We talk a lot about Business and Financial Process Optimization at PayStream. To quote Austin Powers, “It’s our bag.” But these two terms are fuzzy and often used in the industry without really drilling down into what exactly they do and/or mean.

I personally believe the novelty and uniqueness of our approach lies in the methods and goals we advocate for. Specifically, we underscore the Payment Tsar and the Payment Quotient as the primary goals of process optimization, as they provide strategic visibility, risk mitigation, and encourage entire culture shifts towards financial automation and efficiency.

A Payment Tsar/Tsarina is unique as he or she holds a C-Level position and is personally in charge of maintaining strategic visibility over the entirety of the financial supply and payment chain. This individual, properly endowed with effective tools and authority, is capable of informing his or her entire company on strategic process efficiency initiatives, up…

In the two years since we first did an in depth study of Credit and Collection Technology, I have been extremely impressed by the strides the vendors have made in filling out their solutions. B2B credit and collections is a much more complicated process than most people think, and I am including C-level executives in that assessment. With multiple points of interaction between buyer and vendor, any number of things can affect the order-to-cash process. Moreover, if something goes wrong it is bound to turn up during settlement - no wonder collectors sometimes feel all they ever do is clean up after the party. The point is, the Receivables and Collections Management (RCM) vendors have now gotten a very good handle on all the little details and exceptions that impact cash flow.

Two years ago, the RCM vendors were still working on filling out their…

Did you know that each Starbucks store offers almost 70 different types of beverages? Order a Blended Crème Frappucino at a Starbucks and don’t be surprised if they ask if you want to make that a Double Chocolate Chip, a Tazo Green Tea, a Strawberries-and-Crème, or one of five other types of Blended Crème Frappucino. It’s all about choices, and where there is consumer demand, there are bound to be options.

Consumers today are bombarded with numerous choices when shopping for, and we have to admit that it has become a way of life. It is not surprising, therefore, that consumers not only demand a range of products and services, but also a variety of options when it comes time to pay the bill. They are also looking for convenient options to make payments, as well as control over the frequency and timing of the transactions.

These three aspects – choice, convenience…