Why Digital Payments are The Next Big Thing
Ever wonder why is it so easy to send money to your friends and family but is actually quite hard to pay your suppliers sometimes?
You can log into your own bank account or a specific company site, enter credit card or bank account data, and send a payment. You can even click “recurrent payment” and literally forget about it, you just know that, every month, some money will be debited from your account and paid to a company that provides a service you use. This is the great online bill pay solution that many banks offer, and it really works well for your monthly expenses
Unfortunately, business payments are more complex, and that is mainly because businesses require a more careful approach, particularly when it comes to errors, fraud, payment history or just simple misuse of funds by employees. Current banking solutions are not suited to solve these business payments issues and I’m sure you know this by now
Here are a few important needs that companies have when it comes to business payments, and that current online bill pay solutions do not provide
- Approval levels. Usually, businesses require a person to process an invoice and another person to approve the payment. This is clearly a gap in current online bill payment solutions that banks offer. It works great in your personal life, but it’s just not a good fit for your business
- Payment history. Businesses actually need to keep a record of their payments that includes as much information as possible. When it comes to your personal life, you only need a few words to know what a specific payment was for. Unfortunately, when we think about a business payment, this involve lots of invoice data, payment data, approval level, time, date, taxes. As you can see, detailed payment history for business payments is quite an important topic, and by not having a digitized process you risk having to manage this entire process manually
While these are two important differences, there are many more, but I truly believe is better for you to experience it with a 30-day risk free trial.