Payment processing is an important part of running a business. If a company can't maintain a streamlined and efficient process for payments, it could be losing a lot of money that could be used to grow its business.
While traditional manual payment processing has been the norm for ages, automation is rapidly introducing substantial benefits that companies of all sizes ignore at their own peril. Here are just a few of the ways that automation will streamline and improve payment processes.
Some companies refuse to incorporate automated payment processing in a misguided attempt to save money. While there is an investment required to introduce updated technology, nowadays with Software as a Service applications, the savings are often immediate, and substantial.
Money spent on generating and mailing paper invoices can be immediately reinvested back into the business, for much higher returns. To put it plainly, the time, energy and resources dedicated to dealing with paper invoices do not sell a single additional widget and do not improve profitability by a single penny.
Additionally, a quality automated payment processing system will reduce b2b payment processing errors and fraud. It's all too easy to engage in cash, check, and credit card fraud, or to make careless or even innocent mistakes, when human beings are in charge of the process. Many organizations discover that just the reduction in errors and fraud can pack a substantial punch and deliver return on investment from payment automation.
Reconciling invoices with traditional payment processing is a major chore. A top-notch automated payment processing system will not only electronically reconcile any invoice errors, but also run reports to ensure that errors are proactively resolved prior to impacting invoices. Some, like iControl’s Next Generation Reconciliation, will even recover funds for you and reconcile your books.
Reports streamline the reconciliation process as well as eliminate the task of manually comparing invoices (which, once again, relies on the efficiency and attention to detail of human beings), submitting credit requests, and tracking. Any inconsistencies will be caught automatically, regardless of where they originated.
When a business has instant access to detailed transaction and billing data, it is able to make informed decisions faster than before. Superior supply chain visibility allows for cash flow insight and simplifies the audit process as well as forecasting.
In 2018, DSD automation software will keep the organization's operational efficiency at its peak, enabling businesses to pay invoices effortlessly and in a timely fashion, collect every last penny of credit, avoid late fees and improve relationships with suppliers.
iControl's state-of-the-art automated payment processing system can improve the way you do business by increasing your time, money, and overall efficiency. Eager to see what iControl can do for you? Click here to request your free demo today!
Topics: Payment Processing