For most businesses payments are often at the end of a very complex set of processes that include delivering a product or service. For payment processors payments are that service.
The most annoying part about “end-to-end process” claims made by some payment processors is that they are a lot like “full-service” -- more often they describe the limits of the service provided by the one making the claim than they completely solve the business needs of a customer or user.
In banking as in agency relationships “full-service” is often a proxy for “full-price.” Let’s hope then, that the analogy with end-to-end stops there. So what does ‘end-to-end’ mean? For payment processors is it really as simple as the ability to accept, track and make payments?
As a customer that translates to:
- you can take my money
- you can keep track of what you’ve done with it
- you can send it to somebody else on my behalf.
Terrific -- it maybe end-to-end for you but it doesn’t solve our business problem!
Enterprise and SME customers work in the real world where they’ve got to make aforementioned ‘end-to-end’ service integrate with their internal systems - ERP, CRM, etc. And,they've got to make sure that the payments they are making or are being made on their behalf comply with regulatory standards. They need to be sure that KYC requirements have been met. And they may need to provide tax reporting including 1099s depending on the types of payments being made. And they need to be able to view all the transactions they’ve done including those where they are collecting or paying on behalf of an affiliate or partner.
Everyone, from start-ups to Fortune 500, competes in the global world. A world where accounting has to be done in one currency but payments may be coming in from many countries and multiple currencies. And payees may need to receive payments in a different currency -- or easily convert your dollars to their yen. They may even prefer a prepaid debit to an ACH or wire transfer, even a gift card.
And what about fees? Does end-to-end encompass the fees such as wire-transfer or ACH transaction fees?
We’re committed to building the payment capabilities that empower end-to-end solutions for your customers. How do you define “end-to-end”?
We’d love to know.