You can also improve the efficiency of your cash management by using platforms designed to collect outstanding payments quickly, and at the lowest possible costs. Plus, by internally streamlining your sales transactions across different payment and collection systems, you’ll speed up your sales cash flow. That way, your business can put its liquidity to better use.
With faster, more efficient processing of sales transactions – achieved with the help of distributed ledger technologies (DLT), the latest Blockchain innovations, artificial intelligence (AI) and machine learning – previous paper-intensive processes are taken care of, freeing you up to work on the bigger picture.
What’s more, you can enhance visibility and control with cross-product dashboards and portals. These give you real-time payment systems that enable automated processes – and provide insights that you just wouldn’t get otherwise.
Using the latest technologies – like Swift, ERP and API – also makes for better security and transparency. It even improves your reconciliation capabilities thanks to richer, more consistent payment systems data across borders.
Is your current banking partner doing enough to help you grow your business?
Expanding into global markets isn’t without its risks. From customer defaults to currency fluctuations – not to mention a variety of business, regulatory and cultural differences – there’s a lot to take into consideration. It goes without saying that growing your sales and distribution network internationally can be a challenge – particularly when your customers and business partners are scattered all over the globe.
To overcome these challenges, it’s important to identify the right partners – those that have significant hands-on experience and the international scale to support your growth in many directions.
A good business partner can also prove invaluable when it comes to understanding regulatory and cultural practices in new markets – they’ve been there, done that, and will readily share their wealth of local knowledge with you.
Do you know which banking solutions can best help you optimise your sales process?
To be successful in an uncertain world, you need to make the most of the banking solutions that are available to your business to help optimise your sales and payments processes. Find a partner to look after your collections, currency needs and payment protection to help you confidently break into export markets, and with open account terms to help you trade competitively.
Could you leverage a flexible source of working capital in your receivables to be more agile and avoid cash flow issues created by extending credit to your customers? And could you use technology to increase the efficiency of your payment processing, despite greater payments complexity?
Get more insights into how businesses like yours use banking solutions to enhance their sales management.