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Digitizing the enterprise cash cycle is a complex undertaking. Some companies avoid it entirely for fear of losing customers or incurring operational expenses. Others attempt it in an effort to save time and reduce costs, but regularly miss the mark. To kick off 2019, we’ll be taking a look at the enterprise cash cycle and what it means to truly modernize your business relative to payments.

What does accepting credit card payments really mean for your business?

Making it easy for customers to pay their bills is a key component of any successful company. Because really, if you can’t collect payments, how will your business survive? For many B2B companies, this means accepting paper checks as the predominant method of payment. And once you start, it’s really hard to convince yourself that customers will pay any other way.

Imagine you’re the controller for a manufacturing company that receives the vast majority of payments via paper check. You strongly believe that customers would not be willing to use any other payment method, even though you yourself have started submitting online payments for your own suppliers.

This mindset, while common, ignores what’s happened to all of us as part of the digital revolution. In our personal lives, we pay our bills through banking apps. We send money to friends through Venmo and PayPal. We get out of an Uber or Lyft and the money is automatically debited from our account. And seriously, we can’t stand it when we have to get out our checkbook. 

The widespread digital transformation has affected all other areas of the enterprise as well. At work, we now save money and time by using ERP, CRM, VOIP, and other cloud/SaaS platforms that have automated much of our previously tedious manual processes. The digital revolution has arrived.

Company Delivers One-Click-Simplicity to Handle Enterprise Cash Cycle

PayStand Expands Footprint To Further Deliver on the Promise of a Better Global Payments System; Partners With StartupGDL To Drive Regional Economic Development

Payment is a crucial step in any customer-vendor interaction. It completes the transaction and defines a successful customer conversion. Despite its strategic importance, businesses worldwide typically mark this step as just another customer touchpoint. As shifts in technology have revolutionized many industries over the past decade, payments also deserve a closer look.

Software is changing our world and the way companies operate in it. Shifts in technology and the rise of modern, cloud services have reshaped entire industries. These shifts have created zero-sum situations with a new set of winners, leaving many businesses who did not -- or were unable to -- reinvent themselves on the outside looking in. For every Uber, AirBnb, and Netflix, there are many more local taxi, hotel, and video rental companies who did not embrace new software and services. To remain relevant in today’s rapidly changing business world, it is important to continually review and reimagine your business by taking advantage of the latest developments in technology. In this article we'll discuss Software-as-a-Service (SaaS) and how to incorporate SaaS to offer Payment-as-a-Service.

Introduction

The end goal of any payment processing system is to offer a convenient way to transfer economic value securely. This is a very important step in any business as customers have to trust the system to buy services or products. With that being said, not all payment systems are the same. Virtual Terminals provide better overall value in comparison with traditional Point of Sale systems. Not only are they easier to use and understand, but also involve easy setup while maintaining flexibility and providing better value for merchants and customers alike.

In our last article, we wrote about the features to consider when choosing a NetSuite payment plugin to cut costs, improve efficiency, and eliminate manual processing. These features will help you maximize your NetSuite investment.

NetSuite is a complete, scalable cloud ERP (enterprise resource planning) solution targeted at high-growing, mid-sized and large enterprise businesses. It automates portions of front- and back-office processes including: financial management, revenue management, fixed assets, order management, billing, and inventory management. This article will walk you through what assets are crucial when choosing your company’s NetSuite payment module.