Determining which new payments solution is best suited to the unique needs and goals of your business is important—but it is also only the beginning of the process.
A successful implementation—one that dovetails seamlessly with your existing processes across all areas of your business, on time and on budget—is equally vital.
Here’s are five strategies to help you get it right.
Engage with external partners
Ensuring outside partners are up to speed will be key to the success of your new payments solution. Be sure to make the details of your system and your implementation plan clear to them now—minimizing the number of bumps in the road once the solution goes online.
This is also a great opportunity to enhance existing relationships. Lay out the potential benefits of this new system for your external partners: Does it enhance the speed that they will get paid? Or increase their visibility into the payment process?
Educate your internal stakeholders
An implementation process will not be successful unless all of the relevant internal stakeholders in the business possess a full and holistic understanding of the upcoming changes. You’ll want to engage your departments in three different ways:
- Educate staff on the new solution
- Ask for their feedback on possible pain points to implementation
- Incorporate their feedback into the process so they are part of the solution
Begin by educating staff on the rationale for switching solutions—before implementation. Remember, you work with these professionals because they are experts in their field, so seek their advice on how to incorporate this new system in a way that best serves all involved.
Your goal is to help your entire organization understand the rationale behind this change, the objectives, and the role each department plays in supporting a smooth implementation that—over time—can positively impact the bottom line.
Prepare, test, and test again
Often implementation problems occur far away from the executive's office. Once you’ve engaged with the business, treasury should be in a good position to reach out to some of the more disparate departments and begin plotting the testing phase.
Perform as many granular tests as possible before going live so you’ll be prepared for most, if not all, contingencies. A payments solution tailored to the needs and goals of each department will likely be one that ultimately serves the needs and goals of the company itself.
Don’t just look inward. External payments partners can also be a great help in the testing phase. If they’ve gone through similar processes with other companies, the expertise gleaned through those experiences could be a benefit.
Can a new payments solution upgrade your fraud prevention efforts?
Simply by implementing an automated solution, the elimination of paper or email payment requests from the transaction process can block criminals who use phishing or paper-based fraud.
This is also the time to minimize risk by limiting account exposure. Establish access points to the payments system and ensure only relevant staff can see certain layers of information. Establishing the level of permissions across the treasury and the business as a whole allows treasury to quickly identify any questionable activity and prevent fraud.
Look for a dedicated partner
Seeking out the best financial payments partner for your organization is something that businesses will rightly have scrutinized in the solution selection process, but during the implementation process this preparation really comes into its own.
A dedicated payments partner will ensure that help and support with the implementation process is a core part of the offering, customizing and testing the solution to smooth implementation. This type of support can make all the difference in a successful transition.