Electronic payments and FinTech can help businesses across the board improve time and cash management, but each industry is different in the types of solutions they need and the progress with which they adopt more sophisticated tools.
In a new video, commercial card and B2B payments company CSI globalVCard highlighted the role that professional baseball teams, themselves complex corporations, play in adopting electronic payment solutions.
The spotlight on company client Texas Rangers, released Thursday (March 31), is a promotional effort. But the clip also highlights the industry’s particular challenges in adopting faster and digital payment solutions.
“I was suspect, tapping the brakes every step of the way,” explained Texas Rangers Chief Financial Officer Kellie Fischer in the video, expressing the initial anxieties about shifting the corporation over to electronic payments. “But all those concerns melted away,” she added. “It’s a no-brainer once you realize how it works.”
The CFO pointed to the time commitment associated with overhauling payments and finance processes. Baseball teams, and all professional sports teams, need to pay their vendors quickly and efficiently; according to Fischer, the Texas Rangers can pay their suppliers in as little as two weeks.
Vendor relationships are also a particularly strategic aspect of payments and finance for professionals sports teams like the Texas Rangers, the executive added.
According to CSI globalVCard, the start of the baseball season can be an optimal time to reevaluate their payments processes as CFOs examine how to strengthen finances.
Baseball may be America’s pastime, but CSI globalVCard recently made moves to expand across the globe. The company revealed in January that it now facilitates cross-border transactions for its corporate clients using the globalVCard paysystems solution, an accounts payable tool that supports international payments in more than 140 currencies, the firm said.