
USTPay supports major payment instruments such as credit cards, multiple currencies, and ACH, as well as mobile, in-store, and online payments.
USTPay will soon make sending payments part of the unified platform, with automated disbursement capabilities for payroll, vendors, etc., so you can more easily manage your finances.
USTPay also offers fee collection, split payment options, virtual account setup, and more – everything you need for streamlined financial operations and peace of mind.
Security is on everyone’s mind, and USTPay ensures full regulatory compliance and secure storage of funds.
In addition, with access to a digital banking platform, you’ll be able to open FDIC-insured bank accounts in minutes, so you can use separate bank accounts to manage discrete business activities.
USTPay’s Game-changing Benefits
Streamlined financial management can feel like a pipe dream. Tools and platforms that sound transformational often disappoint users.
But USTPay is different.
The user-friendly interface is easy to navigate and saves time and effort in getting started quickly. We provide an unmatched, intuitive onboarding process and comprehensive support for managing financial transactions within Microsoft Dynamics 365.
USTPay also supports increased operational efficiency through streamlined workflows and task automation to minimize errors and duplicate entries. You’ll obtain better financial insights and decision-making with the ability to track payment transactions and generate reports from a single platform.
In addition, USTPay’s ability to speed up transactions translates to improved cash flow, which can be tricky to achieve through disparate systems.
USTPay offers the best value in the industry. Unlike other payment solutions, we hold deep expertise in modernizing legacy platforms to support scalability and adaptability for our client’s future growth.
The Future of Money and Unified Commerce Engines
The trend toward unified commerce solutions is gaining momentum–and for good reason. USTPay is at the forefront of this shift, and you can be, too.
Forward-looking businesses see the value in future-proofing their financial operations to streamline processes, gain better insights into their customers and data, and prioritize growth.
If your company is plagued by disjointed systems that result in inefficiencies, blind spots, security concerns, and integration nightmares, you’re not alone. But USTPay can be your light at the end of the finance tunnel.
Our single, secure, and efficient platform – pre-integrated in Dynamics 365, will transform your financial infrastructure and ensure you're equipped to navigate the future of money with confidence and agility.
Learn more about USTPay’s commitment to providing the best value in the industry, constantly modernizing legacy platforms to meet the ever-evolving needs of our customers.
Reach out to USTPay to learn more. https://www.ustranscorp.com/ustpay or contact Jen Glaze, COO, at jenni@ustranscorp.com
About the author
U.S. Transactions Corp. (UST), a premier B2B enterprise service provider, collaborates with its clients to deliver an exceptional experience every time, from industry-lowest rates and cutting-edge technology to Level 3 processing that can save your organization up to 30 percent on costs.
UST is an expert in Microsoft Dynamics 365 Business Central. Since 2009, UST has been a trusted source for Commercial Enterprises, Associations, and Nonprofits looking to maximize their success rate through superior payment solutions designed specifically for them.