The digital world continues to grow at a rapid pace. By 2030, the payment processing
solutions market will reach $146.45 billion in worth, according to industry expectations.
The reason is the increasing importance of faster, more secure, and more reliable
payments. New payment tech solutions are making a huge difference in the way small,
and large businesses can manage their purchases and payments.
Artificial intelligence (AI) is one of the payment tech solutions that are becoming more
readily available than ever. The question is, can real-time payment processing happen
in today’s digital world? The answer is – if AI is utilized as a component of the process.
Tackling Inefficiencies Is at the Core of Operations
Many companies are not using all of the payments tech they could be right now – and
that is slowing them down. Payments need to be faster to enable the business to move
at the fastest rate possible. Yet, there are many inefficiencies present that continue to
limit operations. Those inefficiencies, which can be seen in accounts receivable and
accounts payable, cost companies – large and small – money.
It’s not uncommon for businesses to have issues processing payments. Often, the
problems come down to the data quality of the execution of the transactions. Fraud, too,
is a growing problem in the industry and continues to be one of the most important
concerns for companies moving forward when adopting new technology. Social
engineering scams and data breaches are a real problem, often targeting even the
largest companies that have invested heavily in protection solutions.
A core concern – and perhaps one of the most difficult components of payment
processing – is ensuring that the person the money is going to is the person they say
they are. Yet, with the technology used by many companies today, risks remain.
How Can AI Help with These Inefficiencies?
The utilization of AI is helping to combat problems in a wide range of industries. That
includes customer service, marketing, and operations. The same technology can also
be applied to merchant sales and payment processing.
Some larger financial institutions are already using AI as a way to improve operations. It
can work as an anti-fraud tool while also aiding in improving efficiencies throughout the
process.
AI does this by utilizing large data sets of information. Coupled with machine learning, it
is able to analyze huge amounts of information quickly – in seconds – and then use that
information to execute payments or, when necessary to do so, to stop them.
AI Can Streamline Operations and Eliminate Errors
Many companies are still using only manual processes. Some handle these in house,
which in itself can be problematic. Many companies still send paper invoices to
suppliers or vendors. That invoice comes from providers or staff that can access the
sensitive data on the invoice putting that data at risk.
More so, there’s also the constant risk of human error when it comes to inputting data.
AI can eliminate this risk because it does not have the same tendencies that people do
to transpose numbers. It can read paper invoices and scanned data to make decisions
on what to send and how to do so.
This can help in many ways. For example, AI can examine the data on an invoice
against its master data. This includes verifying information from supplier databases or
gathering details on pricing. Then, without the need for human involvement, AI can work
to push through approvals when the data aligns, freeing up your employees to take on
more important tasks in the company.
Predicting Cashflow
Another way AI can support B2B and other entrepreneurial organizations is by providing
better insight into cash flow needs for the company. It can analyze the behavior of
customers and then provide insight to companies about how to adjust their cash flow
reserves as needed to meet demand. This helps to minimize the risk of financial
hardships along the way.
The same can be applied to other components of the industry – such as managing
inventory and reducing the number of stock-outs that occur. This data can create far
more efficiencies within the company than just in payment processing, yet at its core, it
can provide exceptional support in this area. The benefits of this type of application can
be numerous, including helping to reduce costs, improve outcomes, keep customers
happy, and minimize labor costs.
Finding the Help You Need Makes a Difference
Businesses need to embrace payments tech, and there are new ways of doing that
every day. If your company is still using basic methods, it may be time to learn more
about the ways you can upgrade, streamline, and improve bottom lines, even if you are
not yet ready for artificial intelligence.
At Bonita Payments, we work closely with our clients to provide payment processing,
merchant sales solutions, and Clover POS solutions to our clients in the New Orleans
area. As your business continues to grow and expand, make sure you are using the
right team to support your long-term needs and goals.
