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Open Opportunity: Better AR Tools Drive Customer Stickiness

We’re hearing a similar tune from many ERP systems and various vertical management software companies we speak with regarding electronic payments. They are constantly looking for ways to differentiate their products, all while creating more stickiness within their client relationships. One such way that these platforms are taking an opportunity to evaluate this is through the functionality and support they provide clients around their accounts receivable tools and process.

The problem with accounts receivable workflows often begins at the supplier level or with a direct business customer of your software platform. Here we find that many legacy processes are still in place and include inadequate tools to manage these processes. This results in inefficiencies and manual work around the cash collection.

For example, issuing and sending client invoices (both electronic and paper), providing clients with an easy and on-demand method to collect payments, and establishing a process around tracking metrics within collection are all key parts of the accounts receivable process that clients struggle with. Many just don’t have the tools in place to support them around these tasks.

While many ERP platforms and management software may have one or more of the accounts receivable tools needed by their customers, most don’t have all the pieces of the puzzle. This leaves many finance and accounts receivable departments searching for additional resources to increase their efficiency.

This is evidenced by roughly 65% of B2B suppliers within our client portfolio that have decided to leverage additional accounts receivable tools beyond their core ERP/management software platform. Software platforms search for outside resources because they find that building out their own toolkits from scratch can takes years to perfect, and the ROI for such initiatives can take even longer due to the expensive nature of these projects.

Fortunately, there are ways to seamlessly leverage and integrate already established tools to solve these supplier level challenges. The benefits to your platform are as follows.

  • Enhanced Value Proposition – Solves key business problems for clients and increases their overall satisfaction
  • Increased Revenue Opportunity – Up-sells clients on additional products and services that generate additional MRR
  • Greater Stickiness – With increased client satisfaction, client retention is easier on your organization
  • Reduced Costs – Less time and overhead around maintaining a module outside your core competency

Clients of your platform also realize several benefits of integrating stronger accounts receivable tools within their processes.

  • Gained Efficiency – Automates the pieces of the AR process that are currently manual, freeing up staff time for strategic projects
  • Improved Payment Experience for their Customers – On-demand portal with vast payment options to allow payments to be made on the end-clients’ schedule
  • Increased Cash Flow – Enables your clients to collect their outstanding cash and get paid faster
  • Reporting and Analytics – Goes beyond metrics like Days Sales Outstanding and establishes key KPIs to make stronger collection decisions

Wind River Financial provides several tools to help round out your account receivable products offering within your platform. Integrating these tools will create less pain for you and your clients. We’d love to share how we’ve helped other ERP systems broaden their accounts receivable offerings and generate higher revenues. We’d also like to demo our robust accounts receivable toolkit and show you how it can be easily interfaced to any core ERP product or vertical management software.

More Money, Less Problems for Software Companies

Most software companies we talk to are looking to do two things, improve profits and reduce problems. When it comes to payment processing, this is not a sentiment you’ll likely hear echoed by independent software vendors (ISVs). Why? Because many ISVs struggle to monetize payments that flow through their software or simplify the process, missing valuable opportunities to grow revenues with less problems.

The Challenges
Many ISVs are challenged with striking the right balance between understanding complex payment industry pricing, taking their fair share and remaining competitive and attractive to clients.

What’s the solution?
A lot of companies we speak with tell us they want to deliver more revenue and a better customer experience. These companies struggle to find the right mix of profit and service. Not knowing the right payment options, methods, and rates can not only be risky, but costly to you and your customers. So what is an ISV to do?

Wind River Financial recently introduced a model that can help simplify your process and dramatically increase your monthly recurring revenue (MRR), bringing meaningful impact to your bottom line.

How it works
It’s not magic, it’s about leveraging the right model and design that has you in mind. We know that in order for you to be successful, you need to be in the driver’s seat. When you work with WRF, we ensure you have the freedom to set payment processing pricing. We also offer interchange optimization and qualification review and provide you with automatic monthly payment review.

What does all of this mean for you? It means increased profitability with additional payment revenue and the ability to secure and maintain the lowest interchange rates for your margin maximization.

Let’s talk
Contact us today to setup a call with a member of our team. Fifteen minutes is all we’ll need to explain how WRF’s model can simplify your processes and increase revenue.


The Esker Story: An Innovative Solution that Puts Customers First

When Esker started looking to add payments to its cloud-based TermSync platform, the company needed a trusted partner that would treat its customers fairly and deliver an innovative solution. Esker chose Wind River Financial, and here’s why.

About Esker
First things first, a little background on Esker. Esker is a leader in cloud-based document process automation. The company’s cloud-based TermSync platform is a product developed to help improve customer communication and payment experience around accounts receivable (AR) and collections management processes.

The need
Esker found that many business-to-business (B2B) suppliers were looking to get paid faster (i.e., reduce their DSO) and enable their customers to make payments more efficiently and without expensive custom development projects.

