A 2016 study by Receivable Savvy found that 63 percent of business surveyed preferred to be paid via electronic payments. Even higher, 71 percent of business preferred to make their payments electronically. Despite those preferences, 83 percent of responding vendors reported that they still receive paper cheques.
The era of electronic payment systems is here, yet most companies are struggling to keep pace. Most notably, the companies that have not embraced electronic solutions cite their reason for doing so as either a distrust of modern technology or a preservation of the status quo; it is what they have always done.
What makes that standpoint so fascinating is that accountants and bookkeeping professionals actually believe paper-based transactions pose bigger fraud risks in the current environment.
On the movement towards electronic payments solutions, the editor-in-chief of CPA Practice Advisor said the following:
“While the tide is turning in favor of digital payments, the success of this transition hinges on client education. Accountants and bookkeepers must help their clients understand the benefits and practicality of moving to electronic or cloud-based bill payments…”
Through using faster payments software, business can begin to realise the full potential they can achieve with electronic payment solutions.
You already have enough to worry about when managing your businesses. Faster Payments takes the worry out of business-to-business payments, payroll processing, supplier payments and employee expenses, letting you focus on growth.
Here are a few of the many benefits of implementing the payments technology.
According to Gartner, CIO and IT Directors identified “operational agility” as the key driver behind implementing cloud-based solutions. This agility is exemplified by the “anytime, anywhere” convenience of remote access, which provides complete control over cash flow and payments. Leveraging cloud-based solutions means you can manage finances from home or the office on any web-enabled device. If you have an Internet connection, you can be at the office.
Competitive Systems and Solutions
You can act bigger and faster than many of their industry’s leaders with this powerful, lean and flexible platform. Cloud-based solutions provide strength and agility in an affordable package. As processes, networks and systems are upgraded, those upgrades are immediately passed along without any additional hassle or expense.
Minimal Capital Expenditure
You don’t need to be worrying about ample hardware costs when faster payments software allows you to be up and running on the strength of the network. Enjoy the benefits of any upgrades or enhancements without having to worry about expensive IT or complex systems integration efforts.
Whether it is power outage, fire, flood or other an emergency, you can manage businesses without worry, knowing all of your payments are backed up and protected in case of disaster.
With most transactions, recipients are able to access transferred funds within just two hours. Externally, faster business-to-business payments help build trusted supplier relationships. Internally, speedy payroll transactions and prompt expense reimbursements lets you show how much you value your employees.
Lightning-quick transfer speeds means accounts are always up to date, giving complete transparency of the businesses cash flow on demand and in real time. No longer do you have to rely on banks confirming when a transaction has been processed.
Security You Can Trust
You’re guarded against data breaches and protected from fraud with strict security systems and policies. The IP infrastructure is only available to banks and building societies whose own IT systems and processes have met the strict requirements. Moreover, all payments sent by Faster Payments are legally protected, giving you a priceless piece of mind.
When considering the future of your company’s payment solutions, do not opt for out-dated and ill-equipped legacy solutions. Industry experts view cloud-based payments solutions as being faster, leaner, more secure, more scalable, and a better investment than the alternatives.
With Faster Payments, you can leverage the power, speed, and convenience of the software to preserve your business relationships and take care of your employees without worry and significant capital investment.
Make your money move at the speed of life with Faster Payments, the secure, cloud-based UK payments solution.