CFOs Australia all over are tasked with making cash flow faster. They are constantly asked for ways to efficiently send those dollars and cents to the business bank account before the auditor says ‘year end’!
According to a recent report by American Express titled Payment Revolution during the past few years there have been increasing demands placed on finance departments, many of which are equipped only with time-consuming manual processes and limited investments in innovation.
With over half of businesses believing their current approach to payments was broken I thought it was time I put pen to paper.
A few facts
Implementing an automated payments tool into your business will save you on average $15,000 per year. Finding simple ways to explore payment initiatives while not breaking the bank is not any easy task. Here are my top tips.
1. Gain business buy in
Setting up an internal project to start the process will ensure you are engaged with your organisation. There are a lot of people with a lot of good ideas. Letting the right people in to the discussion will mean greater buy in – in the long run
2. Seek trusted partners
Working with a payment partner fit for purpose in your region is the single most valuable piece of advice. With the New Payment Platform also known as the NPP just around the corner, you want to be sure you are future proofed. Also knowing the NPP won’t be processing credit cards for the first twelve months is also useful information.
3. Overcome security concerns
With payment change at the mercy of security concerns you need to investigate the players who are PCI compliant and taking steps to protect you and your data. Completing due-diligence against your organisation’s check list with thought given to PCI is the best place to start.
If the Payment Innovation Report is anything to go by, then 6 out 10 of you will be willing to give this innovation approach a go. Are you ready for the challenge? With a $15k saving per year for the brave, there is certainly an incentive to start looking at how your organisation can benefit from making cash flow faster via streamlined payment collection.
Source: IntegraPay State of Pay and American Express Payment Revolution
Edmund Khalaf is CFO of IntegraPay – an exciting place to work and the epicentre for PCI payment innovation.