Bob Purcell, CFO, Billtrust.
With digitization continuing to accelerate and global commerce reaching every corner of the globe, one thing lies at the heart of it all: payments. In the business-to-business (B2B) realm, we’re seeing a complete change in how payments are handled. New, faster payment solutions aren’t just novel uses of technology—they’re transforming how businesses operate.
With that, companies are placing greater emphasis on their payments acceptance policy, which serves as a model for how accounts receivables teams behave. Is it accommodating? Is it restrictive? My view is that a good payment policy is focused on customer delight and accommodation, while putting suppliers in control of the process and associated costs with the right tools in place to complete the transaction as smoothly as possible and monitor success.
The Makeup Of A Best-In-Class Payments Acceptance Policy
Payments acceptance policies have evolved from a one-size-fits-all approach to one that is more robust and configurable, allowing suppliers to craft different acceptance policies for different buyer cohorts, considering their relative buying power, margin profile or credit quality. In addition, offering buyers a superior payment experience can significantly influence loyalty, retention and overall satisfaction. Savvy businesses are empowering customers to help shape payment experiences tailored to their preferences, whether that’s self-service portals, mobile payment options or seamless integration with accounting platforms.
The strategic use of technology also facilitates creating payment experiences that are not only compliant with stringent regulations like the General Data Protection Regulation (GDPR) and Payment Card Industry Data Security Standard (PCI DSS) but also cost-effective, scalable and seamlessly embedded into the customer’s preferred processes and systems. Intelligently designed policies also allow businesses to incentivize preferred payment behaviors through discounts or value-added services, while maintaining an unwavering commitment to a frictionless, positive customer experience across all touchpoints.
Leveraging Technology To Elevate Payment Acceptance
Today’s configurable payments software provides insights from analytics and artificial intelligence (AI) to constantly recalibrate your payments policy to ensure the desired outcome. These technological advancements are not just about automation but also about adaptability, scalability and intelligent self-learning capabilities that enable businesses to stay ahead of the curve.
By leveraging these tools, companies are crafting personalized, intuitive payment experiences that resonate globally across diverse industries and business models. This forward-looking approach not only bolsters the efficiency and intelligence of payment acceptance but also sets the stage for sustained growth, resilience and success in a rapidly evolving competitive landscape.
Through strategic integration of emerging payment technologies, companies can ensure their payment acceptance policies and experiences are a driving force behind customer satisfaction, operational excellence, cost optimization and competitive differentiation on a global scale.
The Strategic Advantage Of Optimized Payment Acceptance
In the current B2B payments landscape, adopting a customer-centric payment acceptance strategy offers a clear competitive advantage and puts suppliers in control of their destinies. Organizations should view their payment practices as a core component of their customer relationship strategy, leveraging innovative, technology-driven solutions that align with strategic goals and meet customer expectations.
In doing so, businesses not only position themselves for sustainable growth and overall success but also reaffirm their commitment to enhancing customer satisfaction and operational efficiency in an ever-evolving market.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
