Digital advancements shape our lives, personally and professionally. Maybe even more so in how we conduct business. Businesses are transforming the channels in which they interact with their prospects, customers, and partners. Automating the manual B2B process of accepting payments and making payments with an all-in-one fintech payment solution is no longer a future state, it is a reality.
Multiple benefits of digitizing AP and AR together:
- Streamline workflows: Disjointed workflows can cause bottlenecks in business operations. Implementing and integrating digital payment technology into ERP (enterprise resource planning) and CRM (customer relationship management) software can help organizations better manage business operations and automate back-office functions.
- Enhance efficiency and productivity: Manual outbound payments to vendors and suppliers can be time-consuming, costly and error-prone. By bringing electronic payment solutions into the mix, businesses can improve efficiency by reducing errors.
- Reduce payment processing costs: Paper checks and manual processes can lead to late payments and high processing fees. Digitizing outbound payments eliminates costs from printing and mailing the checks, including labor and postage. However, payment technology helps companies avoid late payment charges and reduce processing fees and administrative costs.
- Mitigate fraud risk: Relying on manual payments and check writing makes companies vulnerable to fraud. Electronic payment methods, such as virtual cards, offer companies a safer, more secure alternative to further protect assets through amount limits and expiration dates.
- Speed up payment processing: Automating and integrating payment solutions into AP and AR workflows help speed up payment processes, accelerating cash flow and allowing for better monitoring with less manual effort.
Ready to learn more and join the conversation? Look for us at the following events:
Join us online for the What's the Buzz Monthly Chat Series
We’re excited to invite you to the monthly chat series,
Meet us in Charlotte, NC at the Community Summit NA
It is time to revolutionize AR and AP with REPAY
Why delay? Go digital today and enjoy the enhanced efficiency and security of virtual card payments. Take advantage of natively integrated payments with your ERP. Enjoy real-time visibility of the entire payment process, expert payment support, enhanced security, and greater efficiency over traditional manual processes. And all of this, through one platform!