Bottomline Technologies’ Vice President of Product Management and Strategic Solutions, Jessica Cheney, sat down with Ryan McEndarfer from PaymentsJournal.com to understand real-time payments (RTP) and discuss the benefits of modernizing business payment processes.
With the continuous stream of technological advancements that allow businesses to move faster and work smarter, efficient and secure payment processes are absolutely essential to your organization’s success. As consumer payments expectations evolve with real-time P2P payments institutions like Venmo and Zelle, business expectations keep pace, focusing on payment convenience, speed, flexibility, and intelligence.
How can creating a real-time payments strategy benefit your company and advance you to the next generation of business payments?
The ability to make payments quickly and efficiently allows companies to enhance cash flow and take advantage of discounts from trading partners by extending the amount of time businesses have to complete a payment before the deadline.
Traceability in Conversational Payments
Customer interactions play a pivotal role in payments. To enhance the quality and frequency of these interactions, real-time payments capability introduces an entirely new level of transparency into the payment process for organizations at both ends of the payment cycle. For the first time, funds and interactive messages can travel together in the same channel, instantaneously providing companies with valuable information specific to each payment.
Clarity of Communication and Confirmation
Immediate, automated payments status updates from both the sending and receiving sides of payments keep payers and payees informed and up-to-date on where funds are at any given moment, allowing you to track the payment with clarity and precision. The real-time payments capability eliminates the need for time-consuming follow-up strategies like calling or emailing between accounts receivable clerks and vendors, allowing everyone to be aware of status at any time.
To find out how your organization could benefit from Real-Time Payments, listen to the PaymentsJournal.com podcast as Bottomline Technologies' Jessica Cheney Talks Real-Time Payments
And for even more insights into the payments industry and beyond, subscribe now and stay up-to-date on the latest trends and topics.