Artificial intelligence is becoming more common in the B2B space because it helps streamline payment processes and, most importantly, increases payment speeds so business owners no longer have to worry about cash flow. Although this is still relatively new technology, many CEOs are taking the chance to optimize their payment processes while new technology is relatively affordable.
Most companies have issues with payments, including fraud like data breaches and social engineering scams. Small businesses are the most susceptible to fraud, with small business fraud averaging 28% compared to larger organizations at 22-26%, according to Business Fraud Prevention. Here’s how AI increases payment speeds and keeps important data secure:
Real-time fraud detection and approval
Enabling real-time fraud detection and approval eliminates the need for manual reviews and processes, ultimately streamlining transactions and eliminating the hassle of chargebacks. AI also uses machine learning to identify and flag abnormal transactions before they are completed. Once the transaction is flagged, admins have the opportunity to approve or decline the transaction. If an admin catches a couple of fraudulent transactions throughout the week, that’s thousands of dollars saved for the business.
Better back-end flows
Many small businesses still rely on third parties to receive paper invoices from suppliers and vendors. Once the invoice is received, someone from the accounting team manually types in data, increasing the risk of human error. AI helps your company go completely paperless, improving your back-end flow and allowing you to receive approvals right away.
AI also helps CEOs predict cash flow and clarify how much monthly profit is available for payroll and other business expenses. This gives high-level executives a better picture of how the company is doing and if the current staff is necessary.
Optimizes the customer journey
Customers want to have a positive experience doing business with you and feel like the experience is personalized. AI tools allow you to analyze historical transaction data, social media activity, and demographic information to help you understand and predict future customer behavior. For example, AI can predict what service a repeat customer is most interested in and how they’re going to issue payment. From there, you can stay in touch and market to these customers in a more personalized way.
To learn more about how I can help you increase payment speeds, head over to my website or call 617.843.5700 for a free consultation call. I look forward to working with you in the near future!
