Payment automation is the process of using integrated solutions to make payment processing quicker and easier to manage. A good example is software that allows businesses to make ACH, virtual cards and wire transfers. Since this is new technology that many small- to medium-sized business owners have not heard of before, it’s important to start the education process. Check out these three ways payment automation helps your business.
Before we jump in, I want you to feel comfortable reaching out to me if you have any questions or comments. As a nationally recognized leader in the payment processing space, I pride myself on giving exceptional advice to my clientele. To learn more about the services I offer, please visit my website or call 617-843-5700. Now, let’s get into it.
High Customer Satisfaction
A time-consuming task for your internal team is communicating with customers about information related to invoices, payment status, refunds and more. Automating some of these processes saves your team immense time that can be put toward more important tasks. Plus, customers will thank you because they’ll receive an automatic response to their inquiries instead of having to wait for you to respond.
More Distinct Timelines
When conducting business in the B2B space, the quick transfer and liquidation of funds are crucial. Most supplier concerns are around payment friction and how enterprise resource planning can help. 40% of those surveyed by PYMNTS stated concerns about when payments will arrive and one-third on invoice approval processes.
If you’re able to give customers a more distinct timeline and erase any signs of ambiguity, you’ll be able to increase retention rates. “Smart contracts using automated payment requests and contactless payments via QR codes can allow invoicing, payments and AP/AR reconciliation to occur seamlessly,” according to PYMNTS.
Elimination of Errors
The more processes that are automated, the less you risk human error. When investing in the right payments automation strategy, you eliminate the risk of duplicate invoices and input errors. Plus, you’ll have the opportunity to go paperless by sending customers digital updates instead.
You’ll also have the option of creating an online customer portal where customers are in charge of taking care of their payments journey by paying off any unpaid balances or getting updates on the technology.
For more information about how to automate your payment processing strategy, remember to get in touch with me by calling 617-843-5700. I look forward to working with you in the near future.
