How to Simplify the Accounting Process for Merchants

Subscription commerce also continues to grow as an exciting opportunity for businesses, allowing members to pay for great services such as Spotify, Netflix, and the Dollar Shave Club on a monthly, quarterly or yearly basis. Customers can access high-quality customer service and have the flexibility to change their plans to suit their needs, such as changing the nominated day of payment or how frequently they pay.

Additionally, businesses need to have advanced security measures in place to ensure that customer details are protected and compliant with legislation such as the EU’s General Data Protection Regulation (GDPR), which came into force in May 2018. As the number of large companies being fined up for infringing data protection regulations and data breaches increase, protecting the customer and giving them peace of mind remains critical to building trust and maintaining reputations.

One-off payments were historically conducted over the phone, which meant that customers needed to provide several sensitive details such as long card numbers and expiry dates to process a payment. Nowadays, customers can enter the information online with products such as Pay by Link, ensuring that no data is stored, in compliance with data protection rules and providing automatic receipts of payment for the customers’ knowledge afterwards.

Maintaining an efficient finance function boils down to ensuring that processes are seamless across the business, whether customer-facing or in the back office. As technologies continue to improve and build their capabilities, businesses should focus on removing unnecessary barriers and keeping the payments, invoicing and receipts process as smooth as possible to allow for a better experience for both customers and the finance team.