You went into business with a mission — and it wasn’t to spend hours wading through paperwork in accounts payable.
That’s why finding the right payment solution is key to your success. It helps you save time by increasing workflow efficiencies, while still allowing you to stay on top of your cash flow and control spending company-wide. The right payment solution also helps build relationships in your industry, since vendors and suppliers can rest easy knowing you have systems in place to pay them on time.
Most importantly, the right solution just makes managing payments easier. There’s less headache for you, and more time (and energy) to spend growing your business.
Since the right payment solution can have such a positive impact on your business, it’s worth investing the time to find a provider that fits your needs. Ask yourself these 7 questions as you shop for payment solutions to filter out providers that aren’t the right fit — and find the one who will help your business thrive.
1. Does the provider have solutions to meet your needs?
Before you start shopping for payment solutions, consider what your needs are today, and how they might grow in the future.
Most companies need support for day-to-day transactions, so look for solutions with tools that help you control employee spending and manage your cash flow. You may also need built-in tools for analysis; the ability to consolidate statements and generate reports easily to help make data-driven decisions. You should also consider security, and whether you need added layers of anti-fraud measures when processing digital payments, for example.
Think beyond your day-to-day to identify other potential needs, as well. You might benefit from added support for managing payments associated with meetings and special events, for example, or need greater travel options as your business adjusts or expands.
Sort your desired list of features into “must haves” and “nice to haves,” and refer back to it when evaluating providers.
2. Do they have an outstanding track record in your industry?
Experience is important, and the right partner should have a long track record of success in supplier payment solutions, including in your industry.
A proven track record signals that a potential partner is trustworthy, while industry-specific experience indicates they’re more likely to be able to adapt to — and even anticipate — your business’ unique needs. As you look into each provider’s history, ask yourself:
- How long have they been in business?
- How long have they been offering payment solutions to businesses in your industry?
- What is their reputation? What do your industry contacts or online reviews say?
- Do they seem to understand your business? Do their sales and promotional materials touch on your pressing concerns?
- Do they publish resources that address your concerns and help you run your business more effectively?
- The answers will help you gauge the overall trustworthiness of a provider, so you’ll know if their solutions are worth researching further.
3. Can they offer custom solutions to meet your needs?
One of the advantages of an experienced payment solution provider is insight into your industry — and the ability to adapt to your needs. Steer clear of providers that push “one-size-fits-all” solutions, or hard-sell solutions with more features than you need or want.
Instead, look for providers that allow you to take a custom approach. Their representatives should take time to understand your concerns and offer services to match, so you have a solution tailored to your unique needs. In short, you should feel “heard,” rather than sold to, so you end up with a solution customized to your goals.
4. Can they help you save time?
Ultimately, a payment solution should help you focus on running your business rather than sorting through piles of paperwork. So look for solutions that streamline workflows and help you work more efficiently.
An effective solution might help you automatically reconcile and validate invoices, and trigger payment after validation. The right solution should also make it easy to gather data and analyze trends and make data-driven decisions about your business.
It should also be convenient and flexible. Staff should be able to initiate and manage payments from anywhere online. And the right provider should have systems in place to easily handle a range of scenarios, like the ability to streamline reimbursements for employees without corporate cords.
5. How do they help you manage cash flow?
The right supplier payment solution plays a key role in managing cash flow. Look for solutions that offer a range of ways to initiate and schedule payments, including the ability to manage payments online or to create buyer-initiated payments.
You’ll be able to time payments in a way that’s most advantageous for you, while at the same time building relationships with your vendors and suppliers by easily making your payments on time.
6. Is it easy to implement the solution and onboard suppliers?
Even the “perfect” payment solution won’t benefit your business if it’s too difficult or cumbersome to use, so you should shop with ease of onboarding in mind.
Ask about what the onboarding process looks like, and what support will be available to your team. Is there support available for your suppliers, if needed, and what are your support options if you have questions?
Get a “gut check” for the level of customer service the provider extends to its clients, and use that to help guide your decisions.
7. What other services do they offer that might support your business?
Of course, a great payment solution is essential. But evaluate a potential partner by considering their other offerings as well — even if you don’t need additional services right now.
As your business grows, your needs may change. And being able to access more services from a partner that already knows and understands your business can bring peace of mind. Look at a provider’s other services, such as business travel coverage and business or corporate cards, and consider whether they might benefit your business in the future.
Look at personal solutions, too, such as individual cards or travel insurance. The ability to care for yourself, your team and your business in one place can help you save time — and offer benefits far beyond just outstanding payment management.
Ultimately, the right payment solution is one that allows you to save time, effectively manage your cash flow, scale your business and feel supported by your provider along the way.
This article is intended for general informational purposes only and does not constitute legal advice or an opinion on any issue. It should not be regarded as comprehensive or a substitute for professional advice.