Flexible Payment Solutions Why Your Payment Systems Need To Keep Up With The Times

Nearly all payment is electronic these days to the point where a chequebook is almost an anachronism

. Every business needs to be able to manage its incoming and outgoing payments sensibly, using modern payment systems offering flexible payment solutions for the bought and paid ledgers as well as for the taxman.

Keeping track of your financial transactions is as important as being able to make them in the first place. The ability of your payment solutions to deliver flexible, accurate reports in HTML and XML formats ensures your records are kept up to date and your accountant has everything he or she needs to do his or her job properly.

The size of your payment systems or rather its ability to perform different levels of payment processing and accounting is dictated by the size and ambition of your operation. If you run a small business and have neither the desire nor the time to get too involved in your payment solutions, then a cloud based solution is probably right for you,

Cloud based payment solutions are hosted by your system provider. Be careful when you select one, as many system providers will give you access to a third party portal, through which batches are sent to the real engine behind the payment systems. What you want is a cloud based solution that lets you directly control the actual system engine, giving you effective total control over the solution you use, as though it were installed on your own local computer.

Cloud based payment solutions also give you the opportunity to back up your business payroll and payment information, ensuring that you can continue to trade even in the event of a catastrophic hardware failure in your office or at your place of business. The cloud based solution backs up your information on the host server, enabling access to a virtual copy of your business payment landscape whenever you need it.

Slightly larger businesses may benefit from using tailored BACS payment systems. A tailored system of this nature will allow all UK payments, and is automatically set up to ensure best practice in sending, receiving and recording all transactions. Encrypted to give extra safety and full of administrative features designed to make your life easier, tailored BACS payment solutions minimise the time spent with payments while maximising their efficiency.

Bigger and more complex organisations need an enterprise class set of payment systems. Payment solutions of this nature allow both UK and global transactions, and are completely secure. With a flexible central gateway you can process pretty much all existing types of payment, minimise fraud and even set up your own customised business workflow and rules for completely customised payment handling and reporting.

Ideal for the larger business, enterprise class payment solutions are there to provide fast, effective responses to modern payment needs.

by: Deborah wilkinson

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