Why you should use a specialist payment provider

Your role in finance or procurement is growing more complex by the day.

You’re now playing a more strategic part within your business, which comes with bigger expectations, not just from your team, but vendors too.

You’ve got increasing intricacies of payment systems to contend with, not to mention larger volumes of transactions and shifting regulations. While compliance is more crucial than ever.

In these demanding times, your finance and procurement teams need to choose their  payment partners wisely. 

Of course, there’s the traditional banking option to go with. But times are changing – and fast. 

Along with the increasing complexity of finance and procurement roles, we’re seeing a rise in specialist payment providers.

Providers who understand the daily challenges your teams are facing and are offering a higher level of focus and expertise to their customers.

In this post, we’re looking at “Specialist payment providers vs traditional banks”. The pros, the cons, and which may be the best option for your business.

Expert payment providers: The benefits

• Deep expertise
  
  When it comes to payment processing, payment providers know their stuff.
  
  Their expert knowledge of payment technologies, emerging industry trends, and ever-changing compliance requirements is second to none – allowing them to offer your business specialised guidance and tailored solutions.
  
  
• Innovation focus

Staying current in this digital world is vital.

In fact, more than 90% of global procurement leaders [1]  are rapidly evolving their operational processes and strategies to optimise their businesses.

Specialist payment providers keep a keen eye on trends, continuously investing in cutting-edge payment solutions.

With a modern payment provider you’ll get benefits such as real-time fraud detection, multi-currency processing, and virtual card integration.

This dedication to innovation is what keeps payment providers with their finger on the pulse of the industry.

• Flexibility and customisation

Modern payment providers know what your business needs.

They specifically tailor their solutions to streamline your processes. And they can integrate seamlessly with existing ERP, accounting, and CRM systems, ensuring a smooth and customised payment process.

• Spend analytics and insights

Data is rocket fuel in the world of today. 

A specialist payment provider brings top-quality data analytics tools to your business. So you can gain rich, valuable data-driven insights into payment patterns, vendor performance, and cost optimisation opportunities.

• Scalability

In the business world, needs are changing constantly.

Specialist payment providers can dynamically scale their payment solutions to accommodate rapid growth and changing business needs, ensuring your payment system evolves with your business.

Traditional banks: The benefits

• Established reputation and trust

It goes without saying that traditional banks have a long history and well-established brands. Both of these factors go a long way in instilling confidence and trust in their customers.

Known for financial security, they are also regulated by government agencies, offering peace of mind when dealing with sensitive data.

• Broad financial services offerings

Banks are often seen as a one-stop shop for financial needs.

For example, loans, investments, and wealth management – to name just a few services. And this wide array of financial offerings can be beneficial for businesses who want to simplify their financial management and streamline their processes.

• Existing relationships

You may already have a longstanding relationship with your bank (including a trusted account manager with all your vendor onboarding already completed). 

So when you need to add a new product or service, the process is swift and straightforward.

Expert payment providers vs traditional banks: The verdict

There’s no question about it: Banks undoubtedly offer convenience.

This is especially true if you:

• Already have an existing relationship with them
• Require a range of financial services
• Find only one point of contact appealing

But we are living in a data-driven world, where optimising your payment processes can lead to long-term benefits.

And this is where payment providers shine. 

With a specialist payment provider you’ll get: 

• A dedicated, expert partner working closely alongside you, offering tailored solutions that match your unique needs – and reviewing these as tech, trends, and challenges change  
• Benefits from market-leading integration and data analysis, with a continuous focus on innovation and growth
• The flexibility you need in an ever-changing payment landscape, as payment providers tend to be smaller and more agile than banks 

Specialist provider or traditional bank? The choice is yours. 

Just remember, when making your decision it’s vital you consider your long-term goals and specific needs. 

And bear in mind that while banks have their advantages, a specialist payment provider can offer a level of expertise and innovation that is hard to match.  

Want to chat more about your business needs? We’re always available for a chat. 

Source list

[1] https://penny.co/understanding-tomorrows-tech-a-must-for-todays-procurement-leaders/