The frustrations of financial managers with payment providers are linked to the lack of adaptation of the product to business needs and technological advances in the sector. At the same time, in companies where the entire payment process is internal, the difficulty lies in the constant search for improvements in the procedures, which are usually manual and require time that could be more effective.

What should be simple, and automated, is complex and manual. The in-house process, established to reduce costs, creates burdens.

It is possible to find many new expressions when we realize the constant changes in the financial market. However, the guidelines remain the same: the user wants simplicity and reliability to handle transactions.

Both items above are essential for a successful experience in using a payment provider. Safety and simplicity in payment processes are features that will allow you to focus on winning new customers, expanding the company's presence, and increasing earnings.

Another sensitive issue is that, as technology is developing, features are becoming cheaper. After all, the goal is to eliminate unnecessary steps, improve delivery time and, especially, reduce costs for all those involved.

These features seem simple and obvious tasks for a payment provider. But it is easy to get frustrated. To find a payment provider that offers solutions that allow greater flexibility in the processes, one must consider the know-how and ability to adapt to different realities and types of company. Thus, we have identified four items that should be taken into consideration when hiring or changing your payment provider: 

1 - Safety

No matter how developed and clean is the interface, and all the rules of a good product design are met, with no protection, your payment provider falls apart. In the case of WePayOut, authentication is set in two steps, creating another safety barrier to access the payment dashboard.

When it comes to payments with third-party funds management, safety must rise to another level. In WePayOut, systemic and human functionalities have been developed to avoid duplicate payments before and during payment processing.

Read also: Understand how Brazilian FinTech companies safeguard their clients’ funds

2 - Reports

An important aspect for companies that outsource the payment process to third parties is to choose a platform that provides complete and organized reports. Those reports indicate payment trends, with a detailed analysis of processes and status. They should be easy to view, tailored to the client's needs. However, the most important thing is to display updated or real-time information, as is the case with WePayOut.

3 - Simplified processes

We are talking about uncomplicated payments. For the hiring or changing of a provider to occur, processes must be simplified. The provider must offer a solution that automates the procedure, and avoids repetitive actions, eliminates manual processes, reduces the number of staff involved, and provides the hiring person with convenience. It is necessary to simplify the process.

4 - Allowing payments in a diversified manner

      There is no point in organizing all payments and not serving those recipients who are unbanked, or who intend to receive their values in different ways than a bank transfer, considering that one in three Brazilians is in this situation.

It is, therefore, essential to ensure that these people can be paid. One of WePayOut's main purposes is to offer diversified ways for companies to pay their final beneficiaries. Many companies have difficulty in obtaining bank details. There are also cases where customers prefer not to receive funds in their bank accounts (or do not own one). At WePayOut, who chooses how the recipient will receive the payments is the client and not the provider.

As we have seen, some factors determine a great payment provider. Of course, these are four of the many factors that are decisive in choosing a great service provider.

However, understand that the aspects presented above are some of the most sensitive to clients. And to help you learn more about other items we have separated five topics:

- This one, with tips to optimize your third-party payment system;

       - A post that addresses the most common errors in this type of payments;

       - And some solutions for the payment of those who are unbanked.

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