Real Time Payments: The Future of Expedited Payments
In today’s payments world, one topic continues to be top of mind for both bankers and practitioners: speed.
Old Dogs, New Tricks
If there is one thing that those close to the payments industry know, it is that the industry is constantly evolving. We see payments getting faster and more convenient. With that said, the one thing merchants rarely see, as a part of all this growth and innovation, is shrinking cost. Payments, particularly card payments, just seem to be growing more expensive. While it is true that some portions of card acceptance, such as the fees paid to an acquirer, may be getting slimmer and more competitive, merchants still foot the bill for the most expensive component – interchange.
Top Seven Tips for Better Bank Fee Negotiations
How do you know you are getting the best rates for the fees you are paying to your banks? You could compare what you have paid in the past or what you pay to other banks. However, are those truly accurate benchmarks? Each banking relationship varies with the multitude of services provided by each bank. The rates you pay in fees could vary just as much as the number of services you use at each bank. Utilize the below tips for smooth bank fee negotiations.
How to Survive the RFP Process
We have discussed the stages of your banking relationships and tips for a successful RFP but what does an effective RFP process look like? There are steps in the process every company should progress through for a successful RFP process. Below we detail those steps along with a few insider tips from Redbridge experts who have worked through countless RFPs with our clients.
Maximize the Value of Your Bank Relationship by Decoding Your Account Analysis Statements
There are two sides to the account analysis dilemma; establishing the baseline and regular auditing. To adequately solve for the bank fee problem you must do both.
Do Not Let RFPs Give You The Blues
Now that you have determined which stage in the relationship you are in with your bank, it is time to evaluate the strength of the relationship. Banking relationships are based on performance, risk, and profitability KPIs. These relationships come down to two main objectives: fairness and accountability. For something to be truly fair, there should be transparency on all sides. Transparency and accountability are the foundation of a long-standing relationship.
Planning For the Unexpected By Optimizing Your Credit Profile
The importance of having an optimal credit profile may seem obvious but also like a daunting task. You may not know when you will need access to credit but having an optimal credit profile at all times allows you to access credit when it is needed, even unexpectedly, according to a Forbes.com article.
Using Technology to Gain a Competitive Advantage
Analytics is helping banks and corporations gain a competitive advantage by delivering actionable insights as well as an effective solution for addressing issues like safety and compliance. The corporate world can use the same technologies and strategies to address the challenge of bank account management (BAM).
Interchange Fee Factors Merchants Can Influence
For businesses nowadays, accepting payment cards is non-negotiable. The process of a payment card transaction seems simple; a customer swipes, dips, or taps their card, receives approval, and easy as that, they are on their way with their newly purchased products or services. However, behind the scenes of this seemingly simple process, several participants are working to complete the transaction. Participants can include the cardholder, the merchant, payment card networks, issuing banks, and card acquirers, each of which can include a fee for their participation in the transaction. For corporations, who can see thousands or millions of transactions daily, the fees can quickly add up.
Are You Married to Your Bank?
Is the relationship you have with your bank really that different from your personal relationships?
Regulation Changes Within the Payment Card Industry
The payment card industry has changed since its inception. What are the regulatory agencies doing to keep card users data safe? And, which of those changes will cause your company’s systems to need to be updated?
Start 2019 With the Best Banking Relationships
Without effective two-way communication, your banking relationships can quickly deteriorate. Read more to understand how to strengthen your company’s banking relationships in 2019.
The 5 Common Bank Billing Errors
Is your business grappling with excessive banking fees? Are they accurate or erroneous? An analysis of your bank billing statements can help you solve this dilemma. It is not uncommon for a banking institution to make errors that affect their customers. In January 2018, Wells Fargo double charged an unknown amount of consumers due to an internal processing error. Below we break down five of the common billing errors we see when helping our customers.
Why Should a CFO Care About AFP Codes?
Does everyone in the organization need to care about banking with providers who use AFP Service Codes? The simple answer, they should!
