We believe starting with the Why, will help our future and present customers understand why we have started BE SCORD and why customers should engage with us and use our solution.
Further, we believe in the value of looking at your corporate bank- and payment set up, and investigate if this is operated in the best possible way. Finally, take action if this is not the case.
We have had numerous discussions with leads/customers asking them a simple question – what is your banking cost and do you know the details of what is driving the cost?.
Sadly very few can actually say what their precise cost is or what/who is driving it. This is because the fee invoicing process and information is complicated and inconsistent – banks are not making it easy to understand the bank fee invoices, and corporates even have to pay additional cost to get specifications of their bank fees!.
Remember, bank fees are never approved before payment, they are just deducted from the bank account. If you should verify your banking cost, you need to have a system like BE SCORD Banking in place to normalize, monitor and understand the cost.
We strongly believe that a banking relationship should be balanced and both sides should have good information of the business agreement in place and how both sides are performing. Our experience shows that a reduction in cost is almost inevitable when transparency is obtained.
We at BE SCORD will provide the transparency and details though our work, and then you can take action…
We often see current reporting focused on execution efficiency (e.g. how many payments executed by how many people and how many have failed), which are typical KPIs for payment execution.
But we see few asking and answering the more relevant questions.
– what is driving our bank- and payment cost (i.e. how many exchanges are done and where do we see additional/unnecessary cost)
– which payment behaviors do we have (i.e. how do we use our banks, where do we pay too early, and do we have old patterns / agreements controlling our cost?)
Once these details are captured, then it is a fact-based discussion on what should be improved.