Merriam-Webster's Dictionary defines ‘integrated receivables’ as the aggregation, validation, and normalization of payment data to…wait no, I am not going to start there.
Defining a perspective concept is much like trying to hold the wind in your hand; as soon as you think you have it, it has already moved on. Integrated receivables, like most modern-day concepts, is rooted in anticipating unpredictability rather than refined processes. But, no matter how much you conceptually embrace ambiguity, it does not get work done. So maybe we need to get some sense of scope out of the way before we make the move from concept to concrete.
Like many industries, the payment landscape has experienced some of the greatest influx of changes recently, particularly when it comes to the abundance of consumer choices. Volumes can be written on whether this is good for humanity or not, but regardless, it is here. In fact, more businesses than ever are reaching out for assistance to navigate this new economic arena, particularly in handling:
Omnichannel, a term usually reserved for marketing, focuses on a consistent yet personalized experience across all channels. As much as individuals like choice, they also don’t want to make a mistake. If businesses can adopt curated paths instead of rigid or freeform direction, they can create a pleasant experience for their customers and workers alike, while also preparing for the world's changes as they come.
There are two ways to navigate the increased payment complexities: technology and time. Though often thought of as mutually exclusive approaches, a successful tactic employs both (think: Venn Diagram). With the right tools, an experienced builder can create an incredible skyscraper – however, the tools themselves are near nothing without the builder’s hands, and the builder’s hands could nigh complete the first floor without the right tools.
Today businesses, government entities, and organizations alike are looking for a trusted advisor as much as they are looking for a financial institution. Integrated receivables, traditionally in the form of outsourced data entry, have reached a new evolution, beginning with a payer’s human-centered experience.
Though not an exhaustive list, nor required to check all the boxes, a financial institution should consider the following features in their integrated receivable offerings:
Consumers will typically choose the payment method of least resistance to them personally. With a little front-end assistance, coupled with back-end integration and the spice of advice, you can empower your merchants to embrace (and even enjoy) the payment challenges of today and tomorrow with integrated receivables.
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