The convenience of an open platform and interoperability of a contactless payment system is not a luxury it is now a 'must have'.
Our latest edition of Lunch Bites features Herrington Technology, an SAP Business One REPAY integration referral partner. Hillary Heath of REPAY, and Valery Herrington, Founder and CXO of Herrington Technology gathered recently to discuss overcoming the various limitations we see in sales and how new B2B payment trends are helping curb the challenges.
Herrington Technology helps clients focus on advanced technology deployments for business success and growth. Their flagship product line includes leading SAP ERP solutions, such as SAP Business ByDesign, SAP Business One, SAP HANA Platform Development solutions JAM for social media and integrations with other third party deployments including customized add-ons.
Businesses large and small are restructuring their systems and adding equipment so they can accept contactless payments. The last few years have been filled with disruption. We all adapted and shifted workforce solutions and reinvented commercial processes. This Lunch Bite shares insights for companies adopting new payment technology to stay ahead of various B2B limitations.
What steps can we take to successfully navigate drastic changes?
We all need to buckle down on reducing risks while still delivering a strong ROI for EACH deployment or enhancement we make in our operations. This includes advancing solution portfolios to increase business value. This is one of the main reasons why Herrington Technology partnered with REPAY. We've seen multiple ways B2B and B2C businesses have adapted and survived in the last eighteen months. Now more than ever, the online payments landscape is continuing to diversify, and the pandemic remains a key catalyst. Currently, we are doing without the luxury of ‘nice to have’. We are forced by pressing ‘have to’ situations. Customers ‘have to’ alter the way they pay online during all phases of the pandemic, and are seeking lower-risk, higher delivery approach like that of REPAY. As we close 2021 with some dynamic B2B changes, new payment methods are here to stay. In most cases it is a welcomed change, and riskier to NOT adopt this trend.
We see several opportunities for advancement in the areas of contactless payments.
67% of merchants offer customers some form of contactless payment, per the National Retail Federation (NRF). With contactless payments, consumers can complete point of sale transactions using RFID or near-field communication (NFC) technology built into payment terminals and cards – eliminating the need to handle cash or payment terminals.
In addition to improving output and therefore gaining cycle time efficiencies, contactless payments reduce sales abandonment rates and drive higher average transaction volumes across all consumer associates.
What smart steps can we take now ahead of the new year?
Transformation through technology, processes, and people is now more critical than ever. We see business leaders facing new crossroads, where they have automated efficiencies and are now ready to move towards true payment agility. Businesses need the convenience of a contactless payment system that provides a friendly user experience and added value for the buyer. They need to avoid the all too common high fee structure options and notoriously difficult to maintain, monolithic, and inflexible legacy frameworks. Businesses should favor a solution that’s easy to install, secure, and yields a faster path to a higher ROI.
Additionally, many online payment solutions provide back-end office integrations that record the payments directly into an ERP/accounting system – saving both time and increasing transaction accuracy.
It’s imperative for businesses that offer a contactless payment system to protect the personal information of customers. Vital steps include training employees to properly process and use customer information along with preserving a cybersecurity system to prevent data breaches.
Customers have typically been restricted to over-the-phone payments during business hours or mailing a check that would take days to arrive along with the added risk of being lost or stolen.
Enabling ClickToPay, REPAY's one-click payment technology, helps businesses get paid faster and provides a simplified payment experience. ClickToPay is a modern paperless and secure way to have invoices paid without burdening time and resources.
Learn more about the REPAY ClickToPay Online Payment Portal to see how easy accepting online payments can be!
• Expedite time to payment received
• Eliminate tricky paper invoices
• Support multiple ways to pay
• Decrease duplicate data entry to your ERP, like SAP Business One
Watch this edition of Lunch Bites with Herrington Technology:
SAP Business One for REPAY clients
REPAY offers a robust credit card processing solution for SAP Business One users, and we have recently launched our new and improved integration. This powerful, secure solution allows you to complete all your payment processing transactions quickly and easily.
Increase control over your small business with software designed to grow with you. Streamline key processes, gain greater insight into your business, and make decisions based on real-time information – so you can drive profitable growth. SAP Business One includes: on-premise or cloud deployment options, integrated business intelligence, integration with the SAP HANA platform, quick deployment, and many end-to-end solutions designed for the success of your business.
The REPAY difference
REPAY provides you with merchant statements that are easy to read and transparent. REPAY also helps you save with Level 3 processing, by providing lower rates for B2B transactions. REPAY's seamless integration passes all the required Level 2 and Level 3 data by extracting it from your ERP and ecommerce solutions. There’s no time-consuming mapping or manual data entry required.