Many players in the market promise one platform-experience, however their technology is composed of legacy systems that may be costly and lead to down times after subscription. An innovative and integrated payment platform comes with many benefits, which result in cost savings that add profits to your institution’s bottom line.
Here are 5 key benefits of using one payment platform:
- Enhanced Adaptability and SpeedToday’s customer expects more from every engagement. To enhance your customer experience you will need to offer a superb payment experience, with multiple options that can cater for your customer needs. A single payment platform, using modern protocols that can be adapted to meet new offerings, fosters quick time to market of new products and speed of delivery.
- Enterprise Cost SavingA recent Forrester report found, an organization with revenue of about $2 billion utilizing one payment platform would be saving $5.8 million within a three year period. FIs using one platform instead of many systems can save costs, such as, PCI compliance and other regulatory fees, monthly service charges, dispute management fees and others.
- Easily Expand to Other RegionsAn indication of business growth reflects in how your FI is able to expand into other regions. Such expansion requires several considerations, like considerable staff and infrastructure. Utilizing one platform will enable your staff to be reallocated to other productive tasks. For instance, a recent Forrester study found that a company with $2 billion in revenue realized 75% organizational efficiency while launching one payment platform in a new region.
- Lesser Operational RequirementsAs commerce grows, payment and financial data increases. Utilizing a single payment platform implies that FIs can manage fewer payment partners, spend up time and effort in negotiating contracts, manage reporting and reconciliation across many existing locations, and experience time savings on additional integrations and security compliance.
- Transform Customer ExperienceA recent 145 Research study found that today’s customer wants convenience, personalization and control when engaging with your products and services. A single payment platform can enable you to transform customer experience by meeting the customers’ requirements. Third-party applications can seamlessly be integrated to provide additional functionalities.
MonieWire is a one-stop payment solution that can help you swiftly transform the payment experience of your customers and deliver more value to your enterprise at affordable cost. Contact us today!