The Many Benefits of Using Automated Payment Systems for Small Businesses
Technology is applicable in almost all areas of your life at home, school, and work. If you are running a business, the use of technology is something that you should undermine. While technology is present in most things around you, you may still be hesitant in using them when it comes to running your business. If you listen to other business owners, for sure, you have heard about automation and the cloud in most of their conversations. Using automated payment systems is becoming a trend in how businesses deal with their payments and money. Unfortunately, many small business owners are not so keen on jumping along the trend.
A lot of business owners often think about these things because they are used to receiving only paper currency and paper checks as payments. For many decades, businesses and stores have been receiving these paper payments. As time passes, however, and technology rises, companies tend to spend more on paper checks than making their payments possible. In fact, you can save more than 60{9c6a8ebadae6c95437aca685ccca3141bdaa337e4a31ae6e166fd704c91b60c2} in bill payment processing when you use payment automation. And this is just one of the many benefits that automated payment systems offer. Read on for more information on the popularity of automated payment systems today.
With automated payment processing, it is very much possible for you to access your accounts anywhere you are and at anytime. Does all employees in the company work in the same location all the time? What if your boss is out of town or out of the country and you need their approval for an invoice? With the use of cloud-based payment automation, companies that are far from each other or have employees working afar will not have issues processing accounts payables and sharing information. There is no more need for employees to drive to remote locations just so they can have invoices approved on time. With automated payment systems, you can pay a contractor that lives halfway across the world in no time unlike mailing a paper check that will take longer.
When it comes to your payments, the use of automated payment systems ensures better control and safety. If you talk about accounts payable, many people still believe that paper systems are much safer. For many people, holding a piece of paper in your hands is more real, which automatically gives them the impression that it is much safer. Unfortunately, it is not. On a yearly basis, a total loss of $18.7 billion comes from check fraud. It also takes an average amount of time of 18 months before fraud is detected.
The use of payment automation, however, gives you full viewing control of your bill payment processing. In short, you get more visibility and control of your payments, making discrepancies easy to detect. Many automated payment systems also come with security measures to fight fraud.