Working with the right payment service provider can help senior managers and CFOs to better streamline the internal financial aspects of their business, attract new customers and reach the next level of their growth strategy more quickly.
This can be especially true for CFOs who are looking to either gradually introduce new alternative payment solutions to their business or totally overhaul and futureproof the way the company operates, both internally and externally.
Experienced payment service providers understand the ever-evolving role of the CFO. Thanks to the advances made in the financial technology (fintech) industry, CFOs have access to greater data sets than ever before to discover new market trends, enhance productivity and adopt new technologies.
That can also add to a CFOs workload, though. Choosing a payment service provider as passionate and involved in your company’s culture and growth as you are can help CFOs to better optimise the way they work, discover new processes and attract new markets to accelerate the company’s growth.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.
Choosing a payment service provider that works with CFOs
Experienced payment service providers, for instance, understand that the average finance department spends approximately half of its time processing transactions.
For CFOs in positions at medium and larger companies, that can leave little time to explore the state of the fintech market and the financial solutions that could make their and their customers’ lives much more productive.
Especially when considering technical matters like compliance; the right payment service provider can help CFOs to better understand, navigate and streamline complicated internal financial processes for the benefit of the overall company.
A payment service provider can also integrate that technology for the benefit of the whole company, not just CFOs. For instance, 77% of CFOs say that major business decisions have to be delayed because shareholders didn’t have access to key data sets fast enough.
Indeed, CFOs say that data aggregation is one of the largest challenges CFOs face, and that they could benefit from greater speed and agility in regard their internal financial processes, especially when almost half of CFOs say it takes up to 11 days for key financial reports to reach shareholders.
Improving your financial agility with a payment service provider
Research by Adaptive Insights also suggests that, though CFOs are indeed implementing technology by themselves, they are perhaps focusing on the wrong types of software that might actually cause more harm than good.
At the same time, they highlight that CFOs are stuck looking backwards when it comes to their financial data and reporting instead of looking forward, forecasting future trends and adapting to changes in the market.
The overall DNA of the CFO position is changing, mainly for the better. A lot of work still needs to be done though, especially when research by EY claims that 47% of CFOs say their current financial functions don’t have the right mix of capabilities to meet the business’s future priorities.
By partnering with the right payment service provider, CFOs at medium-sized and large companies can reinvent the way they work, streamline processes and provide the people who matter most with key financial data through the right tools. Contact Fibonatix to find out more.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.
