For decades, customer and vendor payments were processed manually. However, managing these payment process operations by hand is not only tedious and costly but also time-consuming and error-prone. Luckily, advanced payment gateway solutions in financial procedures provide a considerably simpler and more efficient way to get the job done.

Payment processing solutions

A payment processing solution refers to the software a business implements to enable financial transaction procedures, generally employed by a merchant, to handle activity with customers from various channels. This helps streamline the process of relaying information from a credit card, debit card or alternative payment method from a merchant account to both your bank and your customer’s issuing bank.

With Microsoft Dynamics 365 and Microsoft Dynamics AX, the Treasury Automation Suite provides upgraded payment processing with automated solutions. When it comes to employing automation, 51% of these initiatives are aimed at boosting efficiency, as reported by Camunda in 2020. However, utilizing these improved systems is not only critical to increase efficiency but also to reduce errors, save valuable time, improve your customer service and empower your teams throughout your merchant services and overall financial operations.

Streamlining customer payment processing with powerful automation

If your accounts receivable automation software doesn’t automate enough, you’re left with too many unresolved transactions at the end of the period. This results in costly and time-consuming manual reconciliation.

Most organizations need improved automation software to manage their contactless payments, payment processing service and financial activity more efficiently. With SK Global’s Treasury Automation Suite, you can optimize these procedures with upgraded accounts receivable customer payment automation.

This payment gateway software includes features such as:

  • Customer payment matching: This customer payment solution is configurable down to the user level, and these matches can be made based on dates, amounts, payment reference or deposit or check number. Moreover, you can utilize rule groups and confidence levels for enhanced matching in online payment processing and credit card processing.
  • Summary Journal matching rule: This aspect is intended to automatically match transactions from Microsoft Dynamics 365 Finance and Operations to one bank statement. The Summary Journal matching rule is a powerful tool that can be used to solve a very common digital payment or credit card processing problem your finance teams might be facing.
  • Mapping rules to create general ledger (GL) entries: The Treasury Automation Suite can also create GL entries when transactions seen in a bank statement are not in Microsoft Dynamics 365. This online payment processing software intends to go above and beyond to ensure your customer payment matching and merchant services are as accurate as possible — working seamlessly with any issuing bank or financial institution.Implementing upgraded solutions to handle your card processing and customer payment automation can help your financial teams operate more efficiently — all while providing the control and flexibility you need to ensure the transaction process runs smoothly. These feature-rich tools can result in increased cash flow, improved control and reduced errors along the way.

Integrating and automating vendor payments

Another payment processing solution included in the Treasury Automation Suite is vendor payment automation. This software integrates and automates outbound payments to any banking platform in the world and allows you to consolidate outbound files from multiple payment journals within your system. Essentially, vendor payment automation is designed to guarantee fast and accurate payment to a vendor or merchant, while improving these working and investor relations as a result.

Along with simplifying and improving the communication and transactions between your enterprise resource planning (ERP) system and your financial institution, you can rest assured that these card payments and processes are protected with security enhancement features like easily configured secure file transfer protocol upload and inbound file processing and management. The centralized and automated payment processor software works to ensure communication and data transfer is seamless and secure.

Automated vendor payment features expand your organization’s ability to process payments faster — including card payments, recurring payments and more. Additionally, with upgraded security measures, you can have confidence that your data and printed checks are protected. Integrating and automating vendor payments empowers your finance teams to execute critical processes intelligently, efficiently and securely. As a result of this powerful tool, your organization can comfortably execute any type of domestic or international transaction throughout your operations.

The benefits of optimized payment automation solutions

Utilizing intelligent business applications to optimize your financial processes and merchant transactions provides your organization with a host of benefits. Leveraging this technology to reap these advantages is progressively becoming a key element in fostering business growth and maintaining a competitive edge. The main benefits you can expect to see as a result of payment processing solutions include:

  • Saving time: By reducing the need for manual configuration in your financial processes, your organization can save important time — while simultaneously freeing your workforce up to complete more complex tasks. In fact, a report from CRMside found that 69% of employees reported automation reduced their wasted time.
  • Reducing costs: Advanced payment processor solutions are also a valuable way to cut manual costs. According to a report from Salesforce, 57% of IT leaders claimed that automation technology saves organizations between 10% and 50% on costs previously associated with manual processing.
  • Increased accuracy: Cutting-edge ERP systems handle many of the tedious manual tasks of the past, which largely reduces the likelihood of human error. By mitigating mistakes that lead to misconfigured systems, automation helps ensure consistency, adherence to processes, PCI compliance and increased security.
  • Enhancing insight and transparency: Automation software provides predictive insights and embedded analytics for a clearer oversight of your financial operations. This is essential to help your business make better and more informed decisions moving forward.
  • Improving risk management: The security involved in these merchant services aims to improve protection from outside attacks while focusing on internal fraud protection as well. Throughout the process, your organization can have peace of mind knowing the high-security measures included in the software offers top-tier protection.

Overall, payment automation software enables your business to manage payment processing in a centralized data platform. This can help you accept payments and manage recurring payments, credit card payments or any other form of digital payment, all in one advanced payment solution. Streamlining these processes is critical for providing clearer oversight, improving your customer service and increasing control over your financial systems, procedures and data collection long-term.

Is your organization ready to automate? Contact SK Global to learn more about how customer and vendor payment automation in our Treasury Automation Suite can improve your business’s financial operations.