Great news! You’ve seen the numbers. And your business is growing. Fast.
And the next step is to spend some time and money to finesse your processes and get the information you need to make better decisions to scale that growth.
Especially when it comes to improving how you process payments. Whether you use portals or just a “pay now” button, it’s becoming nearly impossible for an online business to succeed without a payment gateway, a cloud-based software that connects a customer to a merchant. A payment gateway captures the customer’s payment information, ensures the funds are available and transfers the requisite funds to the merchant’s bank account.
So you shop around and find the perfect payment gateway provider for your company. And because you're making your customers’ lives easier, you’ll sell even more, grow faster and become more profitable.
You’re saving so much time and selling so much more! Revenue is up and you expect to grow exponentially faster and bigger.
Somehow you have a sinking feeling, a sixth sense, that a new problem is on the horizon.
Payment gateways aren’t foolproof. Data can be mistakenly entered, badly read, or moved to the wrong day. Oversight is still necessary.
Change–whether more staff or software or some other adjustments–is also necessary. But your payment gateway is working great. It’s easier for customers to buy and pay for your products, so you’re pulling in $1000 a day rather than $700.
But eventually, the payment reconciliation problems are impossible to ignore.
Because the more efficient your payment processing gets, the more transactions need to be reconciled. And if the number of transactions per day increases from 100 to 500, that's a payment reconciliation nightmare.
Soon, your accounting team is overburdened with unreconciled transactions until you have to start diverting time, money and labor just to catch up. And those are resources that could have been spent on packaging items, shipping orders on time, marketing to more customers, or setting objectives that can grow your business.