Small business payment needs have historically been underserved, with most of the work done manually. Most small businesses use two to four tools to manage billing and payments, while paper-based processes are commonly used. Simplifying a payment system for your business is a sure way to optimise sales and revenue in such situations.

While some small businesses use financial institutions’ online bill, pay services or direct billing to one or more credit cards or vendor payment portals or accounting software with payment features or paper and email invoicing or checks and more, you have to feel the confusion for the small business trying to handle it all. The whole process is time-consuming, inefficient and error-prone. In comparison, providing small business owners with a rich yet simplified payment platform will improve their financial insight.

A simplified payment system maintains a proper track on knowing how your business is doing financially and helps financial institutions offer them the appropriate lending and core banking solutions to reinvest in the business. In this blog, we will discuss the role of simplified payment methods in boosting business revenue. Continue reading!

Simplify Payment Methods

The way we make payments is changing drastically with technology, and we don’t need to depend solely on cash. The technology has been offering convenience to consumers. Customers today expect seamless, hassle-free checkout experiences. However, businesses might face challenges in selecting the right payment method for their needs.

Choosing a robust single payment method optimises the customer journey and boosts revenue for your business. A single payment system lets you view, analyze, and manage all your payments with a user-friendly interface. It's a single resource that can organize all your financial complexity, be well integrated into the system, and manage all your invoices and payments in one place. Streamlined payment processes improve financial relationships. But it's not just about simplicity; it's about efficiency and control.

Here is a list of things that you can look for in a simplified payment interface:

The platform should be able to communicate with other payment system, financial institution, supplier and vendor
The interface should simplify importing and assembling data from all sources and show it in an accessible dashboard.
It should enable users to schedule, execute and track payments.
The interface should provide timely, accurate reporting, from a clear overview to minute details.

At PureSoftware, we're committed to helping financial institutions provide the critical payment capabilities that small businesses need. Our trusted financial technology platform, Arrtha, is the key to this. It's not just a payment solution, it's a comprehensive tool for digital transformation and financial inclusion. With easy-to-use accounts payable and receivable workflows, market-leading biller and payment capabilities, and a modular and microservices architecture, Arrtha is uniquely positioned to offer:

Digital Omnichannel Banking
Digital Wallet & Payments
Loan Lifecycle Management
Cards & Merchant Management
Agency Banking

Buy Now Pay Later
Cloud Native Core Banking

Benefits of the Simplified Payment Methods

In the vast realm of online business, one crucial aspect to instil trust in your customers and boost your revenue is payment processing. Here is the list of the top three things how simplified payment methods are beneficial:

It saves time and resources. It saves a lot of time in tracking and managing billing and payments. Businesses can free up staff to concentrate on other revenue-producing activities.
Businesses gain access to organized billing and payment data from the payment platform. It gets easier to manage and understand the data and draw insights from it. Now, you can efficiently address issues and make more informed decisions.
A simplified payment interface improves customer relationships and resolves customer queries easily, as billing details and payment status are handy to analyse.
It demystifies the intricacies of payment processing and helps you establish a seamless and secure payment processing system.

Conclusion

An integrated payment platform for managing all incoming and outgoing payments and cash flow is important for small segment businesses. It is why many banks and credit unions are actively looking to close this gap. A saviour is a core banking solution enabling financial institutions to accomplish their digital transformation journey. It helps businesses boost deposits, cross-sell cards, loans, and merchant services, and generate new non-interest fee income that finally boosts revenue.

Simplify Payment Methods to Boost Revenue for Your Business