11/11/2021

How to optimize your payments system

By Mariana Almeida Marques

The payments industry is going through an exciting and long-lasting transformation, as new technologies, providers and tools emerge. Whilst that is great news for tech-savvy customers, it imposes challenges on traditional finance and insurance companies that simply aren’t build on modern systems. Taking the challenging times ahead as an opportunity for long-term improvement is the way to go- that’s why optimizing your payments system is a crucial part of not just surviving, but thriving in this complex, competitive and disruptive industry.

In this article, we will explore some of the ways in which you can optimise your payments system to meet and exceed customer expectations, as well as to future-proof your system and operations for years to come. Imburse enables you to do all of the below, by offering you connectivity to the entire payments ecosystem with no individual integrations needed from your side. You connect to us, and we connect you to the payments world.

Maximize payment methods

In order to meet customer demand, continue to exceed their expectations and even reach new customer bases, companies must now offer a considerable variety of payment options. Personalisation has become a priority for insurers and financial services, allowing for a higher level of customer engagement and retention.

Therefore, it is crucial that you allow your customers to pay in their preferred payment method, both to improve customer retention and to boost profit. Besides the traditional debit or credit card, customers may prefer to use mobile wallets such as Apple Pay, Google Pay and others or alternative methods such as PayPal and Amazon Payments. You must also ensure that the PSPs you choose to connect to support the currency of the countries you operate in and can connect to their local banks.

Maximising payment methods can increase customer satisfaction, reach and retention.

Invest in fraud prevention

Every business wants to protect their customers, but not every business knows how to do so. That is why it is important to find PSPs that offer strong fraud prevention and risk management tools. Equally important, look for PSPs that are certified and compliant with all the key regulations, such as PSD2. Imburse enables you to connect to any PSPs you want, in any market, so you have full flexibility in choosing the most trusted providers available. The Imburse platform also has all the key industry certifications and governance in place, so you are safe and protected from day one.

Streamline your payment operations

Streamlining payment operations seems like a very broad task, but it can be divided into actionable goals in areas such as reconciliation and analytics. Auto-reconciliation, for instance, allows you a huge amount of time and resources, and even reduces the potential risk for errors of manual reconciliation.

Equally, have a single reporting source that combines the analytics from all your providers will allow you to have clearer and instant visibility into your customers’ transactions, so that you can more easily take that data and use it to improve the business and make informed decisions. Streamlining your payment operations allows you to save time, costs and resources, making it easier for your teams to leverage the payment operations.

payment processors are key to every business.

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

Author

Oliver Werneyer

Oliver Werneyer is the founder and CEO of Imburse. Before founding Imburse, Oliver held various roles in the insurance industry, with the likes of Liberty Life, Swiss Re and Genworth.

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