Running an enterprise business means you have a lot more work on your hands. Not only do you have more businesses or employees to monitor, but you also have more intense payment processing needs.
With information in multiple places, it’s easy to get overwhelmed, make mistakes, or make poor business decisions. Knowing all of your information is secure and in the same place is vital for your overall business operations.
With the large selection of merchant services available today thanks to the onslaught of fintech, it may seem impossible to find enterprise credit card processing services that suit your needs since every business is different, but it’s possible.
Before you jump in head first, know what to look for so you get the right level of support, ease of use, and payment solutions that your business needs. Enterprise merchant services needs differ greatly from any other business.
Understanding Enterprise Payment Processing
Enterprise credit card processing means providing payment processing for large businesses – usually those with over 10 locations and with at least $8 million in annual credit card sales. Because enterprise-level businesses have multiple locations, it increases the work involved with payment collection. With payments coming in at different times and in different ways, it becomes even more disorganized and difficult to manage.
Enterprise businesses need a way to streamline the payment processing system. They need multiple payment options, but also streamlined processing that caters to their customers while keeping the back-end work to a minimum. This keeps everyone on the same page and the business operating much more efficiently.
How to Receive Payments Faster
Today we live in a world of instant gratification. Consumers can send money to one another and it clears instantly. Enterprise businesses, however, have to wait, sometimes as long as 180 days to receive payment depending on the complexity of their business.
While you need to offer consumers many ways to pay, you also need solutions that pay you the fastest. Google and Apple have shown it can be done, and now financial institutions have to keep up with the masses.
So how do you make sure your enterprise-level payments process faster? Here are a few tips:
- Go digital – Make as much of your invoicing and behind-the-scenes work as digital as you can. Skip the pen and paper and snail-mail. Digital breeds instant gratification, so make it a part of your practice.
- Pare down your systems – Offering multiple systems and ways to pay may seem great for customers, but it slows down business on your end. Instead, use a single system so all businesses are on the same system.
- Automate as much as possible – Set up auto invoicing, auto payments, and budgeting so everything is on the same system. With less confusion and room for mistakes, it’s easier to get paid faster.
Working with the right merchant services provider is also key. When you have streamlined strategies in place and you work with the right provider, together, you can create magic with your enterprise business.
Why You Should Consider an Enterprise Payment Strategy
Creating a solid payment strategy is the only way to stay solvent. You have a lot more data and factors than a business with only one location and a few employees.
Look at your payment system. What payment options do you have? How is it working for you? Look closely at your receivable and payables – do you have pieces of the puzzle everywhere or is everything in one system and easy to decipher?
If you don’t have an organized system, it’s time to start. Look at where your system needs improvements. Are you waiting too long for payments? Is your inventory sitting around too long? Are you not paying bills fast enough?
These are all signs you need to implement an enterprise payment strategy that works for your entire company, not just one part of the business.
Finding Merchant Services that Fits Your Business
Enterprise businesses have much different needs than small businesses. You need systems that talk to one another so you don’t have to keep reinventing the wheel. No one likes burning the candle at both ends, so efficiency is key here.
All workflows should be simplified and work with one another so every system is on the same page. When you automate and simplify the workflow, you have more time on your hands, and better communication company-wide.
You’ll have happier customers because they get the same answer from every person, rather than different answers depending on who they talk to. A few solutions you may need include recurring billing, data analytics, and virtual payment options. With so many data points, it’s much better to have everything in one system so you can manage everything in one place seamlessly.
Finding the Right Merchant Services Provider
Finding the right merchant services provider is crucial to your enterprise-level business. Working with a provider with the same values and understands your business is imperative. It’s not just about the costs or even the services they provide, but the combination of the two that makes a good working relationship.
A provider who understands your business’s needs, can answer your questions immediately, and will suggest services that help you mainstream your business is the answer. Being able to make decisions that affect the level of service you provide and your bottom line is essential.
Take your time finding the right merchant services provider. Find a company with the same values and works efficiently. Together you can create a payment system that meets the needs of your enterprise business.