4 Types Of Advanced Payment Solutions Every Business Needs
Updated: Oct 17
Advanced Payment Solutions Every Business Needs
There are all kinds of advanced payment solutions available that can optimise the way a business functions. Thanks to advancing technologies, Open Banking regulations, and emerging consumer trends, the world of payments is emerging in a completely different way.
If your business is still making, accepting, and managing payments the old fashioned way, then it might be time for an upgrade.
The right advanced payment solution can create highly impactful efficiencies for your finance team.
Follow this guide to understand advanced payment solutions in more detail, including some of the best payment tools and types available today.
Understanding Advanced Payment Solutions
Advanced Payment Solutions (APS) are challenging traditional forms of banking, and providing a wider range of alternative banking and payment solutions for consumers and businesses.
Instead of relying on traditional forms of payments, like card payments or online banking transfers, new solutions now exist. These solutions have been designed to make payments more convenient, more affordable, and they open up unique benefits to businesses.
While there are clear advantages of using advanced patent solutions, businesses may also face challenges setting these solutions up.
For example, small businesses have to cater for contactless and mobile payments beyond the traditional types of payments. This could require more payment infrastructure and hardware.
With Open Banking and various FinTech startups disrupting the traditional world of finance, there are widespread new opportunities for businesses to take advantage of advanced payment solutions.
Why Businesses Should Be Using Advanced Payment Solutions
Automated payment technology can be used to eliminate time-consuming manual payment processes. We’ll cover this in more detail later.
As consumers become used to using new types of payments and technologies (such as making smartphone payments), businesses need to stay up to date to ensure that their offerings reflect the latest trends.
With businesses adopting digital Point Of Sale (POS) systems as the norm, the demand for advanced payment solutions has increased.
4 Advanced Payment Solutions Every Business Needs
As we’ve already established, advanced payments is a fairly broad term that encompasses many different solutions and developments. Here are some of the most important advanced payment solutions for businesses to use.
1. Automated Payment Solutions
As a business owner, making manual payments can be a pain. They can take up hours out of your busy schedule. With an automated payments solution, however, businesses can completely streamline their payments process - saving time and effort.
With an automated payment solution like Sweep, you can sync all of your pending payroll and vendor payments from different tools, create payment runs, schedule payments, and bulk pay supplier invoices and employees in just a few clicks.
This cuts out a huge amount of manual work when making payments, allowing businesses to simplify the way they make and manage bulk payments.
2. Open Banking Payments
Open Banking has completely changed the world of finance, and Open Banking payments are one of the biggest areas of innovation here. Compared to traditional forms of payments, like card payments and bank transfers, Open Banking payments are just as secure.
Open Banking technology allows payments to be made faster and more easily. Forget about trusting websites to store your credit card information or manually keying in card details with each payment. Open Banking provides a seamless solution to this.
3. Accounts Payable Solutions
Advanced payment solutions can be used to completely automate the entire accounts payable process. Account payable can be a time-consuming task for any business. With the right tool, however, the whole end-to-end process can be done in a matter of minutes.
Beyond just processing and automating invoices, some accounts payable solutions are also able to initiate bank transfers on your behalf. This means businesses just need to approve payments with a click, and the payment will be securely made without any effort.
4. Payment Gateways
The world of eCommerce has become more accessible than ever before, with a wide range of advanced payment solutions available. Businesses can access a wide range of payment gateway providers to accept and process customer payments.
These payment gateways include traditional online payment processors, as well as solutions for things like subscription-based services, POS payments, and accepting a wider variety of payments online.
By streamlining your business’s payment solutions, you can save immense time and optimise the way your business functions.
Adopting advanced payment solutions is crucial for keeping up with the latest trends, and outperforming your competition, and ensuring that your business runs as smoothly as possible.