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These days you’d be hard-pressed to find an industry that doesn’t automate some aspects of work.
Advancements in modern automation are present in everything from autocorrect to Tesla’s Gigafactories. There’s a reason why this has become the norm.
Automation offers:
- Cost reduction
- Time saving
- Improved user experience
- Increased output
According to Forbes, automation can save employees up to six weeks of time each year, and for business leaders up to nine. That’s time professionals can reinvest into career development and personal growth opportunities. As well as using the time to identify new efficiencies and opportunities for the business.
In the world of payments, automation and aggregation are two essential tools that every business needs. In any competitive industry, efficiency is vital for maximising profits and minimising wasted time. As a business owner, you’re probably already aware of the challenges involved in managing payments, invoicing, and debt collection. These processes can be time-consuming, labour-intensive, and prone to human error, which can in turn lead to delays, mistakes, and unhappy customers.
These tools were created to solve the problems mentioned previously – they streamline your payment processes, reduce costs, and free up valuable time for you to focus on your core business.
What is payment automation?
Payment automation uses technology to automate and streamline your payment processes. This can involve automating tasks such as invoicing, debt collection, and settlements.
Automating these tasks reduces errors, saves time, and ensures your payments are processed quickly and efficiently. Payment automation can be achieved through a variety of different tools, such as invoicing software, payment gateways, and automated debt collection systems.
Automating tasks such as invoicing and debt collection reduces the amount of time you spend on administrative tasks and allows greater focus on growing your business. You can expect increased productivity, reduced costs, and improved customer satisfaction.
"The quicker and “slicker” you make your payment processes, the more efficient your staff become while simultaneously increasing uptake and stickiness with your customers.” says Fidelis Chiwara, Ozow’s Head of Client Success. “This has a positive impact on both your topline and bottom line as a business.”
Another benefit of payment automation is that it can help reduce errors and improve accuracy. Manual payment processes are prone to human error, which can lead to mistakes such as incorrect invoicing, missed payments, and delayed collections.
By automating these processes, you can ensure that payments are processed correctly and on time.
What is payment aggregation?
Aggregation consolidates payments from multiple customers, reconciles them, and settles them with the merchant. This can happen across various accounts and merchants. This can be useful for businesses that process a large volume of payments, as it can help to simplify the payment process and reduce costs.
The main benefit of payment aggregation is that it can help to reduce transaction fees. Businesses may be subject to higher transaction fees when processing payments individually than they would be if they were processing payments in bulk. By aggregating payments, businesses can negotiate lower fees with their payment provider, helping to reduce costs and increase profits.
Payment aggregation can simplify the payment process for businesses. Instead of having to process payments individually, businesses can consolidate payments into one settlement report that can be imported into various accounts or retrieved via core business systems to automatically allocate payments, making it easier to manage and track payments.
“Ozow's bespoke technology solutions are compatible with many popular business systems and can be integrated easily into others. Through our offerings, we aim to provide a frictionless payment allocation experience to our merchants, so that they can focus less on payments and more on their business.” said Riaan Hanekom, Ozow’s Chief Technical Officer.
The benefits of payment automation and aggregation
Payment automation and aggregation offer a number of benefits for businesses of all sizes. By automating and streamlining your payment processes you can benefit from reduced costs, improved efficiency, and having the benefit of valuable time to focus on your core business.
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From automating tasks such as invoicing and debt collection, you can focus on growing your business while our systems handle the administrative work.
All in all, payment automation and aggregation are essential tools to stay on top of ever-changing markets and ahead of the competition. Whether you’re a small business owner or a large enterprise, payment automation and aggregation can help you to achieve your goals and grow your business.
Want to find out more about how payment automation and aggregation can help your business? Click the button below to talk with our sales team.
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