With the growing prevalence of B2B credit card payments, Esker knew the business case for adding payments to their TermSync platform was compelling.

The challenges
In the company’s search for the right partner to lead them through the process of adding payment to TermSync, a few challenges emerged:

Minimizing risk for loss of card data – Software vendors have increasingly become a high-profile target for credit card breaches and theft. Loss of payment information would severely impact both Esker’s bottom line and its brand reputation.
Avoiding confusion around rules, regulations and compliance – Esker was looking for a hands-on approach. Many providers offered APIs and various integration methods with little guidance as to how to effectively utilize the technology. Unfamiliarity with the credit card industry and nuances associated with integrating B2B credit card payments led to confusion and frustration.
Enabling clients with a solution to manage costs – Many B2B credit card-accepting suppliers were looking for a way to manage their ongoing credit card fees.

Wind River’s solution
Wind River Financial’s solution started with a custom integration project plan specific to Esker’s objectives. Wind River and Esker worked together to outline the scope and then develop a plan to address each challenge. The final result represented a unique and innovative solution, the likes of which had never been seen before in the B2B payment world.

WRF created a hosted page, which eliminated payment information from being transmitted on Esker’s TermSync platform or their customers’ networks. Tokenization was utilized for secure card storage to ensure safety and adherence to best practices.

WRF also implemented key B2B features to manage costs, including:

Surcharge Strategy – Key rule changes in 2013 enabled B2B merchants to pass on the full amount of the fees charged to the cardholder.
Level 3 Qualification Program – Automated passing of key elements to ensure the lowest interchange rate from the card associations.
Ongoing program reviews to ensure satisfaction and program growth – Ongoing reviews are a place to discuss key ongoing service questions, identify potential resolutions and provide marketing support. By engaging in regular joint calls, WRF could consult and relay emerging payment topics and introduce new best practices.

Don’t take our word for it
Here’s what Steve Smith, Esker’s US Chief Operating Officer, had to say:

“Wind River has been a fantastic partner that we have built our AR and collections management product with. We leaned on their expertise in the world of B2B payments to create several payment features that gave our platform a leading edge over some of our competitors. Their approach to treating customers and delivering value aligns exactly with what we were looking for in a strategic partner.”

Read the full story
To learn more about the Esker-WRF partnership and read the full case study, click here.

Learn more
We’d love to add your success story to our file of satisfied customers. Contact us today to learn how WRF can provide your company with solutions that are both innovative and customer-centered.

Software developers and payments: One size doesn’t fit all

Prefer a Custom Fit?

Offering Payments via your software should be tailored to your specific needs
BUYER BEWARE: A “one size fits all” or “out of the box” approach to providing payments through your software is nice in theory, but in practice these programs are often taking on higher expense, reduced control, risk, and complexity that is not necessary. .

Independent Software Vendors (ISVs) face a variety of unique considerations and industry complexities. You have specific requirements to get the job done, so you need a specific solution that will ensure no stone is left unturned and no factor is overlooked.

The benefits of a tailored model for ISVs
Boutique payment integration is powerful for ISVs – below are a few of the benefits you can expect from a custom payment integration solution:
• Management of complex funding requirements and movement
• Payment architecture design
• Navigation of recurring payment environments
• Data security and compliance programs
• EMV certifications
• Custom reporting projects

What the custom solution should look like
Begin with the end in mind” is the second habit of highly effective people according to the late, renowned author and businessman, Stephen Covey. This should be your mantra when searching for a custom integration partner. An effective solution is one that is tailored to your goals and expected outcomes, and develops all components and strategies pursuant to those measurements.

Other key components of custom integration include:
• The partnership agreement – should clearly outline the steps that take your company from A to Z to achieve your goals
• A seamless and efficient solution – if the plan appears “clunky,” the outcomes likely will be too
• Address key factors – elements such as workflow are critical and must be included in any plan for success

Learn more
Wind River Financial is creating successful partnerships with ISVs through customized, boutique payment integration. Our knowledgeable team can serve as your guide through the rapids of potential data loss and exposure so you can have tighter control over your payment environment and stay compliant – learn more.

Change: Changing your processing method, accounting software or financial institution?

Just because you are changing a process or providers within your business or organization, it doesn’t mean you cannot continue to work with Wind River Financial.

On occasion, we hear from clients that are closing their account that they were told by the vendor or financial institution that they could not continue to process with Wind River. This isn’t always true because our solutions work with all kinds of systems and software and we can partner with any financial institution.

So, before you change or are considering it, contact us. Let’s talk about what you are doing or thinking and we will help you find the best solution. We can even call your vendor and work out the details as we can “speak their language”!

As always, After the Handshake, let us share our business expertise that you can use in meaningful and profitable ways.