Declare Independence from Paper Bill Pay
You finally know how to pummel the paper out of AP and AR. Now what?
It’s time to tackle bill pay.
You might think that paying online – and receiving online payments – would be easy. It’s the 21st century after all. We’ve got ACH, EFT, and online bill payment systems. Unfortunately, this sense of simplicity isn’t the case for most businesses.
Let’s go back to the days of yore when your parents would hunker down in the kitchen nook and break out the checkbook. There were bills everywhere. Paper everywhere. Aggravating piles that needed to be stuffed, stamped, and recorded. That’s when, at the tender age of ten, you discovered the full extent of your parent’s vocabulary.
This process is a relic of the past. Like talking on the phone and Dave Matthews Band.
But many businesses still undergo that aggravating process. Granted without the colorful language your mother loved. And businesses are complicated. More complicated and vastly larger than your parents nook. They’ve got paper bills to pay, the lengthy process of printing and signing physical checks, and reconciling payments that makes them vulnerable to losing both time and money.
Enter: Digitization. Imagine digitizing the entire bill pay process. From start to finish, every piece of information is digital – no paper, no stamps, no check stock necessary. All you need is a computer or mobile device to complete the task.
Again, with the digitization! Yes, have we shocked you? One guess as to what our solution is…
Look to the bill pay cloud. It digitizes bill pay documentation, enables accounts payable automation, and provides a truly mobile payment solution. And it does all this by tackling these four paper-welcoming roadblocks:
Vendors can submit bills to you electronically through the cloud, eliminating paper from the very start of the process. If they insist on sending paper invoices, you can easily scan and submit the bill electronically into the bill pay cloud and then shred the paper copy.
Filing cabinets getting you down? Get rid of those paper files that force you to be on-site to reference past invoices or contracts. The cloud will transform paper into electronic files that are easily searchable and simple to organize. Most importantly, they will be accessible to you no matter where you are or what device you are using.
It’s no secret that paper complicates the review process. It hinges on a physical component that can be easily lost, destroyed, or overlooked. You can’t deny that you’ll notice emails or electronic notifications first because they are accessible on all of your devices.
The cloud will take that paper invoice, convert it to a digital asset, and automatically push it through the review process. It’ll also send reminders to anyone impeding progress. At any time, you can log in and see who has reviewed the bill, who has approved it, if there are questions, and where it is in the process overall.
It’s sweater weather. You’ve been eyeing that cashmere turtle since September, but when you go to pay for it, you discover the awful truth. They only accept checks. The horror! With so many forms of digital payment, how are checks still relevant? Yet, many in businesses still settle for this archaic process when it’s time to pay bills.
With the bill pay cloud, you authorize online payments. The digital payments can be scheduled, sent automatically, or set up as a one-time payment. Paper checks are out of the business for good, and replaced completely by an auditable trail.
Embrace digitization, friends! Free yourself from paper bill pay, and transform the entire payment process into one that is simple, secure, transparent, auditable and – most importantly – mobile.