Payments automation is a huge topic in the modern day for SMBs in the B2B space, but how automated payments are implemented varies. Some business owners are still doing manual invoices and focusing on other aspects of their business, while others are investing in Fintech to completely automate all business processes.
The number of business owners turning to automation strategies and Fintech is growing with 53% of businesses reporting they have been cutting fewer checks since digitizing their payments operations. Here are some of the most common ways SMBs are adapting to payments automation:
Adapting artificial intelligence
Many business owners are turning to artificial intelligence to increase the speed of invoice processes. With the right AI system, you’ll allow transactions to flow through your business quickly and eliminate the pain of duplicate invoices.
AI also helps eliminate fraud because hackers are more likely to target businesses that use check-based payment processes. In a survey from PYMNTS, 66% of business owners polled said their companies at some point were the victim of payment fraud attacks. If you want to protect your business quickly, automating all paper invoices is a good place to start.
Better auditing processes
Business owners are enjoying quicker automation processes when switching to more automated systems. Instead of working with the accounting team over time, you’ll have an advanced tech stack that reduces all human error by removing the manual entry of data from your system.
If data points need to be corrected, the system provides a time stamp to easily trace back to when the error happened and immediately fix it.
Outpace industry competitors
The reality is that if you don’t adapt to the latest payments automation strategy, your competitors will beat you to it and be more likely to gain new customers.
Updated payment platforms create a better experience on both sides of the transaction because they are able to facilitate instant payments and easily share data between bank accounts.
If something goes wrong in the payments process, it’s also much easier to reconcile payments because each customer is assigned an account number. You’ll be able to look up any transaction with an existing phone number or email address.
If you need assistance with finding the right payment processing strategy and technology for your business, I’m here to help you with my expert consulting advice. With the right strategy, I can help you enjoy perpetual savings and gain control of your business data. To schedule a free consultation, click here or call 617-843-5700.
