The following is a guest blog from ServiceMax partner Paysafe. For more information, visit them in the ServiceMax Marketplace.
According to a recent report, 52% of companies are still using manual methods to manage field service. Yet, in today’s fast-paced world, it is critical for field service organizations to adapt their processes and technology to meet the growing demand from customers for automation. One of the ways which field service organizations can adapt and grow their business is by taking the friction out of their customers’ buying and payment process via an integrated payment solution.
Integrated payments allow field service management platforms to combine payment processing with other vital business tools – such as points of sale, customer relationship management (CRM), scheduling, marketing, technician management, work order management, and reporting – all within the confines of a single platform or application. Above and beyond processing invoices, a robust integrated payments platform allows an organization to track, schedule, and report on transactions, creating a seamless and comprehensive operational solution underpinned by payments.
Having all aspects of their business in one place provides companies the financial transparency needed to connect business actions with their bottom line and create savings in overhead costs. However, organizations need to select the right payments partner to suit their business requirements, their sector as well as their business lifecycle.
Choosing the right integrated payments partner
The right integrated payments platform enables its users to accept payments seamlessly and hassle free, in-real time. Look for specific features such as industry-certified tokenization to protect cardholder data, multi-currency transaction capabilities to support international growth, and mobile payment solutions.
To promote growth and to grab market share, field service organizations need to make it simple for their technicians to adopt new technology. Software platforms and payment processors that have a good understanding of the market are very well positioned to facilitate this process.
Payment Provider Checklist
To make your selection process simple, below is a checklist for field service businesses to reference when selecting an integrated payments provider
- Ensure that you have access to popular payment methods such as direct debit, the major credit card schemes, and popular alternative and mobile payment methods
- Critical to your business’ reputation, select a payments provider with robust and reliable integrated risk and fraud tools
- Ensure your provider offers a single point of knowledge for your business’ operational, transactional and performance data for a more efficient service
- For those considering expanding their business internationally, a provider with global reach and multi-currency processing will provide the right support for scalability
- Support is crucial, especially as your business grows. Consider a provider structured with round-the-clock support from a team of local experts
- Ensure the provider offers detailed backend reporting to tie together business actions with performance and goals
- Look for providers with state-of-the-art and user-friendly APIs which make it fast and simple for field service organizations to collect payments through various channels and methods
- Identify providers offering split payout capabilities enabling varied payment flows for independent contractors and third-party vendors
Field service has much to gain from integrated payments
Integrated payments provide high value in field service allowing businesses to focus on what they do best while leaving payments to the experts. A robust payments platform allows engineers to accept payments while on-site, eliminating the need for bank transfers or checks, cutting down on transaction processing times, and reducing administration efforts. The field service industry is quickly recognizing the fact that partnering with a successful integrated payments platform will help them flourish. The key is to identify the right payments partner that understands your organization’s sector, scale and payment needs to support business growth.
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