It would be considered one of the greatest events. It would be played like the decathlon, made up of several different events, each depending upon the speed, ease, and accuracy of the processed payment. Each software would be required to complete each event and their aggregate scores would determine the winner. The events would be representative of the many facets and methods of payment processing. As vendors and employees alike prefer payment in different methods, the payment processing Olympic sport would take all of this into consideration. So the events would be as follows:
Wild card payment creation: This event would be held to symbolize that in the innovative payment processing industry, no company or person likes to be paid the same way. In this event, softwares would be asked to create a payment file for processing. The trick is that no one would know what type of file would be required to be made. Is it an ACH, ePay, or Positive Pay file? Only the prepared and agile softwares would succeed.
Check printing: Although millions of dollars each year are invested in payment processing innovation, check payments remain ubiquitous in B2B relationships. In fact, according to a 2013 survey conducted by the Association of Financial Professionals, over 50% of organizations make their B2B payments by check. No other payment processing method has nearly that usage. So in this Olympics, softwares would have to demonstrate how easily and accurately they can print checks, particularly onto blank check stock as that has the largest cost savings associated with it.
Number of accounting software integrations: Payment softwares must be integrated with an accounting software. But not all companies use the same accounting software and some companies use multiple accounting softwares. Accounting firms may process the books for hundreds of clients, all of which would have different accounting systems or differently set up accounting systems. A payment software must integrate with all of them.
Quality of accounting software integrations: Even more than simply integrating with a great number of accounting software packages, a payment software must be so intricately integrated that a user would not be able to tell where one begins and the other ends. There should be no manual passing or opening of files between the two. One should share information with the other automatically. Ideally no extra steps should be added to any processes. To print blank checks from a check printing software, for example, should add zero extra steps than it would take someone to print expensive preprinted checks through QuickBooks. Just click print in QuickBooks and the check prints through the check printing software.
Ease of interface: The Payment software interface should be easy and intuitive. This event will come on the heels of the integration events as the cleaner the integration, the easier and cleaner the interface. Users should be able to set up security restrictions and accounting settings quickly and accurately.
Security: In payment processing, security is a key area of importance and concern for users. For this reason, to win the payment processing Olympic gold, a software was contain numerous security features. Having access to each feature in order to utilize it or not is key. The ability to set user restrictions with various points of security is ideal. Allowing one user in a company to only view printed checks and another to actually be able to print those checks, for example, is important.
Customization ability: Does the software allow for customization of payment files and types. When printing checks, can you set different configurations? Can you create Positive Pay files? Can you select customized payment options in the settings of each account to allow for automatic processing of payments to specified vendors? No single company is the same, so a payment software must be customizable to each user.
We realize this is not a sport and will probably never be recognized by the Olympic committee, but if it were, we are very confident that PrintBoss would take home the gold. With all of the above mentioned features, including 29 points of security customization and a price tag of only $150, how could it not win?
So while you watch this year’s Winter Olympics, try the gold standard of check printing software with our free 30-day trial of PrintBoss. We guarantee it will make you feel like a winner.