How to Automate Your Payment Processing Workflows


Manual payment processing workflows are an impediment to the smooth running of a business nowadays. 

No matter how skilled your accounting team is, the volume of transactions, combined with the complexity of multiple payment channels and stakeholders will most likely overwhelm them. And that can lead to inefficiencies, errors, and security risks, which could cause untold harm to the business. 

In this article, we’ll talk about the benefits of using workflow automation for your business payments and discuss the steps you need to take to achieve that.

Steps to Automating Your Payment Processing Workflow

Identify your current workflows

It’s important to understand the current state of your processes before making any moves to change or improve them. Here’s a step-by-step guide on how to do that effectively:

Gather information:

– Talk to stakeholders: Stakeholders include managers, team members and everyone else involved in payment processing. you have to talk to them to understand their roles, tasks and pain points. 

– Review documents: Collect and review relevant documents, such as process manuals, procedure documents, and training materials.

– Observe processes: Take notes of tasks, timelines, and dependencies. Basically observe the payment processing workflows in action. 

Identify tasks:

– Break down the payment processing workflow into individual tasks, such as:

    – Invoice creation

    – Payment receipt

    – Reconciliation

    – Error handling

– Document each task’s details, including:

    – Task description

    – Task frequency (daily, weekly, monthly)

    – Task duration (time taken to complete)

    – Task dependencies (what tasks rely on this one)

Identify stakeholders:

– List all stakeholders involved in payment processing, including:

    – Team members (accounting, finance, sales)

    – Managers (supervisors, department heads)

    – External parties (customers, vendors, banks)

– Document each stakeholder’s role, responsibilities, and expectations.

Identify systems involved:

– List all systems, tools, and software used in payment processing, including:

    – Accounting software (QuickBooks, Xero)

    – Payment gateways (Stripe, PayPal)

    – ERP systems (SAP, Oracle)

    – Spreadsheets (Excel, Google Sheets)

– Document each system’s integration points, data exchanges, and dependencies.

Choose an automation platform

When you’ve gathered all the information you’ll need to identify your current workflow’s inefficiencies, the next step would be to choose the right automation platform. The platform you pick will depend on your specific needs, existing systems, and scalability. And here’s a guide on how to do that:

  • Define your requirements:

You’ll need to identify what payment processing workflows exactly that you’d like to automate, then determine what systems and tools you need to integrate with. Scalability, flexibility, level of customization should also be considered. 

  • Research automation platforms:

Platforms such as Fundbox and Payments specialize in payment processing automation. Explore your options to help your decision. 

  • Evaluate integration capabilities:

Points to consider include: the platforms’ compatibility with your existing accounting software, payment gateways, as well as ERP systems.

  • Evaluate security and compliance:

Check that the platform you’ve got in mind meets industry standards for security and compliance such as PCI-DSS, GDPR, and HIPAA. The platform you pick must have robust access controls, encryption, and auditing capabilities.

  • Also consider scalability and flexibility while making your decision

Set up automated payment processing:

You’ll need to configure payment gateway integration, which means connecting your automation platform to your payment gateway (e.g., Stripe, PayPal). Then setting up API keys, access tokens, or other required credentials before finally configuring payment gateway settings, such as payment methods, currencies, and transaction limits.

You’ll also need to establish rules for automated payment processing, such as:

    – Payment amount thresholds

    – Payment frequency (e.g., daily, weekly)

    – Payment methods (e.g., credit card, bank transfer)

Implement automated workflows

And finally, to implement the automated workflows for B2B payment solutions

First off, you’ll need to design workflow diagrams. That means visualizing the payment processing workflow using diagrams or flowcharts, as well as identifying key steps, decision points, and handoffs between stakeholders.

Next step is to configure workflow automation by setting up automated workflows using the automation platform’s workflow engine, and configuring workflow notifications, approvals, and task assignments.

You’ll also need to automate task assignments and notifications by:

– Setting up automated task assignments to stakeholders, such as accountants or managers.

– Configuring notifications for payment processing milestones, exceptions, or errors.

– Automating the process of sending payment reminders, invoices, or receipts.


So now you know how to automate payment process workflows, and the steps you need to take to get there. You understand that automating this process will help streamline financial management, improve efficiency, and reduce errors. 

By identifying current workflows (through gathering information, identifying tasks and stakeholders), choosing the right automation platform, setting up automated payment processing, and implementing workflows, your business can transform its payment processing operations and attain new heights of success. 

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