Doing Business by Check Costs B2B Merchants
While payment technology is transforming businesses at an unprecedented rate, there are many B2B firms who still use what they know – antiqued processes to accept payments. In fact, more than six in 10 firms use legacy methods to pay for commercial goods and services according to pymnts.com.
One of these methods is the use of paper checks. While they seem like an easy and direct payment method, the true costs of this outdated process go beyond the fees for paper and postage.
Modernizing Payment Systems is Necessary
Particularly within today’s fast-paced business world, where companies are constantly seeking new ways to streamline their operations and increase efficiency, automating the payments process would appear to offer an easy win for a B2B firm.
Here are some positive impacts of reducing the use of paper checks:
Cheaper transactions – Automated invoice processing is almost 80% less expensive than processing paper invoices. Specifically, the average paper invoice costs $10.08 to process, while the average automated invoice costs just $2.18 to process.
Faster cycle times – Automated invoice processing is 56% faster than processing paper invoices. By embracing AR automation, days-long manual invoice processing can become instant with electronic invoices.
Fraud prevention – Automatic billing software offers a high level of payment security and encrypts sensitive financial data, making it a safe and secure payment option for the business and customers.
Improves vendor relationships – Offering vendors real-time transparency when it comes to their transactions via a portal improves supplier relations.
Frees up valuable resources – Automation tools give the finance department time to focus on other tasks that require human intelligence and allows for a business to focus on better customer service.
Learn More About Our B2B Solutions:
Contact us online or call 1-800-621-8931.
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