Integrated Payments: Guide For Businesses

Businesses of all sizes are being affected by a lack of payments infrastructure or expertise. Large organisations with outdated systems often don’t use their time or resources to process payments efficiently, while for 78% of SMEs, it’s normal to wait over a month beyond the agreed terms before funds are received.

It goes without saying that this can present a major cash flow headache, especially with so much uncertainty due to Covid-19. The reason so many firms are reluctant to address it is because the payments world can be complex, fragmented and highly-regulated. But, as businesses set out on the road of post-pandemic recovery, getting on top of payment inefficiencies and using data from across the business, will be crucial for building strong customer relationships and safeguarding your finances.

Just as the goalposts for growth have moved during 2020, customer expectations have also changed. Seamless digital payments are at the forefront of all sectors, from hospitality to not-for-profit - and that’s just in the UK. If we look to countries such as China, biometric payments made up 60% of all sales on one retail site, on one of the biggest shopping events of the year. In order to keep up with these new and changing demands, businesses must consider an integrated approach to their payments systems rather than using disjointed solutions that aren’t fit for purpose.

Access Paysuite: an integrated payments platform

With this in mind, we launched Access PaySuite - a dedicated payments division within The Access Group.

Innovations such as open banking are set to transform the sector, and pressure is building for businesses to provide a frictionless payment experience. We recognised the need for a service that aims to help make the complicated world of finance and payments easy to manage. We don’t expect you to know everything; our team of experts use their years of experience to collaborate with each partner when building their platform. 

With our finger on the pulse of the latest legislation and guidance, Access PaySuite is FCA-regulated, giving you the confidence that every transaction is safe and protected. This is critical for both the stability of your business, as well as building trust with the digital-first consumer.

The future of payments for businesses

Integrated payments - which means embedding your payments system within your existing business software - brings benefits for both businesses and customers. Connecting your finance software or CRM, to your payments provider is one of the most effective ways to streamline your processes.

Not all current payments systems are capable of this but Access Paysuite was developed with APIs that are compatible with most business software, so you can integrate them within your current software ad systems.

Instead of redirecting customers to another, often unattractive, payments page an integrated payment system helps speed up the journey. Embedded systems turn numerous lengthy processes into one simple transaction, improving the experience for both customers and staff.

Alongside improving the customer experience, this instant, transparent and clear overview of your businesses finance can offer unrivalled information. With this it’s possible to make complex decisions - key for boosting profits. Data output from the linked software can be viewed together on one dashboard, providing synergy between each service. 

A personalised financial dashboard allows you to quickly pulling together information from a database rather than cross referencing numerous applications. The potential for human error is reduced, leaving your team with more time to act on insights such as late payment reminders, before they cause lasting damage.

A vertical approach

Digital, integrated payments are versatile and scalable. Almost every industry can and is using contactless payments, ranging from education to hospitality. Though their specific applications are different, each one recognises the benefits of integrating reliable payments tools into their business-specific software, enabling them to streamline the most important aspects of their organisation.

At Access PaySuite, we operate in more than 15 core sectors, including insurance, finance, utilities, telecoms and not for profit. This, combined with our leading financial industry partners, means we can provide effortless solutions that remove the complexities from payments and allow you to spend more time on what you do best.

In a world where automation is transforming everything from the television we watch to the way we shop for clothes, an integrated payment system offers the next logical step for businesses who want to keep pace.

Download our report, ‘Are you ready for the future of payments?’ to learn more about how embedded payment systems can benefit your business.