Business Insights: Payment Technology Investments – Strategies for Optimizing Payment Technologies and Cash Management

As businesses in the Mid-Ohio region move through 2024, investing in payment technologies has become a top priority. Our 3rd Annual North Central Ohio Economic Survey indicates that 45% of businesses plan to make these investments this year. While upgrading payment technology systems can help improve customer satisfaction, it can also improve your business's operational efficiency, security, and financial health.
If you're considering a payments technology upgrade for your business, you may be wondering where to begin. Below are a few strategies that can help you get started and make the most out of your investment.

Streamline Operations and Boost Cash Flow
With contactless payments expected to account for over 60% of all in-store transactions in the U.S. in 20241, businesses should consider integrating technology to accept payments from tap-to-pay cards, mobile wallets, and wearable devices. These technologies not only improve the customer experience by speeding up transactions but also help reduce cash handling, which can help with cash flow. Our credit card processing solutions can help you provide additional payment options for your customers and boost your bottom line by making it easier for people to pay you.

Improve Customer Satisfaction and Security
Digital wallets such as Apple Pay, Google Pay, and Samsung Pay are becoming more popular and projected to be used for over 40%2 of all online transactions in 2024. Offering these payment options can help provide customers with a secure, convenient way to pay. ACH services help facilitate smooth, secure transactions, while our mobile banking solutions and credit card processing solutions offer you the flexibility to manage these payments and your overall cash flow from anytime, anywhere.

Optimize Cash Management
Effective cash management is key for staying financially healthy and making the most of your money. With tools like sweep accounts, you can automatically transfer excess funds between accounts to boost returns. This helps businesses manage their cash flow more efficiently and make better financial decisions.

Safeguard Your Business Finances
Fraud detection tools can help reduce fraudulent attempts by up to 80%3. Consider fraud management tools, like Positive Pay, to help detect and prevent unauthorized transactions. In addition, our mobile banking services allow you to monitor and manage your accounts in real-time, giving you peace of mind.

Improve Efficiency
Allowing funds to be transferred quickly, can ultimately help with cash flow management. Efficient payment solutions such as wire transfers and remote deposit capture, help ensure that your funds are available when you need them. In addition, our treasury management services can help you automate payments and collections, improving your overall financial management.

Protect Your Business
With the increasing adoption of digital payment technologies, cybersecurity has become more critical than ever. According to the survey, 43% of businesses plan to invest in their fraud and cybercrime prevention tools in 2024. We offer a variety of security options, including security tokens and advanced fraud detection systems, to protect your business from cybercrime. Additionally, our corporate investment and sweep accounts can help manage your funds securely, reducing the risk associated with holding large balances in a single account.

Simplify Your Financial Processes
Effective management of receivables and payables is necessary for maintaining a healthy cash flow. We offer a range of payment and collection solutions, including ACH origination, wire transfers, and merchant services, that help businesses automate these processes. These services save time and also reduce the risk of human error and fraud, so that your business runs smoothly.

Supporting Your Business's Financial Health

At First Citizens National Bank, we recognize that investing in advanced payment technologies is about more than just staying current-it's about driving your business's success. Our comprehensive treasury management services are designed to enhance your financial health and operational efficiency. Whether you need support with sweep accounts, payment processing, fraud management, or more efficient payment solutions, our team is here for you.

Sources:

1. https://www.clearlypayments.com/blog/payment-trends-in-the-united-states-for-2024/
2. https://www.clearlypayments.com/blog/payment-trends-in-the-united-states-for-2024/
3. https://www.clearlypayments.com/blog/payment-trends-in-the-united-states-for-2024/

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