Your ability to scale depends on how efficiently and effectively your payment process can accommodate the needs of a growing customer base. Leveraging a third-party payments solution will help you achieve greater operational efficiency and support more sustainable long-term business growth — without overburdening your staff or overstretching your budget. We’ve laid out three ways that implementing a lean payment solution will help you embrace future growth opportunities.
1. Scale through automation
An outsourced cross-border payment model is predicated on the ability to offer users greater control and transparency with international transfers by providing access to global payment networks previously reserved for large financial institutions. They accomplish all of this by leveraging cutting edge technology. At its core, the fintech industry is a scale-through-automation marketplace. The payment solutions that survive and flourish are those that practice what they preach, allowing customer to grow by automating simple payment functions to make international cash flow as seamless, cost-effective and transparent as possible.
To be competitive in today’s global economy, you need to be able to accomplish more with less — and that includes payments. By reducing the need for manual payment oversight and input, third-party payment providers have allowed organizations to reallocate employees and resources to areas where they’re needed most — making rapid scalability a reality by helping businesses keep operation staff low in relation to new business acquisition. Without the burden of additional operational expenses impeding large-scale growth, businesses can reinvest profits into improving their product and expanding their global footprint.
2. Ensure greater accuracy and efficiency
In addition to requiring less manpower, payment automation also lends to greater accuracy and efficiency. For example, outbound payment data can be verified for accuracy before a payment is ever initiated, reducing the likelihood that payments will be delayed, bounced or rejected.
The benefits of reducing payment errors should ripple to other areas of your organization as well. For example, if a staggering number of payments fail to process due of miskeyed or inaccurate account information (and this feedback isn’t immediately communicated to the sender before the payment is initiated), then chances are your customer support team spends most of their time dealing with the fallout of failed payments. By catching potential payment errors before they occur, you’d free up your support staff to focus on delivering exceptional customer service and nurturing stronger customer relationships.
3. Reduce the likelihood of experiencing growing pains
Oftentimes, when businesses are looking to expand, they staff-up so rapidly that their cash flow and processes can’t accommodate the growth. When that happens, they’re forced to put scheduled product improvements or initiatives on hold in order to align their goals with their resources and payment infrastructure. In terms of customer acquisition and lifetime value, any delays to a product roadmap or service delivery timeline will likely translate to increased customer churn, inhibiting growth even further.
By integrating with a third-party payment solution, you can be sure that you have adequate payment reconciliation and reporting processes in place to support long-term growth into whatever international markets you’re looking towards. What’s more, by automating your payments process, you’ll gain more flexibility to redeploy resources and achieve greater margins without expending more resources to get there.
Find out how Currencycloud has helped other businesses like you achieve greater growth than they thought possible.