Do you know you can accelerate cash flow and reduce costs with digital payments?
Digital payments are not only secure and convenient but also boost revenue by accepting payments in multiple forms and currencies. The need for digital payments is increasing because they help overcome payment cycle slowdowns associated with conventional modes such as paper checks.
Digital is emerging as the latest industry trend for sending customers request-to-pay reminders and giving them access to faster, more flexible payment options. Download this eBook for a deeper insight into how digital payments can help accelerate cash flow and reduce costs.
This eBook provides an insight into how digital payments:
- Accelerate cash flow, reduce costs
- Enhance customer experience
- Improve productivity in cash application
- Reduce lockbox fees, processing charges
A glimpse into this eBook
Digital payments enable payments from buyer to seller via a wide range of mobile devices and in multiple currencies, through Internet on Account to Account (A2A) basis
The advantages of Digital Payments for B2C are obvious: Immediate payment on delivery via mobile devices. Extension of credit not required.
Reduced Direct Cost:
- Reduces supplier’s lockbox processing & keypunch charges
– fewer checks more electronic transfer (86% cost difference) - Reduces supplier’s credit & debit card processing fees
- Lowers transaction fees with open banking trends
Lower Cash Application Cost:
- Digital Payments convey more complete remittance information using common standards to increase auto-cash hit rates and application accuracy
- Remit information conveyed with the payment vs 61% of ACH payments where remit info sent separately from payment
- Reduces research time on customers’ vendor portal to find additional remit data
Digital (or electronic) invoicing is preferred and/or required by most customers today
A Customer EIPP Portal facilitates the end-to-end transaction:
- Enabling the payment
- Providing access to the invoices and statement of account
- Providing digital assistant for 24×7 account enquiry
Payments can be made via a wide range of mobile devices
All Invoicing and payment data is captured
- Enhanced Customer Experience
- Increased Productivity in Cash Application
- Reduced lockbox and bank processing costs
- Increased Cash Flow & Reduced Past Due AR
Faster, more Secure Payments from Customers
-
Improved Customer Experience/Satisfaction -
Controlled Credit Risk -
Greater Cash Flow -
Increased Revenue & Profit
Payments can be made via a wide range of mobile devices, magnifying convenience
Access to funds received is usually same day vs multiple days of mail and clearing time for checks
Enhanced Customer Experience:
- a large & growing number of customers prefer to pay via Digital payments for cost & convenience reasons. If you cannot accept Digital Payments they may seek a supplier who does
- Accommodating customer preferences is a key element of Strategic AR Management
- Digital payments provide quick, low cost access to multiple currencies
Your Suppliers will appreciate Digital Payments as well
Digital Payments Solution: Emagia AI-powered Customer Billing, Payment Portal, Digital Payments, & Cash Application. Deployed across 80 business units, 16,000 customers with multiple currencies from multiple countries.
Functionality includes straight-through processing of Digital Payments
(E-checks and Credit Cards), and customer logging of disputes.
Exponential Impact:
- Accommodation of Customer Preferences for self-serve Digital Payments resulting in increased Customer Satisfaction
- 92% auto-cash hit rate
- 60% reduction in operations cost to process payments
- Substantial reduction in past due AR to 15% of total AR, and exposure to Bad Debt
- Digital Payments are faster, lower cost, and more secure than paper checks and many other forms of payment
- They are preferred/demanded by many customers
- They can improve Cash Flow and AR Asset Credit Risk
- Digital Payments are necessary for Remote and/or Work From Home Payables operations
