Payments Rooted in Technology: A Better Way

Businesses with the foresight to anticipate change, and more importantly the flexibility to adapt to it, can grow despite disruptions to the way they do business.

Modern payment technology is a change that can transform your business. Adaptive companies with modern payment systems experience enhanced efficiency, fewer overhead costs, more revenue opportunities, and better financial tracking.

Let’s look at what it means to be adaptive, how a payment strategy that is rooted in technology can support an adaptive approach to business, and how Ungerboeck can help you reach more customers, grow your revenue, and thrive through disruption.

Being adaptive comes from an awareness that every forecasting, planning, or “future-proofing” exercise has limits. Unexpected challenges are always on the horizon. Adaptive businesses create a culture of nimbleness that allows them to change course and meet the shifting needs of the business and its customers.

Adaptive companies simplify their technology. In today’s world, technology is the linchpin that supports agility and empowers businesses to adapt when required. Knowing how quickly conditions can change, it’s paramount to develop in-house solutions or partner with a trusted expert.

Companies that go it alone with their technology strategy are susceptible to both underinvesting in technology due to an underappreciation for what’s possible, and to overinvesting or wasting investments by building complex systems around inefficient processes.

Partnering with an expert like Ungerboeck gives you access to industry-leading technology solutions, as well as proven execution strategies from thousands of your peers around the world. The combination of technology and advice helps you increase revenue and provide better customer service while reducing costs.

When it comes to payments, the lifeblood of every enterprise, adaptive venues and event organizers recognize that payments are not just a transaction, but an important piece of their event experience that profoundly shapes brand perception. A payment system rooted in flexible technology can help a business thrive in challenging times by meeting changing customer expectations and reducing strain on the business’s financial operations.

For your customers, this means giving them a seamless and simple purchasing experience that understands where they’re coming from and allows them to pay in their preferred way. And for the business, it means continually refining your accounts receivable process and regularly exploring new services and business models.

The slow-moving and rigid payment systems of the past don’t allow for the nimbleness that venues and event organizers need to adapt in an ever-changing world. Legacy payment solutions often require organizations to integrate their business software with a payment gateway and merchant account.

These multi-system solutions are known for many limitations including redundant fees, poor performance, vague reporting, delayed access to new features, and inadequate support. Such limitations, combined with long-term contracts, make it impossible to adapt when you need to accept new payment methods, resolve issues with refunds and disputes, or introduce new billing processes.

Ungerboeck Payments is an evolution of payment acceptance that is rooted in the technology that powers all types of event businesses around the world, from convention centers and stadiums to exhibitions and trade shows, universities, and more. In a single cost-efficient system, Ungerboeck Payments includes a native, fully integrated payment service with end-to-end Ungerboeck support.

Improved customer experience. You can offer your customers a choice of payment methods with a modern experience that is optimized to reduce payment failures. Meanwhile, you’ll have full visibility into payment statuses to better support your customers.

Lower expenses. You can manage your cost of payment acceptance with bank account debits, which are lower cost than credit card payments. Or easily pass through credit card processing fees in the form of a surcharge, service fee, or other line item. And spend less time on deposit reconciliation with a single deposit for all payment networks and an integration with Ungerboeck Cashbook.

Reduce business risk. Ungerboeck Payments manages payments compliance and security issues, as well as any system updates. You won’t have to worry about your payment gateway introducing a change that disrupts the connection with Ungerboeck. Any feature requests can be readily addressed by Ungerboeck without coordinating with third parties.

The payments infrastructure is now in place to support your next move to grow revenue and eliminate costs. Request a demo with an Ungerboeck expert now.