We live in a tech-driven world and digital payments have worked their way into our personal lives. Hopping online to pay a utility bill or sending an epayment to a friend for concert tickets is the norm. Consumer digital payments are now more common than traditional payment methods. They’re quicker, easier, and more convenient than paper checks or dollar bills.
Businesses, however, have been slower to join the digital payments revolution.
While online payments for businesses are steadily on the rise, companies still use paper checks to pay bills—even though they demand more time and resources, are slower, and lack the transparency and speed of epayments. In fact, when SMB owners were asked in one survey to choose their top three payment methods paper checks came out on top at 86 percent.
Why is this?
The challenge may be merely understanding everything related to online payments for business. With terms and concepts such as AP automation, AR automation, ACH transfers, virtual cards, and EFTs, digital business payments can seem confusing at first glance.
That’s why we have created the Bill.com digital business payments series. This educational series will help you understand how digital business payments work and what business payment options are out there.
Digital business payments can revolutionize your company’s AP and AR. The benefits extend far beyond convenience. You can increase efficiency, transparency, mobility, and organization when compared to traditional paper payment methods.
The first chapter is our 101 on digital business payments, and will cover in detail what they are, the benefits they offer, and how they can transform your back office. You’ll learn about the different types of online payments for small business, including EFT transactions and ACH payments, and find out why experts recommend epayments. You’ll learn why digital business payments are game-changers for today’s small and midsize companies.
After that, each week we will add a new blog post covering the essentials of digital business payments, including topics such as how they differ from consumer payments, why accountants recommend digital business payments, and how they can transform your company’s back office.
The Future of Payments Is Digital
Digital business payments will continue to become more prevalent and businesses that want to boost efficiency and remain competitive will need to embrace them. From understanding how it all works to getting started, this series will tell you everything you need to know about digital business payments.