One thing that 2020 has made abundantly clear for corporate service providers is that adaptability and preparedness for the unexpected are crucial to business success. Regardless of the industry, B2B companies all across the world needed to adapt quickly to continue to provide support to clients despite the work-from-home situation. The changes brought about in the way we do business are unlikely to disappear anytime soon.
However, what was also highlighted were the challenges faced by these service providers. One of the biggest among them is the rising customer expectations. With increasing digitisation and investments in technology solutions, businesses today expect seamless services and faster resolution times. The challenge then becomes to connect people, assets, and businesses to deliver next-gen services. Also, with remote work and hybrid teams likely to continue beyond 2021, efficient multi-location management is key.
Biggest Pain Points for Corporate Service Providers
Some of the biggest hurdles are also the most common challenges for B2B service providers.
Smooth Cash Flow
Statistics show that growth is limited for 40% of businesses due to cash flow problems. However, receiving and accepting payments from multiple customers or sending payments to multiple vendors is a challenge. Then there are finance and admin teams struggling to tally all the transactions and ensuring that they are reconciled regularly. All these make some believe that smooth cash flow might well be a well-propagated myth.
We have also found that in some markets, tracking invoices can be a huge hurdle. Many times, the transacting businesses have very different payment terms, choices of payment methods, and the need to go through several levels of decision-makers. Even something simple like a corporate multi-currency account could solve half these problems. However, this is difficult to access for many companies, especially SMEs.
Disruption in Financial Workflows
Many businesses get caught up in a lot of back and forth regarding financial transactions, having to deal with manual tracking and communication across different teams. The end result is waste of time and resources, which ultimately means a loss of revenue. However, with advancements in technology, automation of workflows and transactions has become possible. This can help smoothen out hiccups and breaks in the financial workflows.
Lack of Transparency
Reconciliation can be eased when there is efficient tracking of money flow. However, lack of visibility into transactions between companies can lead to errors, miscommunications, and loss of time and resources.
Delays in Payment Settlements
Payment delays are a reality. The situation is worsened when there are cross-border payments. While payment gateways can ease the process, businesses might need to wait for days to actually get the funds into their account. Add to this the high transaction fees for international payments and it could be a real burden for SMEs.
Traditional banking systems cause many of the hurdles that corporate service providers face. Firstly, the process of customer account opening is cumbersome and slow. Then there is the problem of managing multiple customer bank logins for payment execution. Maintaining so many banking relationships to cater to different customer needs is also a tedious process. Access to a unified portal that can take care of all business banking needs and handle bulk payments seamlessly could be a huge boon for businesses.
A Single Solution to Overcome All Challenges
At Fyorin, we aim to ease business banking through a one-stop technology solution that takes care of all the pain points that B2B service providers face.
Tailored Business Banking Solutions
With the Fyorin platform, you no longer need to access multiple banking providers to meet all your financial needs. You can access a wide range of financial products, customised to your business needs, all at one place. Powered by machine learning, the Fyorin platform offers real-time guidance into the best ways to make your banking operations more economical and, therefore, profitable. It’s like having your own personal account manager to take care of all your business banking needs.
It takes just minutes to open a multi currency account to send and receive payments in over 41 different currencies. You also get to create as many virtual IBANs as you require under your business name and ensure smooth reconciliation. You don’t even need multiple banking accounts for this or for segregating funds for different business purposes.
Virtual Business Credit Card
Did you know that 74% of businesses in the US alone saw a rise in cheque fraud in 2020, as compared to just 3% with virtual cards? Not only do virtual corporate cards enhance security, they also ensure faster reconciliation by giving you the facility to attach references to each payment. In fact, with the rebates we offer, you could generate a whole new revenue stream through the monthly discounts on your virtual card spends.
With Fyorin, you get the added benefit of being able to create as many virtual cards as you require, such as one-time use and multi-spend, all for free. Industry experts predict that virtual cards could become the preferred payment method for companies going forward.
Manage Multiple Clients
To eliminate the need to manage multiple banking logins and relationships with numerous banks, we’ve ensured that you get to manage payments for multiple clients through a single business portal. We’ve also included the facility for you to create multiple user permissions, based on different approval levels for every client. What you get is the ability to effortlessly handle more clients without multiplying the effort to do so.
Innovation forms the backbone of Fyorin’s technology solutions. One of the key benefits that such innovation offers is that you no longer need to upload spreadsheets for every single client account before you can make mass payments. Instead, save time and effort and execute a single mass payment for all clients. Each client will get paid through their preferred payment mode, without you needing to worry about tedious payment approvals since our platform will handle it all automatically on your behalf.
Take the tedium out of the reconciliation process with a unified, flexible reporting mechanism that allows you to conduct quick and effortless reconciliation across the multiple financial instruments used by different clients. This frees up time and resources that can be put to better use to grow your core business.
Automated Payment Approvals
Take human error and time investment out of payment approvals with the ability to set up multiple roles and permissions for your company. This will allow you to remove operation overheads while speeding up the approval process. In addition, you get access to custom reporting, based on parameters you set for every payment.
To maintain your edge in an intensely competitive landscape, Fyorin brings you a single tailored solution for all your financial workflows. From facilitating customer onboarding across different industries to making bulk payments, including payroll, within seconds, we have built a solution that helps you overcome the largest business banking hurdles that corporate service providers face today.