Despite the movement towards Electronic Bill Payment & Presentment (EBPP) in recent years, many companies are still reluctant to make this paradigm shift due to data security concerns. Although high-quality payment processing solutions can overcome this threat, data security is nevertheless a legitimate concern.
Data breaches happen––a lot. Cyber criminals are increasingly focusing on companies who display two specific characteristics: (1) they conduct online payment transactions, with (2) weak security measures in place. Millions and millions of dollars are siphoned away in this way every year, not to mention the loss of personal information and the damage that a data breach can cause to your business’ reputation.
Mobile payment solutions are becoming the norm in “daily life”, and are increasingly the preferred method for B2B payments. This article will outline how to protect your business in today’s changing payments environment, as well as how finding a secure mobile payment solution can greatly increase operational efficiency in your business.
Invest for Success
They say a chain is only as strong as its weakest link––and this logic certainly applies when choosing a mobile payment solution. There’s no point investing in a product that doesn’t fulfill its fundamental purpose: keeping your billing and payment information safe and secure.
This is not a time to ‘cut corners’ or look for quick fixes. You need a mobile payment solution that is user-friendly, but secure. This solution must generate electronic invoices efficiently, while being able to process transactions using a variety of payment methods.
Perhaps an often overlooked feature of many mobile payments solutions is the ability to integrate with your accounting software platform. This is essential to avoid duplicate efforts to manage a mobile application. Also, it eliminates many manual processes that may be an inefficient use of resources.
You need to make sure that the product you invest in is both functional and robust enough to handle the challenges posed to your business by cyber criminals, while being able to scale as your company grows. The right solution will offer the flexibility of mobile payments, alongside a powerful desktop architecture designed for enterprise use.
Involve the Customer
Let’s assume you’ve done your part in protecting your business––you've implemented a mobile payment processing solution that guarantees the security of your payment information.
It is crucial that the customer also feels like an active role-player in their safety and security. This could take the form of a company communication where you reassure your clients that the systems you have in place are secure, while also reminding them about their own responsibilities when it comes to protecting their personal information online (such as not saving their credit card information on a public computer).
In addition, industry-leading B2B payments platforms provide your customers with benefits such as:
- Easy setup with instant payment processing capabilities
- Automated statement presentment with no login required
- Full, open Accounts Receivable synchronization that streamlines reconciliation
Productive Transparency and Operational Efficiency Gains
While mobile payment platforms provide many security advantages, ‘going mobile’ also has many operational benefits. A key gain in operational efficiency relates to the management of cash flow. A mobile payment platform gives you an instant and complete view of the money flowing in and out of your business.
- This removes much of the labor involved in analyzing and managing cash flow. With retailers being able to pay suppliers and confirm shipments on the spot, there’s no need to go back to the books to assess what can be spent and what needs to be trimmed. This can be done in a matter of minutes from your mobile phone.
- Another enormous benefit is the transparency that mobile payment processing solutions can provide. Within the online platform, financial records can be easily accessed by many people in the company. This improved data availability can increase operational efficiency by eliminating the time ordinarily taken up by searching for a particular sales record, invoice or delivery note.
- In addition, the ability to download complete transaction summaries and detail allows users to upload directly to their preferred accounting software, which eliminates the concern that there would be duplicate effort to adopt a mobile payment application as an add-on to existing accounting software.
Holistic Software Solutions
It should be clear by now that, ideally, you would find a mobile payment processing solution that deals with both of the main topics in this article: guaranteeing retail data security while increasing operational efficiency.
PayApp™ by iControl is a safe and secure mobile payment application that helps your business eliminate bottlenecks that drain resources and diminish security confidence.
With transparency at the center of the PayApp™ solution, you can access financial data as and when your business needs it. To learn more about how we help transform billing and payment systems in the retail space, contact us today.