How to Future-Proof Your Manufacturing Business with Secure and Scalable ERP Payments 

More than two-thirds of manufacturing CEOs consider upgrading the way they accept payments to be critical, and for good reason. An unpredictable global market highlighted the importance of steady cash flow in future-proofing operations.  

The pandemic years, for example, wrought havoc on supply chains, delayed payment collection, and forced businesses to innovate in order to stay afloat. Continued geopolitical conflicts and workforce shortages have further rattled the global economy. 

What comes next for the industry can be just as unpredictable. 

No one can foresee the future. However, many ways exist to mitigate risk, especially when it comes to protecting your payment system and revenue stream. Doing so can keep you ahead of the curve and make it easier to adapt to sudden industry shifts. Here are four ways to future-proof payments within your manufacturing software.

1.) Digitize and Integrate Your ERP 

Manufacturing operations, payments included, have only benefited from the advent of digitization. But going digital isn’t enough.  

Today, manufacturing organizations looking to strengthen their stability and financial standing must go further than having a digital payment process. Most ERP software, such as Sage, NetSuite, or QuickBooks, integrates with multiple solutions, from payment processors to order status and inventory modules. The shift towards creating a unique process through added APIs and other software breaks down silos and makes having full visibility over every order easier than ever.  

In terms of payments, integrations enable accounts payable (AP) and accounts receivable (AR) to better evaluate and strategize their payment process.

2.) Leverage Embedded and Real-time Payments 

At the beginning of the digital revolution, manufacturers could leverage invoicing, but much of it was a multi-step process done by a third party. Now, manufacturers have much more control over the process with embedded payments.  

For example, with Paylinks, also known as click to pay, customers can now pay their invoices by simply hitting a button within an email or text sent to them. They can securely save their payment details through a portal that matches the manufacturer’s brand.  

Furthermore, they can leverage alternative payment methods, such as real-time payments, to improve their relationship with suppliers. According to a recent PYMNTS report, 91% of manufacturers believe real-time payments improve relationships with suppliers, and 86% see implementing real-time payments as a priority.  

3.) Stabilize Cash Flow with Recurring Billing 

Another way to future-proof your payment process is through recurring billing. For repeatable B2B payments, it can be helpful to offer a recurring or subscription-based payment option. This reduces the time and energy customers spend filling out invoices while making it easier for you to forecast revenue streams.  

This steady flow of income eases constraints on cash flow. As a result, manufacturers can better save and prepare for potential disruptions or position themselves for growth.  

4.) Optimize Your Processes with Automation 

Finally, automated systems are key to efficiency, with one of the major benefits translating into faster payment. Accounts receivable automation, in particular, can significantly reduce Day Sales Outstanding (DSO). Lowering the average number of days to payment leads to better cash flow and more time for other activities. 

Automating your AP/AR processes allows your payments team to focus on high-value items, such as strategy, customer onboarding, supplier verification, and procurement. Many tasks can be automated and synced to optimize accuracy, transparency, and more.

Future-proof with Fortis 

The best way to protect your organization from uncertainty and potential risks is through ensuring a steady stream of revenue and staying on top of payments. To do that, it’s vital to transform your payment process into a competitive advantage through automation, scalable integrations, and more.  

Fortis’ award-winning APIs enable manufacturing organizations to streamline their payment strategy through automation and essential growth features. No longer chasing invoices, AR teams can focus on unlocking revenue opportunities, strengthening supplier relationships, and scaling their service offerings.  

Contact our team of payment experts and find out how you can future-proof your manufacturing ERP payments today.