Why your company should care about digital business payments
Today, most people pay their personal bills online. It’s a quick, simple, and paperless process. So why are businesses—mid-market companies—still buried in paper and waiting in doorways for checks to be signed? Many businesses rely on paper checks out of habit, or because they don't want to deal with switching over to a digital payment system.
But in the age of digital consumer payments, the inefficiency of paper checks is becoming hard to ignore. On average, U.S. businesses spend nearly $200 billion a year processing AP. Digital business payment platforms like Bill.com can help companies reduce the time and money spent on payments, and help streamline the process from start to finish. Join our upcoming webinar to learn how digital payments are enabling AP/AR automation.
Businesses in North America spend more than $187 billion processing AP and, unfortunately, most of that expense comes from paper checks. For example, this infographic discovered that paying 500 bills a month with paper checks can cost close to $25,000 a year. When you tally the time, labor, and supplies associated with printing, mailing, and reconciling paper checks, the costs and inefficiencies can truly stifle companies.
What if much of the money your organization spends on paper-based AP could be recaptured and reinvested? What if you could cut the time spent on AP processing by 50% and get paid 2-3 times faster?
Register for our April 24th webinar, “Digital Business Payments 101” to explore how your business can do just that. Register here
Digital business payments such as ACH transfers and EFTs help you create an efficient and organized back office. Pairing digital business payments with technological innovations like AP automation and AR automation amplifies these results by automating workflows, mobilizing processes, and eliminating manual labor.
In the webinar, Preeti Sanketh, Director, Product and Renard Ihlenfield, Senior Manager, Product Marketing will share:
- The basics of digital business payments, including their evolution, types of electronic payments, and how online business payments differ from consumer payments.
- The barriers of paper-based AP, which requires manual data entry and reconciliation.
- The challenges of paper-based AR, such as sending invoices and collections.
- How technological advances including AP automation and AR automation help companies save time and get paid faster, including a demonstration of the automation in action.
Sign up now for the Digital Business Payments 101 webinar. Register here.