Processing paper invoices and payments manually is tedious, resource-draining, and expensive. The Bank of America places the cost of processing a single check between $4 and $20; for a large retailer, this can quickly add up. Fortunately, automation technology offers new opportunities to lower costs through resource optimization and operational efficiency.
An electronic payment processing solution, for instance, can improve overall operational efficiency while reducing costs. It also reduces the likelihood of error, while facilitating access to important financial data. This strengthens relationships between partners, creating win-win results for all stakeholders in the supply chain.
Smart access to financial records
Never lose track of your invoices again. Automated payment processing solutions (including mobile) allow you to process invoices in seconds, with detailed transaction and billing data. Real-time reports offer supply chain visibility and live insights into business cash flow, while simplifying financial forecasting and auditing. By making business information easier to consume, retailers can respond to demands quicker and avoid supply chain bottlenecks.
For merchandisers, real-time electronic records means faster decision-making. This is important when stock is flying off the shelves and you need to coordinate with multiple suppliers. For example, centralized supplier data allows you to make accurate price comparisons, gauge supplier reliability, and forecast stock requirements—all from a single interface. These insights add up to elevated operational efficiency that benefit both suppliers and retailers who are constantly looking to reduce overhead expenses.
Mobile payment systems also help retailers pay their list of suppliers on time, with notifications of invoice dates that are approaching or have passed. This improves business relations between partners in the supply chain by preventing payment disputes, while optimizing the flow of inventory.
Reduced paper dependence
Paper invoicing is inherently time-consuming. AP clerks spend hours drafting, processing, sorting, packaging and delivering physical invoices. A lot of time also goes into searching for invoices and payment records. It can take up to a month to receive a payment from the moment an invoice is generated, which can seriously impede cash flow. Electronic payment solutions eliminate inefficiencies, leading to more streamlined billing and payment processes. As all documentation is stored electronically, it also takes considerably less time to filter and search for information. This is one of the reasons automation reduces the overall cost of billing and payment processing by up to 80%.
Real-time payment processing
Electronic invoice submissions allow suppliers and distributors to make changes to delivery invoices on the fly. From a single interface, retailers can deny payment of an invoice, explain the discrepancy, and then track cancelled transactions. Vendors are then able to re-submit corrected invoices for approval. This reduces the need for retailers to request credit for invoices that were paid in error.
Improved information management
Operational efficiency can lead to new sources of revenue. Electronic payment systems help uncover new opportunities for business growth, market expansion, and better service provisioning. They turn your financial records into dynamic digital data assets. For example, retailers can leverage real-time check-out data to improve stock replenishment processes, while avoiding overstocking or other issues.
PayApp™ helps your businesses overcome existing hurdles to operational efficiency in invoicing and payment processes. PayApp™ combines the power of mobile B2B invoicing and payment technology with financial data exploration and analysis tools—all made simple for time-starved business owners. Contact us to get started with a mobile payment system that will transform your billing and payment processes.