Payment Ops

There’s more to money movement than just moving money

Before adding any of these new channels, payment operation teams should build their back offices on a solid technology foundation that can sustain growth and future advancements coming their way.

We live in a society that’s constantly changing, evolving, and growing for the better, which is why it pays to take the time and effort to prepare for it.

Take technology, for instance. Costumers are now doing everything digitally, from ordering groceries to taking virtual tours, playing interactive games, talking to their doctors, hailing taxis, reading newspapers, etc. They expect the same level of simplicity and convenience when they make payments online.

As the number of channels available for payments keeps increasing every passing day, so too is the need for the payment back-office to support real omnichannel capabilities.

Before adding any of these new channels, payment operation teams should build their back offices on a solid technology foundation that can sustain growth and future advancements coming their way.

Back-Office Explained

The primary goal of your back-office software is to automate and optimize the processes across each function in the business to increase operational efficiency and profitability.

Apps that make up the back-office software systems should unify and share data across the different departments that generate the data. The back-office solution, in due course, facilitates the flow of information between all business functions, providing meaningful insights that enable teams to perform their jobs faster and smarter.

Unfortunately, a good number of businesses still rely on outdated enterprise resource planning (ERP) software to fulfill their back-office duties.

Today’s back-office processes should be on the cloud. Cloud back office software allows your employees to instantly leverage advanced cloud and customer-facing technologies to best drive growth.

Faster, Easier, Extra Options

Even though the payments industry was already quickly changing before the pandemic hit, the onset of COVID-19 prompted an explosion of mobile payment usage.

Payments can be initiated through apps that use QR codes or universal payment apps such as Google Pay, Samsung Pay and App Pay. Every consumer’s ideal payment method will ultimately boil down to which is the most convenient.

But beneath every surface layer of UI, there are potentially many payment networks necessary to make a payment happen.

More Payments, More Problems

Payment operations involve managing the entire cycle of money movement. This includes initiating payments, setting up approval processes, tracking and attributing sent and received funds, resolving payment failures and returns, reconciling transactions across systems, and booking payments to the general ledger. These workflows traverse numerous systems within a company, ranging from payments service providers, accounting products, ERPs, Bank and Databases.

Payment operations needs are becoming ubiquitous across industries and business size as the rise of payment innovations has increased demand for modern payment operations tools, dynamic software, and flexible APIs. As more companies launch products that move and track money at scale, it becomes an imperative, rather than a fringe benefit, to replace outdated and fragmented systems with these new tools— particularly when a failure to do so affects revenue and efficiency.

Optimus Platform is a cloud-based payment back-office that automates each step of payment and finance operations enabling teams to be more innovative, agile, and productive.

The no-code platform automates processes like data orchestration, transaction-level reconciliation, payment optimization, dispute management, and journal entries and postings on a single unified platform. This allows teams to seamlessly track, manage and account for every transaction across the transaction lifecycle.

Optimus has been expanding its omnichannel capabilities in response to the changing needs of e-commerce and digital payment gateways.

The platform was created to address the issue of lack of a unified solution to manage payments regardless of scheme, originating channel or authorization type.

In addition to internet, mobile, retail and partner acquisition channels, Optimus wants to expand into new markets such as microbusinesses, B2C and the emerging API economy.

The Optimus platform manages all post-authorization processing: fees and commissions processing, validation rules, settlement and clearing, and post-settlement events - disputes and corrections.

Is Your Current Back Office Platform Holding You Back?

A modern back-office system should give a unified view of your company.

At a minimum, your back-office platform should offer:

  • Support for all revenue streams – from fee-for-service to fee-for-product to hybrid subscription models, your back-office should be able to provide all kinds of pricing models. It should also combine those revenue streams to give you a complete picture of your earnings and margins.
  • Cloud-first - your back-office platform should run on a reputable, reliable cloud platform and be easily accessed by any user in your organization.
  • Single unified data model – your back office should be powered by one unified data model. Ideally, it needs to support 75-80 percent of your company processes out of the box.
  • Compliance automation – your back office should help automate manual tasks needed to comply with revenue recognition and complex financial reporting standards.
  • Advanced forecasting – your back-office platform should provide you with tools that will help you make your data actionable. It should also help you evaluate what has already happened to forecast the future better.

Who Is Optimus Platform For?

The current business models are complex and have outgrown the traditional back-office system.

In this ultra-competitive environment, businesses must offer personalized and flexible billing, pricing and monetization options.

Although back-office systems have been around for decades, it’s only recently that business owners have started to recognize the need for customer-centric solutions to address recurring revenue models.

Optimus Platform is for all businesses with a major services component that need a unified platform that collects and manages financial info related to their business to provide management reporting into the total cost, revenue and profitability.

Companies in different sectors can all use Optimus Platform to ease their operations and accelerate their journey toward becoming more customer-centric.

Unified Payments Can Be an Operational Asset to Your Business

Finance departments are typically known as back-office. These departments lack advanced automation and have traditionally been left out when it comes to influencing business strategy and growth. Their responsibilities are primarily administrative – billing, accounting and compliance.

But that’s changing fast thanks to innovations in back-office processes and systems. A modern back office provides finance teams visibility into revenue streams and helps unify all company-critical systems, including configure-price-quote (CPQ), customer relationship management (CRM), and revenue management tools. Finance teams can create business analyses and forecasts based on comprehensive, company-wide data.

Today’s financial departments can advance new pricing models, offer valuable strategic guidance to sales and marketing, and restructure the path from order to cash.

Modernizing your back office can help empower your finance team and improve overall business performance.

A Solid Foundation Powers Digital Transformation

It’s always the most inconspicuous modernizations that have the boldest impact.

Removing back-office bottlenecks—and adopting a modern back-office platform—is one of the best business decisions you will ever make.

It delivers operational efficiencies, empowers finance to go beyond control and compliance, and unlocks new revenue models. Overall, your modern back-office platform delivers a high ROI that can increase your bottom line in just a few months.

Transform your back office with the Optimus Platform today!




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