The Benefits of Automated Payments With Digital Platforms

The Benefits of Automated Payments With Digital Platforms

B2B payments automation reduces errors, cuts costs, and saves time for the whole team. Best practices include daily payment and bank transfer data reconciliation, including deposit reports, transactions, invoices, sales orders, and refunds.

Customers can pay with a branded payment portal and choose their preferred method. Eliminate transaction fees by routing to a zero-fee bank network.

Reduced Errors

Streamline the accounts payable process by allowing your accounting team to connect invoices and payments in a single step. The solution eliminates manual data connection and matching, reducing the chance of errors. In addition, the solution automatically matches purchase orders to invoices based on an account number match in the supplier portal.

Accounts receivable automation also means higher accuracy and transparency in reports receivable data and eliminating costly human errors often caused by manually moving between software platforms and spreadsheets. By eliminating the need to move around multiple systems, your teams can save time and focus on more valuable and engaging work.

An automated invoice payment such as Sage Intacct Integrations allows customers to seamlessly reconcile payments and daily bank transfers and apply partial and complete payments against open invoices and sales orders. The system automatically receives transfer reports and ledger updates, immediately reflected as payments against open invoices. Refunds, convenience fees, discounts, and adjustments are also easily reflected in the system.

By enabling a virtual terminal, AR teams can quickly take credit card payments over the phone and even capture the customer’s payment method as a reusable token to allow them to reuse their payment methods in future transactions. This solution also allows the ability to embed payment links within invoices and templates and automate critical functions like cash application, revenue recognition, reporting, and reconciliation.

Increased Cash Flow

A compelling accounts receivable collection process is critical to the health of your business. It is also often one of the most time-consuming aspects of running a company, as it requires significant staff resources to track and follow up on outstanding invoices manually. When you automate your payment process, you can dramatically reduce your team’s time on these tasks and free up valuable human capital to focus on high-value and more engaging work.

Streamlined collections mean more timely payments and effortless follow-up for customers. Automatic reminders are sent with simple payment options that don’t require an extra phone call or email, and problem accounts can be flagged for dedicated attention. Eliminating transaction fees can save your business 50% or more on the cost of receivables and speed up time to cash by 60%, helping your business scale and increase ROI significantly.

This digital payment platform empowers businesses with a modern Payments-as-a-Service model fully integrated into automated platforms. This eliminates the need to manage multiple payment processing providers and provides a single point of truth for all accounting data. With this solution, your system can accept all major credit and debit cards, ACH, eCheck, virtual cards, recurring subscription billing, and more. Customers can quickly pay with embedded links or a fully branded payment portal. All deposits are automatically posted, reconciled, and recorded to a customer ledger in your account.

Increased Customer Satisfaction

B2B payment processes can be complicated and expensive due to high transaction fees, manual entry, and inefficient workflows. With the recent partnership between cloud-based financial management & accounting software and blockchain-enabled B2B payments companies, companies can improve their cash flow and automation through advanced payment capabilities, including embedded payment links, branded payment interfaces, and accounts receivable automation.

This digital solution allows customers to reconcile payments and daily bank transfers automatically and apply partial and complete payments against invoices and sales orders. The process reduces the number of employees moving between software platforms, paper documents, and spreadsheets, cutting labor costs and reducing errors and frustration. Additionally, reports are immediately populated with transaction details so that all collected and pending receivables are visible – making periodic review and decision-making more accurate for management.

Customers can use the private, branded payment portal to run transactions and accept payments through various methods, including credit cards, debit cards, ACH, or cash. This option helps to eliminate the need for postage and lockbox fees while allowing businesses to add convenience fees that help offset transaction costs and generate new revenue. This platform also incentivizes customers to pay with zero-fee direct bank-to-bank payments by shifting transaction fees to them via its banking network—the easiest way to run and collect payments directly inside accounting software. Enter a customer’s saved card when creating an invoice or sales order, or create a ‘pay now’ button on your website that leads to a secure form to capture payment information and sync it to the software.

Increased Revenue

Managing payments with cloud-based financial management & accounting software allows companies to improve cash flow, customer satisfaction, and revenue. By reducing reconciliation-related manual work, finance teams can save hours and eliminate costly errors that may deprive customers and vendors of timely payments.

Payment automation also helps reduce DSO, which is a leading contributor to cash flow problems for many businesses. By delivering a convenient and intuitive self-service option to pay invoices, companies can empower customers with more options and enable them to make payments conveniently.

By allowing payments via a credit card, ACH, or virtual card, customers can avoid expensive processing fees often passed along to the business by banks. Companies can improve ROI and generate more revenue by eliminating these rising costs.

With this integration, customers can easily reconcile payments and daily bank transfers to corresponding sales invoices or orders with a single click. Additionally, the integration automatically uploads deposit reports and updates the general ledger for each payment and associated transactions, including refunded amounts, convenience fees, discounts, and more. This ensures accurate accounting and prevents AR teams from accidentally applying incorrect payments to the wrong invoices. The solution uses a PCI DSS Level-1 certified payment processor, enables two-factor authentication and role-based access, and stores all payment data with Fund-on-File tokenization to ensure the security of customer information.

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