As technology advances and customer needs evolve, public sector organisations must adapt to maintain their quality of service and competitive edge.
It’s easy to stick with the same system you’ve relied on for years without realising the ways in which it’s preventing greater productivity and performance. That’s why taking time to review your current systems and processes on a regular basis can reap significant rewards.
If your organisation is experiencing payment processing issues, struggling with limited capabilities, poor integration or one of the other reasons listed below, it may be time to consider a new payment provider. Here are six reasons to bear in mind:
1. It reduces your costs
Cost savings is one of the main reasons why public sector organisations look to switch their payments provider. Most councils and local authorities are under pressure to tighten up their expenditure and outgoings, and reviewing core systems to check whether they’re offering the best possible value for money is a fundamental part of that process.
For cost-conscious organisations, it may be worth investing in a modular payments software that offers the flexibility to plug in functions and channels as and when needed, rather than an inflexible system that lumps you with a range of features you don’t necessarily need. This keeps costs down and ensures you’re only paying for the functionality you need.
2. It delivers a better payment experience
Your choice of payment software has a direct impact on customer interactions and engagement. Organisations that offer a frictionless payment journey and a range of different payment choices that cater to different demographics put themselves in the best possible position to drive revenue and minimise debt.
For most councils and local authorities, providing a mix of digital and physical payment channels ensures the best possible coverage to cater for all types of customer.
Experience matters for your employees too. Some payment systems make it far easier for staff to manage separate payment channels and data sources, while others offer better capabilities in terms of automation. It’s worth doing your research to find a platform that ticks all your boxes.
3. It makes you more efficient
Repetitive tasks like invoice matching, chasing late payments and double checking data often become a drain on internal time and resources. However, much of this time can be saved with a system designed with automation and optimal efficiency in mind.
Automated processes enable teams to complete tasks quicker and to a much higher degree of accuracy compared to manual processes. Instant notifications ensure that no important tasks or actions slip through the net, which can be a huge benefit to busy managerial teams.
Any time and resources saved can then be deployed to work on strategic tasks that deliver more overall value and a stronger ROI.
4. It increases your revenue
From digital wallets and online card payments to Direct Debit and in-person cash transactions, offering a range of payment channels makes it easier for customers to pay on time through their preferred method. It also means they’re less likely to abandon a purchase halfway through, which prevents potential revenue being lost.
Systems that offer automatic billing and payment reminders also help reduce the time and effort needed to follow up on unpaid bills, while increasing the likelihood of timely payments and a healthy cash flow.
5. It ensures you stay compliant
One common problem with legacy systems and paper-based processes is they don’t always make it easy to generate up-to-date reports or audit trails that demonstrate compliance with the latest regulatory guidelines.
A robust payment processing software will greatly enhance your security and simplify compliance with PCI DSS and other regulations. A good system will reduce manual admin and time spent on record filing requirements, and grant peace of mind that your organisation has all bases covered at all times.
6. It offers seamless integration with your tech stack
Not all payment systems integrate well with other core business software, such as finance or accounting systems. This can cause security and productivity issues for teams as they are forced to manually export data from one platform to another.
Instead, look for a system that enables you to securely link all your data streams and APIs together, so that teams are always working from a single source of truth that updates in real time.
Mobile capabilities are becoming increasingly important too, so make sure to check your payment system integrates well with your mobile website and delivers a superb experience no matter which device a customer is using.