3 Payment Processes Software Vendors Need to Automate

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Automating business processes for end-user customers is critical to successfully growing a business. As consumers continue to embrace payment technologies such as the use of QR codes, it becomes more important to provide more convenience to end users. Automated processes benefit your software users by providing reduced costs, time savings, high levels of accuracy, better customer service, and greater productivity.

#1 – Collection of payments

One of the most important features of software used in businesses is the ability for a business to collect payments from its customers directly through their business software or application. Several processes can be implemented to help collect money from customers, including billing automation, monthly statements, overdue notices, late fees, and automated payment collections through use of QR codes or embedded links contained in an emailed invoice or statement.

By providing easy-to-use payment links combined with automating the payment collection process, businesses will see a significant reduction in overdue accounts by providing convenience within the software. Since most people have at least one credit card attached to their smartphone, including a QR code on a bill or statement makes the payment process efficient by scanning the code to complete the payment process immediately After reception. This automation tool is especially useful for addressing overdue accounts when the software is able to send an on-demand payment request that includes a QR code or payment link. No more excuses such as “the check is in the mail”.

#2 – Integration process

One convenience that end-user customers really appreciate is the ability to securely store credit card data in an ISV payment vault. Most people don’t want to reach for their credit card every time they want to make a payment on their account. Make sure your onboarding process for end users includes an easy way to collect payment information such as a bank routing number, PayPal account, or credit card data. Storing payment information allows customers to simply click a link to make a payment using the stored card. This translates into paying the bills forty percent faster making the process convenient. Incoming payments should also be automated to be credited to the customer’s account and immediately return a payment confirmation or receipt to the end user. An automated daily report of payments received allows business owners to quickly see what their daily income is based on the batch report submitted for the day.

#3 – Set it and forget it

Giving customers the ability to automate their payments can help avoid late or skipped payments. Consumers love the “set it and forget it” concept and a robust software package should include the ability to set up automated payments in a variety of formats. These formats include paying the minimum payment due, a fixed dollar amount each month, or the balance due to be paid in full. A very important part of the process of collecting automated payments includes posting payments to the account or to a specific invoice.

Automating payment collection minimizes the risk of human error on the part of the end-user customer or company employees receiving the payment. The potential for human error for the end user is forgetting to pay their monthly payment. This could result in late fees or increased interest rates due to missed payment. Human errors on the receiving side are reduced by automatically posting incoming payments to the appropriate account or invoice. By allowing the end user to specify their payment intent and what it should be applied to, staff will no longer have to guess when an account has multiple open invoices awaiting payment.

More information

If you would like to learn more about automated payment options that can be integrated into software development, contact Patrick Ward, Senior Vice President of Integrated Partners at Aurora Payments.

Aurora Payments has a team of Solution Architects who can help you with the integration and automation processes. Aurora Payments can be contacted at 833-287-6722 or visit their website at www.risewithaurora.com.

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