The world of B2B Payments is ever-changing and can seem quite complicated. With immense amounts of vendors, payment methods, payment deadlines, etc. the process can become very challenging if it is not organized and efficient.
So what exactly are B2B Payments?
B2B payments are simply a transaction between two businesses/organizations rather than a business and a consumer. The majority ofB2B industry payments are made via checks with most organizations still printing them in-house. While checks may still be an acceptable form of payment, in-house printing costs and resources it takes to do so are not.
In an industry study conducted by the Accounts Payable Association, it was discovered that 58% of businesses had to pay late payment fees to their suppliers! Paying extra because you couldn’t make a payment on time should not be something your organization accepts! Payment delays can be caused by several back office issues such as: inefficient manual data entry, data errors, loss of data/misplaced invoices, lack of invoice visibility, inefficient approval processes and more. How much easier would it be if you could eliminate all these unnecessary inefficiencies?
Faster payments are the key to 2019 and beyond. If your business wants to stay on-top of processing and payments, especially as you continue to grow, it is time to take matters OUT of your own hands. By implementing an intelligent automation solution that incorporates payment processing, you can drastically improve processing efficiencies and capitalize on early-payment savings.
No longer will your office be stressed about making payments on time! Your employees can now focus their efforts on more important business matters and simply oversee the automated process rather than manually handling each and every step in the process.
In addition to time savings, your organization can also benefit from cost savings. One of the best benefits from efficient processing is the ability to take advantage of early payment terms as well as dynamic discounting! This becomes very easy for your organization to do when an automation solution is implemented.
Think about it. A stressful, messy office always trying to keep up with the never-ending, busy deadlines versus an efficient, calm office that is just overseeing the smooth, connected process. Which would you rather have in your back office?
To learn more about what AP Automation Solutions are: read the blog below.
To learn more about Payment Automation Solutions & Payment Optimization, view the PDF below.