There are many benefits to using an automated payment provider for your business. First and foremost, automated payment solutions can improve your business’ efficiency. Companies that process payments using automated systems enjoy greater efficiency, better customer service, and reduced costs. A recent study from Spencer Commerce found that companies with automated payment systems save 90 percent on manual processing, and 67 percent on storage costs. By reducing these costs, automated payment systems help businesses grow faster, save more money, and increase their bottom line.
Another benefit to using an automated payment provider for your business is that you no longer have to worry about employees stealing cash. Automated business payments eliminate this problem by making sure that payments go out on time. Automated payment systems can also minimize employee liability insurance payments, which can be costly for businesses. Automated business payment systems also reduce cash fraud, which is a common cause of business bankruptcies.
The automated payment process allows businesses to pay their suppliers and employees instantly. The process means less time is wasted tracking down payment requests and wondering when they’ll be paid. Additionally, you can focus your team on higher-level initiatives, such as managing your workflow. Automated payments can also ensure your invoices and orders get to the right place at the right time, ensuring that your suppliers receive their payments on time.
Unlike manual processes, automated payments ensure faster processing of invoices. Businesses can take advantage of early payment discounts from vendors and avoid the hassle of paying invoices that don’t have the necessary approval. Automated payments also eliminate the worry about late payment, which is critical in managing cash flow. In addition to improving cash flow, automatic payments are cheaper than manual processes. Businesses can eliminate costly errors and save up to 292% on their invoice processing costs.
Automatic payments also help businesses reduce their overhead, including paper, stamps, and envelopes. Time saved on manual processing translates to reduced hourly costs, extra time for exceptions, and A/R processes. Also, late payments damage customer relationships. Automated payments eliminate the need for follow-up calls. Instead, a customer enters the payment details and the automated payment provider bills the transaction immediately.
Whether you’re a large or small business, you can benefit from payment automation. Automated payment systems eliminate human error and improve your vendor relationships. In addition to improving your business’ efficiencies, automated payment systems help reduce human error and wasted time. A business can receive bill payments instantly from vendors and save money as well. Businesses can also accept payments from consumers via virtual cards and online transactions.
Fraud is a major issue for businesses today. Fraudsters are increasingly targeting paper checks as a payment method. According to a recent survey, 81% of businesses experienced payments fraud in 2019. AP process errors waste precious time and damage relationships with suppliers. Additionally, duplicate payments can result. By leveraging automation and reducing human error, businesses can ensure their business is on the path to success.
