Payments Industry News | Transcard

Accelerating Digital Transformation with Embedded Payments

Written by Transcard | Jun 4, 2021 2:22:31 PM

Business-to-business (B2B) commerce moves faster these days.

Customer expectations are constantly changing.
New payments methods are rapidly emerging.
More payments are being made and received in real-time.

Keeping up with the pace of change is a big challenge for businesses. Many are modernizing their core systems.

But digital transformation can take time. Between the planning, preparation, and deployment, it could be years before a business fully realizes the benefits of digital payments. And there’s no telling how B2B commerce will have changed during that time, meaning a business might have to repeat the whole process. Almost makes you long for the “good old days” of paper checks.

Businesses can’t afford a drawn-out digital transformation project. But they can’t risk being left behind as their competitors modernize.

With embedded payment solutions, they don’t have to.

What are Embedded Payment Solutions?

Embedded payment solutions seamlessly integrate with legacy software and ERP applications, providing businesses with an easy and secure way to disburse and receive payments directly from familiar systems.

Embedded payment solutions deliver incremental benefits from the start:

Fewer systems to maintain: Multi-rail payment capabilities make it easy to disburse or receive payments using any payment method or open payment network. And embedded payment solutions support B2B and business-to-consumer (B2C) payments.

Effortless payments: Disburse or receive payments instantly or schedule payments in advance to one or more customers or suppliers within the software or ERP.

Faster cash flow: Apply payment terms from directly within the ERP application. And the easy integration provided by embedded payment solutions improves treasury connectivity.

Streamlined processing: Upload payment data directly to an ERP application for real-time reconciliation and touch-free accounts receivable and accounts payable processing.

Effortless onboarding: Built-in supplier onboarding drives electronic payment adoption.

Embedding payments capabilities into legacy software or ERP applications can mean the difference between the success and failure of a digital transformation project. All businesses, regardless of size and industry, need to reduce inefficiency and eliminate unnecessary complexity, keep pace with evolving payments trends, address increasingly high customer expectations, and mitigate risk.

Modernizing payments is a must.

The Benefits of Embedded Payment Solutions

Today’s embedded payment solutions are meeting these challenges. Improving upon the traditional point solutions and closed-loop networks that businesses traditionally used to disburse and receive payments, embedded payment solutions offer businesses the ultimate functionality and flexibility.

Embedded payment solutions can be quickly and seamlessly integrated with legacy software and ERP applications, with little disruption to existing workflows and without sacrificing hardened business rules.

Embedded payment solutions eliminate the need for “silo” payment applications across the enterprise, each with unique logins and passwords, account requirements, file formats, and proprietary integrations.

The latest payment capabilities facilitate Real Time Payment (RTP) and the touch-free exchange of rich remittance data between buyer and supplier ERPs – with the promise of new payment innovations.

This approach allows businesses to free up IT resources for core products. What’s more, treasury connectivity is assured. And a bank-grade infrastructure guarantees security, regulatory compliance, and performance that would be hard for most businesses to match.

Modernizing payments with an embedded solution also helps differentiate a business. Well-funded “digital born” competitors running on new core payment platforms are disrupting industries.

Embedded payment solutions can enable a business to:

Satisfy the preferred payment method of customers
Upload rich remittance data directly to any ERP
Connect with legacy workflows to accelerate cycle times

Businesses recognize the potential and the urgency of payment modernization.

How to Accelerate Your Digital Transformation

Payment modernization is a necessity that cannot be ignored. It can help a business increase agility, ensure compliance, and deliver a better customer experience. But few businesses can afford to wait years to complete a digital transformation project. Management expects fast payback.

Embedded payment solutions can achieve this by integrating with legacy software and ERP applications and making it easy and secure to disburse and receive payments from familiar systems and screens.

Transcard has proactively been helping businesses modernize their approach to payments and realize results quickly. Our embedded payment solution includes components for onboarding suppliers and disbursing and receiving payments and data via any payment method or open payment network.

Discover How Transcard Can Help Modernize Your Payments