Consistently we see companies in the B2B SaaS space coming up against similar problems with their payments operations:
- You have multiple bank accounts, with many currencies across different business entities, requiring you to log into multiple different portals to understand your cash position.
- You offer different payments methods for your customers, with a mix of recurring and one-off payments, making reconciliation between bank accounts and payment providers time consuming.
- Your payment process is not compliant enough, and you need to introduce controls and user role-based permissions into the approvals flow.
As businesses scale, they often have numerous data sources to reconcile. You want to track each stage of the payment:
- Initiating a payment;
- Setting up approval processes;
- Tracking and mapping funds with their customers;
- Resolving payment returns and failures;
- Reconciling and reporting transactions.
The key question is whether to buy or build this capability in-house. Ultimately it depends on whether it is worth it to take resources away from your core capability to build bespoke tooling.
There are a number of common indicators that suggest you need to upgrade your payments operations capability:
- You’re hiring for operations roles to deal with tracking transactions
- You are hiring engineers to manage EBICs, CSVs, or XML files or SFTP integrations
- There’s an operational risk around the system of spreadsheets you’ve built to manage your payment operations
- You are feeling trapped by the payments service providers you have (inflexible costs and UX), but are concerned about how you will reconcile multiple payments providers against your bank accounts
- You have limited oversight of the cash you hold across the business, but it’s not worth investing in an expensive and clunky treasury solution
- You have multiple banks and wallet providers to receive payments in many different currencies, but it’s tricky to aggregate the different sources
Updated 4 months ago