Payments solutions enhance business processes

March 31, 2021

All types of businesses (e.g. start-ups, financial institutions) benefit from continually examining their existing processes. Businesses need to be vigilant in finding out exactly where efficiency gains can be realised.

The competition is fierce, and previous primary processes might not be as effective as they once were. Business process automation where applicable is key.

Payments solutions brings efficiency gains

Taking the hassle out of payments, creates more time to focus on scaling business. Manual methods of processing payments slow down business efficiency and impact on customer satisfaction. These days, transactions are faster than they have ever been. Businesses should be free to scale and to focus on their customer’s needs without being hindered by manual processing.

Managing complex reconciliations across multiple systems and manual processes can encumber a businesses’ ability to scale. Solutions need to be able to seamlessly integrate with a business’s existing system. They also need to offer market leading processing times for a true competitive advantage.

Processing transactions manually, means that’s businesses will not have access to data-rich descriptors. It’s now possible to include many more characters of description and general data within a single transaction. All these data descriptors can aid a business in understanding their customer better. Furthermore, both the business and consumer better understand exactly where the funds are going. With automated payments, time-consuming transactions can be processed in seconds, securely saving time and money on processing. Businesses can also have the competitive opportunity to automate several of their back-end functions and reporting requirements. This results in shorter transaction processing times and significantly lower transaction costs.

Benefits upon benefits

Payments solutions don’t just automate transaction processing, they also possess a multitude of business benefits;

1) Automatic reconciliation:

Fully automating the reconciliation process ensures that orphan transactions no longer occur. With automated reconciliation, businesses can receive real-time payment status updates and notifications. They can also track payments at every stage of the process and receive confirmation of when the payment has been processed.

2) Real-time payments: Receiving cleared funds 24/7, 365 means that merchants would be able to reduce service chargeback costs. Real-time payments improve business efficiency The ability to send and receive funds instantly, allows businesses to better support their customers.

For example, insurance and reimbursement claims to customers can be settled in real-time, greatly improving customer experience in multiple sectors. Customers can also pay at the latest moment with instant confirmation of successful transactions. These new ways of interacting with customers can greatly improve customer service.

3) Reduce cost, risk and effort with APIs:

Solutions with highly configurable APIs aids businesses in remaining agile and seamlessly integrating new products and services as they arise.

Access to clearing and settlement 24/7, 365

Payments providers enable faster and more data-rich payments. ISO20022 allows businesses to attach invoice data to a bank account transaction, allowing for more efficient reconciliation. Real-time payments include 24/7, 365 availability of clearing and settlement. There is no naturally defined cut-off time for making end of day statements.

Customer experience is key in payments. Friction and slowness can reduce acceptance of the payment itself for both the customer and the merchant.

This in turn leads to higher cancellation rates in the electronic e-commerce checkout process and longer queues in the store.

As new players enter the payments space, secure customer authentication is vital to this process.

Customers expect greater transparency when they send a payment. Real-time payments provide better data and better security for both businesses and consumers.

Seamless integration is key

Integrating with Monoova doesn’t involve complicated software development. One single API integration and Portal to control everything is all it takes.

Monoova aids businesses to receive, manage and pay funds through our Automated Payment Service (APS) implemented through our RESTful APIs. Our solutions aid our clients to process payments at market-leading times. Monoova’s solutions includes a full-featured and documented API. The success rate of instant payouts and service uptime are key competitive advantages that our clients experience.

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Monoova Payments Pty Ltd (ABN 38 126 015 227) trading as Monoova (“Monoova”) is the authorised representative of Monoova Global Payments Pty Ltd (ABN 77 106 249 852; AFSL No. 421414 ), the issuer of the Combined Financial Services Guide & Product Disclosure Statement Non-Cash Payment Products and Services dated 20 September 2023. (FSG/PDS). This information is given in summary form and does not purport to be complete. To the maximum extent permitted by law, Monoova does not assume responsibility for, the content, accuracy or completeness of the information presented. Before acting on any information you should consider the appropriateness of the information having regard to these matters and seek independent legal, financial and tax advice. To the extent that the information contained above is sourced from third parties or provides link to third party websites, Monoova takes no responsibility for the accuracy, currency, reliability and correctness of any information included in the material provided by third parties nor for the accuracy, currency, reliability and correctness of links or references to information sources (including internet sites) operated by third parties.

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