Evaluate your current payments structure through a critical lens, mindful that simple, speedy, and safe should be the standard by which performance is measured. Cost and control are equally important metrics that reveal where there’s room for improvement—be alert for opportunities to lower processing costs and increased control over payment timing. For example, by relying more on virtual cards, you can shift payments from a cost center to a revenue generator, stretching the receivables window and earning additional rebates.

New payment methods enter the payments framework on a regular basis, providing alternatives to meet the needs of a business and its customers. Most companies rarely review their incoming payments approach, which makes now a good time to ask if your payments strategy matches your business’s and your customers’ needs, particularly if you are looking for an edge over your competitors. Explore newer payment options that may offer enhanced convenience, cost savings, or fraud risk reduction. As you consider alternatives, ask:

• Which process is the simplest and most desirable for the customer?
• How could I simplify the payment process, increase the speed of receipt, or streamline the application and facilitation of payments?
• Do I have reporting systems in place to effectively flag potential fraud, quickly identify errors, and streamline my financial processes?

Many CRE businesses have operating accounts at multiple banks that require manual coordination and demand extra effort and time to track and consolidate financial data. Having more accounts—even at the same bank—means more time spent moving cash and tracking and reconciling transactions while making it more difficult to recognize fraud attempts when they happen.

Regularly reviewing your operating accounts, consolidating your bank relationships where you can, and maintaining accounts dedicated to specific functions only where necessary helps reduce fraud risk and streamline financial operations.

When technology platforms and financial systems work together, you’ll waste less time on manual integrations and introduce fewer errors that might erode data quality. To reduce the time demands associated with inputting data to disparate systems, look for opportunities to integrate ERP, fintech platforms, and CRE systems (e.g., Yardi for multifamily units). Whether it’s through effective file exchanges or well-designed and implemented APIs, the connections you make can simplify your work and improve the quality of key business data.

In today’s world, financial partners represent a valuable resource. CRE businesses often work with various partners across multiple locations and projects. This creates an opportunity to test each provider and compare their effectiveness as an advisory partner. Financial operations are often highly customized for a particular business, so look for a partner who understands your business, your strategy, and your customers.

A long-term advisor who knows CRE and has a practical understanding of the financial processes will help steer you towards smart financial operations. Seek an experienced partner who has a grounding in technology, including technology costs and bandwidth limitations, and is familiar with how to put it to work in your business, along with the results you can expect from using it.

The right partner will provide thoughtful suggestions, identify unrecognized opportunities, and help your business capture a competitive edge. It’s important to approach this opportunity thoughtfully; don’t waste the chance to have the right banking partner on your payments journey.