Digital payments are all the rage right now, with many small business owners prepared to make the transition. Although it may seem like an easy process to incorporate, it does require extensive time and money. Plus, you’ll need an employee on-site to debug and continue to test the new processes – something you wouldn’t normally have to do with paper payments.
Before making any big decisions around going paperless, I recommend hiring a payment processing specialist for honest and realistic business advice. At Richmond Financial Services, I provide relevant and competitive advice around all things payment processing. Get in touch with me today by visiting my website or calling 617-843-5700.
More realistic for larger companies
Out of the CFOs for the largest companies in the U.S., 74% of those firms with annual revenue of $1.5 billion to $2 billion believe that digitization is essential for improving balance sheets, according to a recent Corcentric survey reported by PYMNTS. The same was reported for 59% of medium-sized firms and 50% of the smallest firms.
The more revenue the company brings in annually, the more likely a budget is to be set aside for testing out effective digitization processes. However, if you’re a small business that’s a bit intimidated by the cost of digitization, I can help you find a solution that’s affordable and long-term.
Struggle with reducing customer touchpoints
Many traditional business owners enjoy increasing touchpoints with past and current customers, while the whole point of a digitization strategy is to reduce touchpoints with customers.
Depending on the company culture. some may miss the feeling of a well-known or loved customer coming to the office to submit a check to the office administrator.
“It’s imperative that businesses become more efficient and embrace straight-through processing, where firms can accept payments in real time without having to wait for ACH or wires to settle. The movement toward digitized activities paves the way for greater adoption of virtual cards – especially when used for disbursements done in real time,” according to a recent article on payment digitization from PYMNTS.
Lack of direction
Business owners come to the table with new ideas around payment digitization, but these ideas are unlikely to come to life without a specific roadmap and direction for the team.
If you’re struggling with direction, I recommend reading up on the latest article about payment digitization and possibly signing up for an online seminar to further your education.
If you need further consultation, don’t hesitate to get in touch with me at Richmond Financial Services.
