Electronic payments continue to be a key focus for both B2C and B2B organizations as companies look to evolve their payment processing and accounts receivables capabilities—and supporting technology—to keep up with rapidly-changing customer payment preferences.
Recently, our Director of Sales & Marketing, Zac Robinson, sat down with the Midlands Business Journal to discuss the ongoing evolution of electronic payment technologies and the value of companies moving to a truly integrated approach that allows them to accept, process and post any payment method, from any payment channel; all from a single platform.
The following is an excerpt from the article titled, "Electronic payments broadening in scope, utilization", by Dwain Hebda, that was published in the February 10, 2017 edition of the Midlands Business Journal.
Electronic payment systems rapidly are becoming the norm in both consumer and business-to-business applications, and industry experts are predicting more industries will adopt them systemwide throughout the year.
"We're seeing businesses start to take a more holistic view of payments, including mobile, online and traditional payment channels across their entire enterprise," said Zac Robinson, director of sales and marketing for Financial Transmission Network, Inc. (FTNI). "As companies are forced to adapt at increased rates to their customers' payment preferences, the use of siloed, disparate systems can present major challenges from not only a customer experience standpoint, but also from an efficiency and cost perspective as well."
FTNI specializes in business-to-business systems, providing clients a variety of options when it comes to billing and payment. Robinson said this flexibility is a big selling point.
"Companies are seeking truly integrated receivables/payments platforms that can facilitate not only the acceptance and processing of any payment method, but also across any payment channel, all while also being able to provide them with the automatic delivery of posting/cash application information," he said. "This ability to accept, process and post payments in a single pass, from a single platform is something we refer to as true straight through processing."
To read the complete article and find out more, visit www.mbj.com. Additional sign-in and subscription details may be required. You can also follow the Midlands Business Journal on Twitter @mbjpublications.