In this article, we'll discuss one of the most important processes to automate: making and receiving payments.
To do that we'll go through the key features and benefits offered by popular payment platforms like Stripe, Adyen, and GoCardless, as well as explore when tools like Chargebee may be required.
Let's dive in!
Stripe is a popular choice for Startups as it offers a simple way to get started with payment processing, offering a range of features that can be scaled up as your business grows. It uses a flat-rate pricing structure, with no monthly fees. A key benefit of Stripe is it's open API allowing it to integrate with other software.
Adyen is another reputable option that provides Startups with the ability to accept payments in over 150 currencies, as well as offering fraud protection services. It's pretty similar to Stripe other than the fact that it has a different pricing structure, which is more complex in comparison but could be better for many recurring transactions.
GoCardless allows businesses to accept recurring payments simply and efficiently through direct debit. It offers a variety of payment structures and is able to integrate with all the common software stacks.
Chargebee is focused more towards SaaS businesses. It's an innovative tool that streamlines operations by automating billing and accounting tasks. In particular, it's great as a revenue management platform for subscriptions.
Like with many things FinOps, it isn't one size fits all...
Choosing the right payment processing tool will ultimately depend on your individual business needs. Some factors to consider include ease-of-use, available integrations, customer service and support availability, and of course, cost.
When scaling a company, one of the most critical factors to consider is how well your payment platform will be able to keep up with your growing business. In FinOps terms, we refer to this as scalability. Typically, payment platforms are based on usage, so understanding your intended growth rate and how much revenue you expect to bring in each month is crucial.
In some cases, it may be wise to use multiple payment platforms in order to handle increased volume or traffic more efficiently. For example, using platforms like GoCardless and Stripe together could offer greater efficiency and allow your business to continue functioning smoothly as it scales.
As with many FinOps decisions, it's important to evaluate the current process in place to identify any areas of weakness or inefficiency that can be minimised through the use of software. Once this software is identified, remember to factor in external factors such as ease of use and any additional training that would be required to implement these new automated processes.
FinOps is all about designing, building and running scaleable finance systems. It is about using automation and making efficiencies in those processes, with the aim of driving growth through scale.
FinOps solutions can help you save time and money by automating tasks such as invoicing, payments, and collections. They can also help you improve your bottom line by increasing operational efficiencies and reducing manual errors.
FinOps can be used in any organisation size and sector. However, it is most commonly associated with fast-growing start-ups that need to scale quickly and efficiently. If you are looking for a sustainable way to grow your business and utilise the best automation and processes for your payment systems, FinOps could be the solution for you.
Quantico is the perfect place for businesses to get the financial operations they need to scale. We have a team of experts that are skilled in finance, operations, and technology- everything businesses need to grow fast.
We offer in-house finance teams so businesses can avoid the hassle and admin that often comes with growth.
If you think going in-house is the right move for your business, Quantico is the obvious choice. Get in touch today and see how we can help you take your business to the next level.