With individuals flocking to digital payments, why are companies clinging to paper checks and business check stock? For one thing, a company’s accounts payable and accounts receivable processes require far more oversight and coordination than a consumer-grade digital payment system can provide.
Consumers aren’t strangers to digital payments. Odds are you’re already paying routine household bills online or sending friends money via mobile apps. The attraction of digital consumer payments is their simplicity—digital payments are quick, easy, and possible from almost anywhere. If you owe money, you just click. If you’re the one owed, you do even less. The money simply appears in your account.
Understandably, businesses want those same conveniences when it comes to accounts payable processes. The problem, however, is that the business payment process isn’t that simple. Online payments for businesses are more than just transactions. They accompany a process that may involve layers of approvals, monitoring and reconciliation. While epayments are far more convenient than traditional paper payments, they navigate a much more complex workflow than digital consumer payments.
That doesn’t mean, though, that businesses are out of luck when it comes to capitalizing on the conveniences of the digital era. Technologies such as online payment systems and AP automation are bringing consumer convenience to online payments for businesses.
Online Payment Systems for Businesses
As mentioned, consumers don’t need to route household bills to other family members to review or require compliance with preset guidelines as companies do. That’s why digital business payments systems are so important for companies. One of the main reasons they love digital business payments and features such as AP automation is that a burdensome and time-consuming process is streamlined to the point where bill payment seems effortless. Companies can take online payments, such as ACH transfers, eChecks, and EFT transactions, and combine them with a system that automatically ensures the proper review and approval processes are followed. In essence, AP automation guides a bill through the correct workflows, from the moment the bill is received to when the payment is reconciled in their bank and accounting systems, without extra data entry and with less effort and human errors.
While the convenience alone may have you ready to switch to AP automation, the benefits don’t end there.
If you’re still wishing that your digital business payments could be as easy as your consumer payments, it’s time to give AP automation a try. Learn how PayMaker can help you simplify your digital business payments with AP automation.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.