Vendors, particularly those conducting B2B sales, are always looking for ways to increase their customer base. As this blog has discussed in the past, most businesses cannot afford to select one particular vendor over another unless they are giving them a bigger bang for their buck, so streamlining the payment process and offering a better overall buying experience is crucial.
Implementing an ERP solution can go a long way towards improving the payment process. By consolidating accounting applications and tasked into one centralized system, vendors can improve the way in which they produce invoices, bill clients and accept their payments. Additionally, selling products is easier because merchants know exactly what their stock levels are so they can plan delivery of sold products accordingly.
However, there are still a number of factors for companies to consider before they select and implement a new system. For example, while using an ERP to manage financial data and processes can help from an efficiency standpoint, it can open up a number of security risks. If applications are connected, organizations have to ensure they are restricting access to sensitive customer information to reduce the risk of allowing unauthorized personnel from inappropriately managing data. Additionally, the financial applications of an ERP system must integrate with a solution such as tokenization, which can store data offsite and keep it protect it from a targeted attack. This will help vendors with their PCI compliance efforts.
Ultimately, while an ERP solution is designed to improve a number of processes and add value to an organization, companies need to ensure that their systems are equipped to do that. Vendors must implement a system designed to process level 3 data to guarantee themselves the lowest possible interchange rates.
Working with a B2B payments consultant will help vendors obtain an ERP solution designed to meet their payment processing needs.