HighRadius launches B2B payments to dramatically reduce payment processing fees

HighRadius launches B2B payments to dramatically reduce payment processing fees

HighRadius, a leading provider of Autonomous Finance software for Order-to-Cash, Treasury, and Record-to-Report, have announced the launch of their B2B payments platform to improve payment processes across 100+ payment methods globally. The comprehensive B2B payments platform encompasses a trio of essential products: Payment Gateway, Surcharge Management, and Interchange Fee Optimizer, all seamlessly integrated to elevate financial efficiency.

Companies want to make it easier for their customers to make payments globally. The emergence of regional payment methods and the high cost of processing credit cards are significant challenges in this digitalization journey. In response to this growing demand for cost-effective B2B payment solutions, HighRadius elevates its payment gateway to a standalone platform that supports 150+ currencies from various digital commerce channels like E-Commerce and Order Management platforms.

As an example, companies pay the processor a 1.5 – 3% interchange fee when accepting payments made via credit card. The interchange fee depends on the type of data sent to the processor, which varies across card providers.  The Interchange Fee Optimizer module has been strategically designed to automatically populate any missing data, adhering to pre-configured rules, thereby ensuring the attainment of the lowest possible interchange fees.

As a part of the new solution, HighRadius also introduces a Surcharge management module that addresses the practice of ‘surcharging,’ a legally permissible means of passing a portion of the processing fee to the buyer. Operating in real-time, this module empowers companies to validate surcharge applicability and seamlessly pass on interchange fees to their buyers. The solution aligns with regional regulations, which differ on a state/province level and among various card brands.

“Payments are a critical part of a customer’s digital experience, and 70% of organizations are not satisfied with the customer experience they offer,” said Sayid Shabeer, Chief Product Officer of HighRadius. “Our goal is to reduce credit card processing costs through PCI-compliant payment solutions across all digital channels. The Interchange Fee Optimizer will ensure customers offer this at the lowest possible cost.”