Mobile is Now Mainstream
We’re nearing a cashless world, thanks to innovations such as automation, cryptocurrencies, and the cloud.
One of the most active contributors to a cashless world sits by your side right now—your phone. Mobile payments have soared in the last couple of years, fueled in part by the fact that 72% of Americans own smartphones.
Mobile payments will continue their growth, according to these stats:
- Mobile spending in 2018 is projected to reach $119 billion.
- Global mobile payment revenue in 2015 hit $450 billion and is projected to reach $1 trillion by 2019.
- The number of global smartphone users is expected to surge to 2.87 billion by 2020.
In case you believe mobile payments are only for consumers, consider these numbers:
- HSBC announced in late 2017 that its mobile corporate payments platform has processed more than $100 billion in payments.
- M-Pesa, a payment service in Africa, estimates that it has transferred $240 million in mobile business payments in Kenya alone.
There’s a reason mobile payments spark interest in business owners. They offer time savings and convenience—two things in short supply for companies. By moving to digital, mobile payments, organizations can jettison cumbersome back-office tasks. These days, you don’t have to be tied to a desk to handle AP and AR.
How Automation Supercharges Mobile Business Payments
Payment automation enforces corporate guidelines for receiving and making payments while taking over mundane portions of the process.
For example, payment automation can:
- Digitally route bills through corporate workflows for approval.
- Ensure bills are approved in a timely manner by sending reminders to reviewers.
- Create, populate, and send invoices without you having to touch the process at all.
- Send reminders to customers to pay their invoices.
- Enable automatic digital and mobile payments such as ACH transfers and EFTs from customers or other businesses, so that your company has that money in the bank immediately—no waiting necessary.
- Track every activity in the system, creating an audit-ready trail.
When you combine mobile payments and payment automation, all of that convenience accompanies you no matter where you are, thanks to your smartphone. Consider the bill payment process:
- You’d receive a push notification on your phone informing you that there’s a bill ready for review.
- You open the app to view a dashboard listing all pending transactions that are in your inbox.
- You tap the bill and check it out.
- You want to see how much the company paid this vendor last month—a tap within the app will reveal payment history and let you dig into contracts and documents related to the bill.
- If all looks well, you tap to approve it and payment automation delivers the bill to the next person to review.
- They get an alert on their phone…and well, you get the idea.
When it’s time to pay the bill, the mobile process is just as simple. A tap from the approved payer and an electronic payment is sent directly from their mobile device. Keep in mind that in the background, payment automation ensures that only authorized and correct people review and pay the bill, enforcing your corporate guidelines and fraud deterrents such as the separation of duties.
On the AR side, the one-two punch of payment automation and mobile payments gives you the same level of convenience. You can review and send invoices and check to see if payment has been sent.
You don’t have to sacrifice security for mobile convenience. If someone steals your phone, they can’t access the app without your access code or fingerprint. If they do somehow get in, payment automation operates with permission-based access and further validation is required to open the app itself. Only authorized users can do that. The whole system runs on bank-grade levels of security, which includes encryption, password protection, cloaking of your bank account and routing numbers, multi-factor authentication, and positive pay.
Ready to leverage mobile payments for your business?