Implement Payments Refinery
RPGC looks at payment acceptance like an oil refinery. Like crude oil, transactions come in and through many pipes and processes are converted into a refined product, money in the bank account. Leakages cause problems, for the customer experience and for your bottom line.
This can pose a significant challenge for companies with several entities accepting customer payments over multiple channels and across countries.
Internally, companies need to be able to articulate their Total Cost of Payments (TCOP) completely and granularly. Otherwise, expensive leaks take a long time to discover and are hard to seal quickly.
To manage payments effectively, corporations must have the necessary tools, KPIs, and workflows to maximize their revenue and minimize their fees.
Properly implementing reconciliation and revenue recovery tools is critical for ensuring every payment is properly and accurately processed. Only then does the payments team achieve maximum financial benefit to the company.