Digital payments strengthen ties with trading partners
As businesses seek to improve cash flow, streamline accounts receivable (AR) and accounts payable (AP), and strengthen collaborations with business partners, the appeal of paper checks has drastically diminished.
According to “Reimagining Business Payments”, a PYMNTS and billtrust collaboration.
Get the report: Reinventing business payments
The desire to speed up payments and streamline business processes has motivated businesses and the banks they rely on to work together to convince payers to switch to digital alternatives.
Deployment of digital safes
For example, digital safes can receive payments and quickly match remittance information while sending the information almost simultaneously to enterprise resource planning (ERP) systems. The result is a high match rate of bill payments and more easily balanced books, both of which can help improve customer satisfaction.
B2B payments demand simplicity and certainty, Billtrust CEO way of flint says PYMNTS in an interview. Digital safes can automate payment and billing processing, reducing labor-intensive tasks that were once tolerable before the pandemic, but have always been barriers to reconciliation and visibility cash flow.
Read more: Digital Vaults Tackle the Mail Floating Problem of B2B Payments
“All a provider needs to know is that digital payments need to be streamlined and the rules can be enforced,” Lane said. “And the by-product is that ‘paper check’ businesses will go digital. Getting paid faster, with fewer exceptions and less labor, is a win on all counts. »
Improve the collaborative commerce quotient
A digital safe can encourage collaboration, optimize transactions, and reduce the work of sending, receiving, and reconciling payment information.
Additionally, a digital safe can help businesses take a collaborative approach to generating and processing billing and payments. Digital safes can ensure that payments arrive quickly and securely with payment data integrated directly into an AP or ERP solution, ready to be reconciled to monthly ledgers.
Using a digital safe as a central point for collecting and distributing incoming payments can lead to transformative changes, including more efficient problem solving, better overall financial processes, increased flexibility, reduced manual tasks and improved overall customer satisfaction.
On that last point – improving overall customer satisfaction – a digital safe can give a customer more flexibility in remitting electronic payments, whether by email, AP systems integration, or an online portal.
This will help build goodwill and collaboration between business partners, which can go a long way in maintaining sustainable business.