Buyers Guide

If your business involves the sale of goods or services, chances are high that you'll be taking payments. For many, payment management software is a simple, easy and effective way of overseeing this whole process. They can allow you a secure way of paying suppliers in different countries, using numerous currencies, and can help you take recurring payments online. They are also able to handle any issues with declined cards, trial periods, refunds, e-mail statements, and discount campaigns. 

No matter where you are in the world, you can use payment management software to ensure all payments get paid and received; it automates and streamlines the entire process, connecting you with a network of global suppliers. It doesn't matter whether you are a small business or large enterprise, payment management software can help all kinds of companies in their sales logistics.

There are a number of companies you can choose from, and deciding which to go with can be tricky. So what are their common features and key benefits?

Tipalti

First off, there's Tipalti. In using this software to manage your supplier payments, you can decrease the time spent doing this yourself by an estimated 80%. It can also help to reduce the cost and risks connected with making payments manually, and through errors with tax. Additionally, it can help to protect you against fraud, and can work towards ensuring you meet the necessary compliance standards. In managing payments in this way, you are able to scale your business rapidly and efficiently, with the opportunity to grow your company globally.

With all accounts operating in a streamlined way, there's less for you to worry about. New payees can be easily set up using self-service supplier on-boarding. You can also quickly, easily and automatically collect W-8 and W-9 tax forms, and validate these. It also gives you the option to check any payees against OFAC, as well as international 'do not pay' black-lists. This can help to protect your company and save you money. In using Tipalti, you are able to choose from six different types of payments with a choice of over 100 currencies.

GoCardless

Then there is GoCardless, which helps you to take recurring payments online through direct debit. Never again will you have to worry about cashflow concerns or chasing up debtors. Through using GoCardless, you can guarantee that you will get paid every time, on time. Although it does take a small commission on payments, as is the case with all payment management software, it is cheaper than PayPal or taking credit card payments.

With over 20,000 merchants using GoCardless, including Thomas Cook, TripAdvisor, The Guardian and the UK HM Government, it's a highly revered and recommended service. Quick to integrate, it suits both small business and medium to large companies, who can use GoCardless however and whenever they need to.

MineralTree

Alternatively, you might consider MineralTree - another payment management software. Never again will you need to manually enter invoices, chase for approval, wait for authorisations or track payments. The invoice-to-payment process works seamlessly through the MineralTree Accounts Payable software, meaning you can synchronise all your data together, between your accounts and your bank.

There is also the option of MineralTree FlexPay, which is suitable for companies that are making between 500 to over 10,000 payments per month. It helps to reduce costs and improve cash management using the most efficient payment methods available. With this greater efficiency, there is less risk to your business, but also less finance required which can help boost your profits.

Currencycloud

Moving money shouldn't be challenging, and Currencycloud enables you to do this quickly and easily using payment and currency conversion APIs. The global digital economy has never been so connected. At the heart of Currencycloud's operations is their Payment Engine, which is a cloud-based platform that clients can use to send and receive money over 212 countries in more than 30 currencies.

It is secure and automated, guiding customers through the entire payment lifecycle. Transactions are simple, fast and transparent. Solutions can be tailor-made, ensuring you have ownership over the process and to also help you reduce the cost of implementation for your business needs.

Covercy

If your business (whether small, medium, large or just yourself acting as an individual) frequently works with companies or individuals abroad, another solution for you might be Covercy. It brands itself on 'currency crossing borders' and helps you to send money in various currencies around the world. A secure and cost-efficient service, it is used by the likes of Microsoft, Virgin, The Telegraph, The Guardian and Forbes.

Through using the platform, you can deliver funds within 24 hours. Fees are lower and rates are better than sending through the bank, but it remains secure. In fact, they estimate that they could help to save you up to 80% on cross-border bank fees. Any money that you save can be added back into your business profits to help your company grow.

Where are payment management software systems headed?


Although in many respects it can be challenging to predict the future with finance, Capgemini made a number of predictions in 2016. These include:

- Payments value chain will continue to see front-end innovation
- Regulators will further focus on fostering innovation and encouraging competition
- Payment processing will see a change in building next-generation infrastructure
- There will continue to be global acceleration in the implementation of immediate payment systems
- Banks and non-banks will continue to look at the applicability of block-chain technology to financial services
- The volume growth of hidden payments will continue to accelerate
- Payment service providers (such as the above) will continue to focus on leveraging insights and data in order to offer customers value-added services
- B2C and corporate payments will be a key driver in the volume of global cross-border payments
- There will be a decline in fraud and data breaches as a result of investment in security and authentication measures
- Developing economies in particular are seeing disruptive innovation in the processing of payments and are now leap-frogging over developed nations.