How to Streamline Multi + Omni Channel Payment Processing
As a national leader in customer communication deployment, Venture Solutions processes millions of pieces of transactional documents every day that solicit a payment. These documents include invoices, past-due notifications, policy and subscription renewals and collection letters. The other side of deploying these documents is, of course, the enormous waves of payments that then return to our clients, in many forms and through many channels. Venture assists clients with payment processing, such as hosting an EBPP interface solution, and as such is very interested in what goes on in the industry.
What’s clear about payment processing today is that it’s complex. You might think that the ever-increasing use of mobile payments would simplify things but in fact the opposite has happened. For example, strangely enough, the check remains a well-used payment form. That means you have to manage the legacy payment types along with the new electronic ones. This means even more complexity, not less.
For example, look at the lists below of some of the payment and delivery types. When you consider the many possible combinations of payment types and delivery channels you get a good idea of the complexity of managing payments today.
These lists were put together by a payment processing partner of Venture, FTNI of Omaha, NE. I’d like to thank Zac Robinson of FTNI for the use of this information from one of his blog posts, Put an End to AR Inefficiencies with True Integrated Receivables.
Via the web
When you add in the myriad of payment processing platforms associated with these channels, the number of combinations that need to be managed is dizzying.
Certainly, companies like FTNI are key to helping clients manage payments, particularly with its single platform approach to payment processing. But transactional deployment providers such as Venture are helping as well. We realize that how we process your payment data, how readable we make your documents, how we honor customer preferences for delivery, and how quickly we make available archive documents for viewing—all help to minimize complexity and roadblocks in the payment process. That is a challenge we take up every day. For more information about how Venture can transform your customer communication programs I invite you to visit us at venturesolutions.com or to contact us for more information.