Profitable and effective businesses require seamless, organized, and efficient payment operations. However, the current panorama of most back-office operations reveals a concerning trend. Instead of employing the latest software that’s easily adaptable and ready to handle real-time payments (RTP), most companies use legacy back-office systems that are slow and outdated, causing a considerable bottleneck in processing payments. This means increased costs and a loss in revenue.
The back-office includes support for transaction reconciliation, settlement processing, and the movement of funds. Additionally, it handles disputes and the assessment of transaction-based fees. A poorly run back office can be the source of significant revenue loss, and payment processing organizations currently lack viable and adaptable solutions to boost profitability.
In this recent article in PaymentsJournal, learn about recent technology and software advances that are providing more options for payments back-office modernization. This article also provides access to a thought leadership paper that explains how companies are overcoming back-office payment operation challenges and have even transformed the payments back office from a cost center to a profit center.