In this segment, Justin Hanna underscores the intricate challenges faced by businesses dealing with multiple payment service providers, such as direct debit providers, card gateway providers, acquiring card providers, open banking providers, and CRM providers.
He emphasizes the difficulties in managing relationships with five to six different businesses simultaneously, including understanding costs, troubleshooting issues, and maintaining effective communication.
Justin further highlights the additional time and expenses involved in the reconciliation process after funds have been received, emphasizing the paramount importance of efficient payment management for businesses.
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