3 strategies for optimising payments
1. Adopting digital payments
As we have pointed out earlier, manufacturers, especially in Nigeria and Africa, still deploy traditional methods of operation, including payment, but it’s a drawback.
Businesses must follow the latest trend in payment, digital payments to optimise payment and increase their chances of success,
Digital payments reduce errors and accelerate payment cycles, while digital payment tools can seamlessly integrate with accounting systems, streamlining the overall payment workflow.
Fincra is the right partner to help manufacturing businesses digitise payments. We can equip manufacturers with digital channels to collect payments.
Fincra’s Virtual Account service is perfect for manufacturers still used to the traditional means of collecting payments. With virtual accounts, manufacturers can collect payments in USD, EUR, GBP and NGN from anyone, anywhere in the world.
Other means of digitising payment include using a payment gateway allowing manufacturers to collect payments from cards, bank transfers, PayAttitude and Mobile Money (M-Pesa in Kenya).
Digital payments also power sending money and making payment obligations to suppliers and partners.
Fincra Pay-Out ensures secure and seamless local and cross-border transfers in more than 150 countries across Africa, Canada, the United States, the United Kingdom, Europe and the rest of the world.
2. Embracing payment automation
Manufacturing businesses must embrace payment automation to ensure keeping up with payments and commitments to suppliers and partners.
Automation eliminates manual intervention, reduces errors, improves accuracy, and minimises transactional costs.
Fincra can power automated payments to handle repetitive payment tasks, such as scheduling recurring payments, payment approvals, and reconciliations, saving valuable time and resources.
3. Adopting digital technology
This article highlighted the need to adopt digital payment as the first strategy, but adopting digital technology overarches that.
Businesses need to adopt digital technology in all spheres of their operations to have an edge in this competitive market.
Digital technologies like implementing supplier portals or self-service platforms allow manufacturers to collaborate effectively with suppliers to support the payment process.
These portals enable suppliers to submit invoices, track payment status, and resolve payment-related queries independently.
By empowering suppliers with self-service tools, manufacturers reduce administrative burdens, improve transparency, and strengthen supplier relationships.