In the year 2017, there are probably two concepts every business can get behind: ditching paper checks and getting paid faster. Two methods to get there? E-Invoicing and ACH payment solutions.
Of course, ditching paper for e-invoicing sounds simpler in theory than it is in concept. Because many business leaders fear that trading in a paper system for an electronic one makes them more susceptible to outside threats, it’s easy to dismiss the concept of e-invoicing. Not to mention, the perception that it costs more money to onboard new technology.
In the long run, however, embracing e-invoicing and electronic payments will pay off.
Thanks to advancements in technology, investments by financial services organizations and a push toward digital payment processing and faster payment rails that enable better ACH payment solutions, e-invoicing is an obvious move for businesses to adopt.
FAST BREAK: Choose a plan to process ACH payments today!
How a Push For ACH Payment Solutions Has Paved Way For E-Invoicing
As more attention gets put on the Automated Clearing House (ACH) to make its electronic network for financial transactions faster and cheaper, it has created more buzz in the e-invoicing industry. But how fast is fast? Nearly real-time payments.
Because paper checks not only pose a security risk, cost more to send and leave little certainty about settlement times, embracing ACH payment solutions is a no-brainer for any business. Relying on this to power your e-invoicing methods helps settle payments faster, cheaper and more secure with your customers.
Relying on ACH payment solutions can allow your business to not only ditch the paper but ditch the time-consuming manual payment processing that comes with the old-school way of billing. By automating this process it reduces the chances you’ll have a payment error and increases the chances you’ll get paid faster.
As for security, relying on an ACH payment method gives you peace of mind that those payments are fully encrypted. This same security perk translates to your e-invoicing abilities. Another benefit of choosing e-invoicing through the ACH payment network is that your business gets to take advantage of the fact that the electronic network processes transactions in batches, multiple times a day.
Why is Now the Time to Add E-Invoicing?
Because your customers are already probably embracing digital payment methods with other businesses, you should probably join the e-invoicing bandwagon, too. Not only does it allow you to request payments electronically, you can monitor when the invoice was sent, reviewed and when payment was approved and when it lands in your account. This gives your business, and customers, a more holistic and transparent view of the billing and payment process.
As for an ACH payment, relying on an electronic network to power those financial transactions is a logical combination to pair with e-invoicing. Because your business probably sends out multiple invoices at once, it’s helpful to be able to better manage the flow of each of those payments. This ensures your business is getting paid securely, on time and through a method that benefits your business. Plus, it brings your business into the fold of what’s trending today in payment processing.
Digital payments are not a future concept, they are already an impactful trend that’s shaping how the payments ecosystem will influence how businesses manage transactions. For any business still sending expensive, burdensome paper checks that cause delays in your processes and hinder productivity, now it the time to embrace e-invoicing.
Are you ready to ditch the check? It’s not as difficult as it sounds. Embrace electronic payment methods today and see how your business can settle payments faster, more securely and on your schedule.
Anna Kragie is a content contributor for Payline Data. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.