Technology is radically changing the way we do business. The modern customer is constantly connected and demanding services that are fast, efficient and effortless. In this fast-paced, high-tech economic landscape, businesses who want to keep up and stay relevant are under pressure to streamline processes where proven solutions are available.
An electronic payment system enables businesses to reduce paper-based processes by digitizing virtually entire billing and payment systems. Electronic payment systems offer many advantages to everyone in the supply chain, as well as the customer. Let’s take a closer look:
- The first key advantage of electronic payment systems is that they save you time, labor and costs. This is due to the fact that paper-based payments are reduced, the processing of which is costly, labor-intensive and time consuming. In the context of big business, the cost and delays can mount up to serious revenue and resource drainage.
Moreover, the costs of utilizing electronic payment systems are continuously dropping as Internet ubiquity increases and technology expenses decrease. In addition, modern customers prefer electronic payments for their convenience, as opposed to paper-based payments that involve risk and delays.
- For suppliers, an electronic payment system can immediately improve Day Sales Outstanding numbers by allowing the electronic receipt and processing of payments from commercial customers. The immediacy of electronic transacting, as opposed to more traditional forms of money transfers, is beneficial for both consumer and business clients.
- An electronic payment system increases visibility into the financial supply chain. This enables more informed and proactive decision-making. It also increases process efficiency, as management has easy access to reports, snapshots, and comprehensive financial history data. A further implication of this is that customers, collections groups, and internal customer service departments are given greater visibility into payment statuses, which leads to better credit collections, approvals and overall customer profitability ratings.
- Electronic payment systems provide companies with improved data accuracy and automated disbursement, receipt and payment processing. This is a robust preventative or mitigating measure when it comes to vendor disputes. It also improves workflow efficiency of businesses and reduces costs incurred as a result of data entry mistakes. Also, because it becomes so much easier to track and monitor data, businesses are empowered to better comply with complex financial regulations that apply to their respective industries.
- A best-in-class electronic payment system is highly secure, and makes fraud less likely than in paper-based payment systems. Historically, companies suffered great losses due to cash, check and credit card fraud, which are notoriously difficult to trace in hindsight. Digitized systems provide business owners with real-time financial metrics for high visibility and accurate audit trails to prevent and detect fraudulent activity.
SEE ALSO: The Reason Why We Love Mobile Payments
Modern Payment Solutions for Modern Businesses
Taken together, electronic payment systems work to significantly streamline businesses. Electronic payment systems can save your business a lot of money by:
- reducing time, work and operational costs
- preventing fraud
- optimizing workflow efficiency
- improving data accuracy and financial decision making
iControl offers a solution that processes payments between trading partners cost-effectively and in real-time.
iControl's PayApp™ gives independent and small-chain retailers a convenient and secure way to pay for goods and services. It offers distributors a cost-effective and simplified solution to invoice and collect payments from independent and small retailers.
iControl’s PayAppPRO™ is designed for electronic payment requests, processing and tracking at enterprise level, and it provides retail businesses with centralized approval and processing of business services payment requests.
To find out more about how iControl’s electronic payment system can help you save money, contact us today.