5 Best Practices for Improving Payments and Cash Management

Managing enterprise payments continues to be complex and demanding. We live in a world where credit is tight and the macroeconomic environment is both risky and fast-changing. As a result, inefficiencies in payment processing and cash management can make the difference between a company's success and failure. 

Today more than ever, businesses need integrated solutions that address all the multifaceted business processes relating to global payments and cash management. Many high-performing organizations are deploying a payment hub to streamline and standardize their payments processing across all enterprise applications, payment types and banks.

Acting as a single payment gateway, a payment hub helps increase efficiency, improve control over funds, mitigate risk, and enhance visibility. 

A payment hub is more than just a centralized system, it is also a business strategy and a way of deploying resources efficiently. Essentially a payment hub brings together:

• All payment and collection types (e.g. treasury, supplier payments, payroll, direct debits, cheques, etc.)
• All balance and transaction reporting
• All other corporate to bank exchanges (e.g. deal confirmations)
• All transaction bank relationships

It is sensible to create a separate payment hub, designed for a range of payment types and for a wider group of users, who can each see their local or regional activity without accessing the overall enterprise treasury position.