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It is now 2022, and we have returned to work at a steady pace. The way we work, the way we communicate, and the way we prioritize our time is digital first, every day, all day.
We have witnessed the boom of e-commerce, the rise of digital banking, and even contact centers applying decentralized work practices. With no visible end to remote working and the need for a dispersed workforce, this will lead to further decentralization as we embrace hybrid life. Even though the last two years were rocky, by the end of 2023, Gartner believes that 40% of companies will use “operations anywhere” to fuse virtual and real-life interactions.
Enhanced ERP with Digital Payment Integrations
To enhance online experiences, brands will invest in commerce building blocks like order management, payments and inventory control to make each touchpoint a shoppable moment. Enterprise resource planning (ERP) software combines these building blocks and data sources into a single system. The most important characteristic of smart ERP solutions is a single, centralized database that joins separate sources of information into a unit of truth. Top ERP systems also provide a wide range of benefits by optimizing and connecting business processes. ERPs that integrate with payment solutions can automate processes for Accounts Receivables and Accounts Payables. REPAY’s whitepaper confirms how modernizing your AR and AP processes can help you increase the effectiveness and efficiency of your operations.
Online payments continue to diversify. If you didn’t take advantage of updating your payment technology in the last two years, you have another chance to improve your strategy. 2022 is expected to push the envelope further in terms of B2B ecommerce. Consumers sought new alternatives to the way they pay online and made these habits permanent. We’ve identified a few nimble digital payment models you may want to consider.
Omni-Channel Payments Are for Everyone
In regards to payments, omni-channel refers to the capacity to accept payments in a variety of ways while providing consistent convenience and service. For example, perhaps your business accepts orders over the phone and via your eCommerce store. No one wants customers to drop their purchases because a physical self-serve checkout is difficult or the online authentication process is time consuming. While the risks from fraud are persistent, it is evident that omni-channel payment are rapidly becoming the B2B norm across multiple verticals.
Who is not attached to their smartphones? Business Insider tells us that mobile apps are converting customers 157% more often than mobile website counterparts. Which leads us to define mobile payments and their effectiveness for B2B payment models. A mobile payment is a payment made for a product or service through a portable electronic device such as a tablet or cell phone. Many banks have recently adopted technology into their banking apps that allow customers to send money instantly to friends and family members directly from their bank accounts.
Mobile payments are also made on site at stores by scanning a barcode on an app on your phone, accepting payments from convenience stores to large, multinational retailers. The most obvious benefit of mobile payments is the elimination of a physical wallet. Not reaching and pulling out cash saves time and is generally safer.
The complexity and speed of our B2B world continues to escalate, which increases the priority for collecting payments faster. Most payment providers will offer Same Day or Next Day funding to help with cash flow.
“Commerce anywhere” is the mantra for businesses now, according to Forrester, as organizations prioritize relationships and enhance the shopping experiences to keep customers coming back, integrated digital payments will help bridge the gap. Do you have questions about how your business can stay nimble while accepting and making payments in 2022? Download our latest whitepaper on Digital Payment Trends for 2022 to learn more!
By Maureen Cole, REPAY, www.repay.com
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