Most small business owners don’t relish thinking about how to manage payment operations efficiently. But it’s exactly the sort of thing every business needs to nail so teams can spend time thinking about more impactful (and inspiring) parts of the business.
According to our survey of 500+ Canadian business owners, accountants, bookkeepers, and financial professionals, businesses across Canada prepare for growth in 2025. Improving payment operations is a priority for many leaders, because streamlining this critical process saves time and money and also creates a strong foundation for broader digital transformation.
As a payment product leader with nearly 10 years of experience in financial tech, I want to share some practical insights on how to optimize your payment operations this year.
Why invest in better payment operations?
Payment challenges don’t just slow you down; they erode profitability, cash flow visibility, and even customer relationships. This is why many Canadian businesses are betting big on fintech in 2025. In fact, over half plan to increase their use of digital payment tools, with 77% prioritizing real-time payments.
The benefits are clear:
Faster time to value: Results can be seen in days, not months.
Improved cash flow: Real-time payments help businesses stay ahead.
Reduced manual errors: Automation eliminates tedious, error-prone tasks.
Stronger vendor and customer relationships: Payments are processed faster and more reliably.
Key features to look for in payment platforms
Selecting the right payment platform is critical. According to our survey, small businesses, accountants, and financial professionals agree the most important things a payment platform should address are fees, payment delays, and delivery speed.
To address these concerns, here are the top considerations when selecting a payment platform:
Fast payments: Look for tools that support real-time processing and fast settlement. Faster payments improve vendor relationships, maintain smooth cash flow, and address concerns about delivery speed and delays.
Easy implementation: Choose a platform that works with your existing infrastructure and ecosystem. The best tools require very little effort and should seamlessly fit your existing operations without requiring a massive overhaul. Delaying your business operations because the new system is hard to integrate will make it harder to adopt.
Transparent pricing: Avoid hidden fees, variable commitments, or complex pricing structures. Opt for pricing solutions where companies are working with you as your business grows so both sides have skin in the game.
Flexibility: Payment methods shouldn't be the barrier to support your operations. Ensure your platform can support multiple methods of payment to meet your needs and the problems you're solving for your business.
Fraud prevention: Select platforms with robust tools in place that protect your money from fraudsters. Platforms that know who their customers are, where money is coming from, and where it’s going offer better fraud preventative tools that protect your money.
By focusing on these features, businesses can directly mitigate their top pain points and unlock faster, more cost-effective payment processing.
The role of automation in payment operations
Automation is the backbone of modern payment operations. By leveraging AI-powered tools, businesses can:
- Simplify tedious tasks: Automate invoice input, approvals, and payouts to save hours.
- Speed up reconciliation: According to a PWC report, finance teams spend 30% of their time on manual reconciliation. Faster approvals and automated reporting reduce month-end closing times.
- Enhance accuracy: Automated processes reduce the likelihood of human error.
For example, integrating platforms that have built in advanced approval rules or automatic capture of invoices and receipts to reduce manual error on time when going through their workflows and provide immediate ROI.
Starting point: accounts payable and receivable
When looking to digitize, automating accounts receivable (AR) and accounts payable (AP) is one of the smartest places to start. These processes touch almost every part of your business and offer immediate impact by:
- Eliminating manual data entry and reconciliation errors.
- Accelerating approval workflows for faster payments.
- Enhancing cash flow management with better tracking and forecasting.
Businesses that prioritize digitizing AP/AR can quickly improve financial operations and free up employees to focus on strategic initiatives.
Preparing for the future of payments
Looking ahead, the payment landscape will continue evolving. Businesses must:
- Prioritize customer needs: Offer payment methods familiar to your customers.
- Stay agile: Adopt platforms that can scale with your operations and adapt to emerging payment trends.
- Leverage data: Use insights from payment history and transaction behavior to enhance customer experience and improve conversion rates.
Platforms like Plooto are paving the way by providing businesses with tools to optimize payment funnels, prevent fraud, and streamline processes. By starting with payment operations, you’re not just improving efficiency today — you’re setting the stage for sustainable growth tomorrow.
