On the fifth day of Christmas my adviser sent me tips on how to:
by Kylene Casanova
Optimise our payments and collections by:
1. OVERALL:
- accepting that a payment or collection is only part of a business transaction, the objective should be to optimise the whole business transaction not just the payment/collection part, see how at:
- using connectivity hubs to manage all your payment and transaction types across the group, see:
- making payment and collection factories effective, see:
- using ISO 20022 for all payments, see: Payments future is ISO 20022, even for real-time payments | C&TM File
2. BILL COLLECTION:
- using the most effective payment terms, see: Do you have the ‘right’, the most effective payment terms? | C&TM File
- promoting e-invoicing where you can and then link it to supplier financing, see: Is e-invoicing / e-billing entering a new era? | C&TM File, Basware launches Basware Discount as part their Commerce Network | C&TM File
- using e-invoicing combined with SCF for your suppliers who need it and then spend analytics to understand your expenditure, see: PrimeRevenue Dynamic Discounting service integrated with SCF & Spend Analytics | C&TM File
- aiming for straight-through reconciliation, see:
- using pan-European collection systems, see:
- not forgetting lockboxes, they still make sense, see:
3. PAYMENTS AT POINT OF SALE:
- recognising that credit card usage is declining, and debit cards will dominate card usage, see: UK consumer payments in 2024 dominated by debit cards & demise of credit cards | C&TM File
- remembering that by 2019 alternative payment systems particularly e-wallets will be huge, & multi-channel collection systems are a must, see:
- remember that mobile is not just for low value payments, see: Mobile is not just for low value: Homeowner uses Barclays Pingit to make £23k deposit | C&TM File
4. MAKING PAYMENTS:
- making all payments locally, see: Don’t make international payments cross-border, make them locally in real-time | C&TM File
- big boys: paying your suppliers, particularly SMEs, on time, to keep economies healthy, see:
- taking care on WHO YOU PAY as it is the number one anti-bribery and corruption challenge for corporates, see: Companies must wake up to risk of third party non-compliance | C&TM File
- trying the new efficient cloud based payment services, see: Bottomline’s PT-X cloud based payment platform - secure payments made simple | C&TM File
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