Efficiency is the expectation for every aspect of life in our technology-driven world. To achieve this standard of speed, organizations can harness payment management software to automate tasks and gain important insights into day-to-day operations, cash management, and financial goals.
Processing payments is an essential part of any organization's operations, but it often means a time-consuming coordination of data collection across multiple platforms. Payment management software provides a solution to many of these problems, bettering both operations and overall experiences.
With 82% of Americans relying on digital payments and 15% of digital-wallet users leaving home without cash or traditional credit and debit cards, organizations must ensure they're meeting citizen and participant needs. Let's dive in and look at what payment software is and how it can streamline payments, provide valuable data insights and help keep your organization data compliant.
What Is Payment Management Software?
Payment management software is a digital, cloud-based platform that automates how payments are received and processed. Supported by skilled technology professionals and backed by secure data centers, payment management software streamlines the payment experience between an organization and its customer. These programs are used by multiple types of organizations, including businesses, government, education and recreation.
In today's digital-first environment, more and more people are using services like Google Pay, PayPal and Venmo for everyday purchases. Payment management software allows organizations to accept various transition types and payment options, allowing citizens and customers to use the method they are most comfortable with.
Streamline Payments
Payment management software is a win-win for organizations and customers. Rather than multiple payment platforms for different departments across an organization, payment management software offers a single-solution platform that eliminates redundancies and provides consistency across departments. Payment management software funnels cash flows through one integrated platform by streamlining how revenue comes in.
For example, a payment management tool can easily streamline tickets, fines and recreation memberships that were once made by mail or across several siloed department websites. Once received, payments are then effectively processed and reported to the appropriate department, increasing collaboration across the organization while improving customer and citizen experience.
Gain Better Insights
When organizations follow their money, they often find useful information about finances and operations. While it's sufficient to look at the high-level revenue totals, payment management software gets granular and parses out key insights that help businesses improve their functions.
Single-solution payment processing software simplifies reporting through automation and seamless integration. From mobile point-of-sale purchases to recurring payments, payment management software allows organizations to view payments from a holistic vantage point. This allows for department and organization leaders to work together to implement best practices and integrate broad, comprehensive solutions based on data insights drawn from a complete picture.
Stay Data Compliant
Payment management software systems are cloud-based solutions that also reduce an organization's hosting and compliance burden and deliver technology capabilities that once seemed impossible. When choosing a payment management software solution, it is important to consider the team behind the product to help an organization stay compliant.
Skilled technology professionals behind payment software tools provide the expertise and support needed to eliminate the operational burden, expense and maintenance of payment processing. Payment management solutions with state-of-the-art data centers and backed by skilled technology professionals can help departments, programs and organizations remain data compliant. Organizations can reduce the compliance burden of hosting payment data on-premise by moving to a payment software platform that offers data compliance capabilities.
Payment Manager Makes It Easy
ACTIVE Network's Payment Manager is a streamlined payment solution that will help you create an intelligent and intuitive customer experience, protect data, ensure compliance and allow you to deliver technology capabilities that once seemed impossible. For more information on Payment Manager, visit our website or book a demo today.
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