The Payments Pulse survey by WEX recently polled over 900 CFOs and senior financial executives across the globe to ask their views of payments systems present and future. Their answers provide insight on the challenges companies face with payments, and sheds light on how companies can address these challenges.
CHALLENGE: Payments Fraud
Not surprisingly, security was top of mind for most executives surveyed. 53% of American executives and 49% of European executives said they “strongly agree” that they were very concerned about information security as it relates to payments. This concern is well warranted as more than half of the surveyed American and European execs reported three or more instances of fraud in the last six months affecting their companies. Asian executives also reported being concerned about, and experiencing, payments fraud, but less so than their American and European counterparts.
SOLUTION: Choose A Payment Technology That Protects Against Fraud
The surveyed executives acknowledged that their payment provider could make the difference between their company getting hit by fraud or preventing it. 68% of American executives said that security of transactions was very important when considering a payments provider, while 58% of European and 61% of Asian executives agreed.
Companies searching for a new payment provider should choose a company that has proven experience, expertise and innovative technologies that protect against fraud. WEX has decades of experience in the payments industry and was the innovator of Virtual Card Numbers (VCNs), which provide greater security than other forms of payment. Unlike traditional credit cards that can be stolen and then used for fraud, VCNs are created for one-time use and have controls that can be set for a price limit, a merchant category and a date range – reducing the risk of fraud.
CHALLENGE: Managing Payments
Choosing and adopting a payment strategy is a large undertaking. Executives in the survey acknowledged that when choosing a payments provider, service and expertise were essential. 64% of American executives said customer service was very important, while 60% said knowledgeable IT staff were very important. In Europe, the numbers were similar with 62% and 55%, respectively, while in Asia, the numbers were 48% rating customer service as very important and 44% saying knowledgeable IT staff were very important.
SOLUTION: Partner With A Payments Expert
Choosing a payments provider that can support your company is critical. WEX works closely with customers - gathering feedback, researching trends, and innovating new payment solutions to improve processes and efficiencies. In addition, WEX owns its technology platform and has the strategic know-how to evolve the platform to meet ever-changing customer needs.
CHALLENGE: Maintaining Positive Supplier Relationships
The final key takeaway from the survey is that executives know positive supplier relationships are critical to their business. The overwhelming majority of surveyed executives indicated that they at least somewhat agree that maintaining positive relationships with suppliers is equally as important as implementing new technologies. When asked what they thought the most important aspects were most important to their suppliers, execs across the globe cited speed of settlement and security of settlement as their top picks.
SOLUTION: Quick, Accurate And Secure Payments, Sand Support With Supplier Adoption
Paying suppliers in a timely manner is an essential part of running a business, but growth requires creating long lasting and valuable relationships. Payment solutions from WEX ensure that suppliers are paid securely, accurately and on time, while supplier enablement programs and platforms help customers manage, engage and enhance business relationships with suppliers.
Managing payments requires expertise and experience. Choosing the right payments provider for your company can help you prevent costly fraud, improve your processes, and create positive working relationships with your all-important suppliers.