How payment workflow APIs can help improve customer experience

Jan 18 2021
Business Product Updates Payments

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If you have experience setting up custom payment workflows, then you'll know that it often leads to:

  • Having to hire additional headcount to help stitch together operations.
  • Trying to integrate multiple systems that don't usually work together (and therefore end up turning to Excel).
  • Manual errors due to lack of automation that lead to a bad customer experience.

A late disbursement or bungled request to suspend service can lead to angry customers and a tarnished company image. 

Customers today expect service that ticks like clockwork, regardless of complexity. In the past, offering an attentive service on a large scale was time and resource-intensive.

But today, businesses can achieve that level of service with less overhead using payment APIs that automate all their workflow.

Note: looking to partner with a payment provider that can help you set up APIs to automate your payment workflows? Set up a call with a Zai payment expert to see how we can help you.

How APIs help you set up custom payment workflows

With a payment API, your business can pick and choose which steps to include in a custom workflow. You'll be able to streamline multi-step payment processes, set up an approval workflow, and receive notifications throughout each step.

Let's use a property management platform as an example:

A property management platform usually handles payment flows including multiple tenants and agents. Agents usually have several rent payment schedules, fee collections, and fund disbursements to maintenance staff and property owners. If a tenant pays $1,000, for example, 10% might go to the agent - and of that 10%, a further 5% might go to maintenance and cleaning.

With API calls, each payment can be split up as many times as needed. Each individual step can be automated to ensure everyone gets paid accurately and on time.

Not only that, but incoming payments can be automatically reconciled to the correct tenant account and paid to the landlord or tradie. Management fees are also automatically calculated and disbursed to the agent, while tenants can pay in their preferred method - whether it's credit card, debit card, bank transfer or BPAY.

At Zai, we work with businesses to help create complex payment workflows and execute them in real-time, with minimal friction. We've worked across multiple industries, managing and automating payment tasks which include use cases such as:

  1. Collecting payment from one or many platform users in exchange for a good or service (read our case study with Managed App).
  2. Reconciling those payments automatically to confirm all payments have been made.
  3. Ensuring the goods or services provider collects what is owed to them.
  4. Collecting commission fees for your services.
  5. Processing a refund easily if the original payee requests it.

We're also able to set up multiple payment methods so your customers are able to make or receive payments using their preferred payment method. 

Learn more about how we can help design your payment flow.

Why use an API?

When it comes to managing payments as a company, a lot of time and energy is spent on chasing payments.

Tracking down missed payments or performing other tedious tasks can be very time consuming for staff. Automation could save labour hours, freeing up your staff to focus on value adding activities such as product and service provision.

The other issue is manual processes: manual reconciliation and using outdated systems often leads to errors such as incorrect customer payment details, pricing or units of measure.

Using an API with approval processes to automate repetitive and manual processes means no incorrect reconciliations, number values and no missed steps. 

APIs are used across many industries to help with automation. Your business could too by automating complex payment workflows and executing them reliably, with minimal friction and with zero human effort.

Zai can help you set up custom payment workflows

At Zai, we specialise in helping companies create and customise sophisticated payment flows. You can customise automated workflows to multiple parties, schedule pay and create your ideal customer experience with our solution.

Interested in learning more? Get in touch with one of our payment experts to start designing your first payment workflow. 

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