When utilized for B2B payments, electronic invoicing also provides many other valuable benefits as outlined below.
How to Improve Your Bottom Line Productivity with Mobile Payments
Mobile payment solutions are the best way to simplify transactions between supplier and retailer. Find out how.
As a supplier, managing an account portfolio implies that you are fully capable of reacting quickly to any situation that arise. Deliveries get delayed, orders get amended and payments need to be accounted for, and the rise of digital technology has made it easier for suppliers to respond. Mobile payment solutions help both retailer and supplier keep their books clean and up to date, which benefits the working relationship.
Mobile payments are fast, easy, and accurate.
Mobile B2B payments have historically required a significant amount of manpower. Upon reception of an invoice on the retailer side, it needs to be approved, processed securely, authorized by mandated staff and checked in the books. The supplier needs to keep track of his invoicing, accommodate different methods of payment depending on the retailer and consolidate their own bookkeeping at the end of each day to ensure nothing is missing on the balance. The margin for error needs to be considered due to the administrative paper trail and the amount of human resources required to run this process smoothly. It makes invoicing a lengthy undertaking, which in turns makes it costly.
B2B payment solutions solutions resolve a lot of these issues. Retailers release funds in an automated way upon satisfactory inspection of the delivered goods. Invoicing happens digitally and in real time, as does payment-capture on the supplier side. Authorizations and accountability are hardcoded and the verification process and actual electronic funds transfers are digitally secured and encrypted. In short, the entire process becomes as easy as opening an app on a smart device and following prompts.
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Increased Cost Effectiveness
The cost incurred from loss of time and the resource intensive nature of less automated payment processes, are already offset by the effectiveness of mobile payments. But the digital nature of this b2b payments solution reduces costs significantly. There’s no longer a need for postage and cash-in expenses. The same is true for license fees for various methods of payments, like credit card terminals. Because the margin for error is reduced thanks to the digitalized and encrypted nature of mobile B2B payment solutions, credits and amendments are less prevalent.
Cash payments and checks can get misplaced, and are difficult to trace. As no physical money passes hands with mobile payments, the chance of a loss in revenue is greatly diminished. Only staff members with the proper authorization have access to the funds and any sensitive financial information.
Mobile B2B payment solutions solutions are an intricate part of the digital revolution across all industries. Mobile, cloud based, agile and secured sales platforms are the standard that most companies and industries are held to. To not adopt and embrace these technological advances prevent your company from growing and scaling to it’s full potential. Digital tools, like mobile payments give you the flexibility to adapt your operational model based on your requirements. Much like the technology itself, the cost becomes flexible and more in line with your revenue and operational forecast.
PayApp by iControl is the embodiment of that digital and agile revolution. This mobile B2B payments solution suits all the needs a business can have, be it a store or enterprise level, to ensure payments are done swiftly, securely and easily. To find out more about PayApp or to get started and see for yourself, click here.