If you are a small business owner or financial officer using a combination of manual and automated office payment systems, you may wonder why you should fix what isn’t broken. Let’s look at the six reasons why automating your payments is critical to your very business survival in today’s digital world.

Reason #1: Saving money by automating manual tasks

Given the cost of gaining and retaining a quality workforce, the productivity of every single employee is an essential key to your success. The ability to automate any repetitive tasks like generating invoices or sending payments is critical to maximizing your workforce. The days of managing piles of records and invoices is a thing of the past.

Studies show that 80 percent of businesses still use paper checks for invoices. If you do the math for the typical small- and medium-sized business (SMB) that issues 450 invoices per month at an estimated cost of $15 per invoice, it costs $80,000 a year just to manually process invoices. That adds up to a salary with benefits!

A reliable, transparent digital payments platform can eliminate the need for manual accounts payable (AP) and accounts receivable (AR) processes. The speed of automation tells us that businesses of any size using the most innovative digital tools will improve their operations and grow faster than their competitors. The name of the game is increasing productivity to improve your operations and efficiency.

Reason #2: Maximizing your supply chain

You can cultivate a better supply chain by automating your payables. If you’re still manually processing and sending paper or electronic checks, you may be delaying shipment from your vendors. In the highly competitive supply chain market today, businesses that streamline ordering and get products in faster can keep up with demand.

Businesses compete for the same inventory in the marketplace and having automated AP transactions at your fingertips will provide the most secure electronic payments to your suppliers, setting you apart from your competitors. With supply chain issues continuing to be a factor, there has never been a better time to set your business apart from the competition.

Reason #3: Improving your cash flow

Even without errors, it can take an average of 60-90 days for businesses to get paid on manual invoices. This processing time hinders the cash flow that could enable your small business to hire additional employees, buy new equipment, or make other operational improvements to keep you one step ahead of your competition.

In industries like construction, for example, payment delays can be particularly challenging. If you promote ways for your customers to send electronic payments through both a mobile and web app, your business will receive faster real-time payments.

Offering a variety of payment methods will also increase your customer satisfaction by suiting the individual needs of each customer. Increasing the likelihood of successful and on-time payments, while also improving customer retention, promises an improved cash-flow so you can keep up with expenses and pay your suppliers on time.

Reason #4: Reducing the cost of errors

Reducing the redundancy of repeated tasks in manual processing and moving your data payment to the cloud will both increase efficiency and reduce errors. It is human to make mistakes, but if you can reduce the likelihood of making them, all the more reason to automate.

From keying mistakes to losing data and mishandling or misplacing information, the more orders you process, the more mistakes can happen. With a quality payable and receivable application, you can reduce these mistakes and the high costs associated with them. Finding an easy-to-use digital tool can simplify your office processes and save you money.

Reason #5: Keeping your customers happy

You may have hundreds or thousands of customers who are perfectly happy with the manual process of receiving invoices in the mail and sending you a check or an electronic payment.

In today’s highly digitized and competitive business world, however, it is more important than ever to offer customers easy ways to transact business with you.

After all, we all know that keeping customers happy and satisfied builds loyalty and drives growth. Think of the personal convenience of ordering online or getting food delivered to your doorstep with your smartphone. If your customers find a product or service easier to purchase, more convenient, and less time-consuming, they will naturally shift their business in that direction. As the adage goes, time is money.

We are operating in a fast-paced, customer-driven culture today. To bridge that digital divide and be competitive in the marketplace, improving the customer experience is not just good business sense, it is essential to your success. The only way to compete is to offer your customers a seamless experience without roadblocks, especially when it comes to payment processing.

Reason #6: Making the switch to digital is easy

If your business has considered making the switch to digital payments, there’s never been a more convenient time and easy solution to solve your business accounting needs. Whether you are spending hours sending invoices or processing payments, digital technology like ����VlogSelect (formerly known as Flume) can make managing your business accounts easier and put all the data right at your fingertips.

����VlogSelect (formerly known as Flume) gives your small- or medium-sized business a powerful tool

����VlogSelect (formerly known as Flume) digital payments platform removes the need for manual payable and receivable processes. From keeping track of your income and expenses to invoicing and expensing claims, ����VlogSelect (formerly known as Flume) digital wallet can streamline the work of an accountant or bookkeeper in your office, and significantly reduce errors.

What is a Digital Wallet?

A digital wallet is an application that runs on mobile devices and computers and allows users to make financial transactions through online channels. Individuals and companies can securely store payment information –  including credit card, debit card, or bank account information – and passwords in their digital wallets, allowing them to pay without writing a paper check or pulling out a physical credit card.

The challenges of going digital

While AP and AR automation is growing, many companies find going to full automation challenging, especially small- and medium-sized businesses. According to a PYMNTS survey, 60% of chief financial officers (CFOs) said they question the technical expertise of their in-house staff to support moving to digital.

Cost was another concern for 37% of those surveyed, and trust in technology also remains a hurdle, especially as accounting systems move more and more to the cloud. Although many companies are unsure about moving in-house functions to the cloud, the technology offered by ����VlogSelect (formerly known as Flume) provides an affordable, safe, and secure transition.

����VlogSelect (formerly known as Flume) was designed for small businesses in the trades

With secure and convenient technology like ����VlogSelect (formerly known as Flume), there is a slight learning curve and almost immediate rewards. Created as a unique digital wallet, ����VlogSelect (formerly known as Flume) is specifically designed to support the 30 million U.S. businesses currently relying primarily on slow, analog payment methods.

Unlike most payment platforms focused on companies that are already automated, ����VlogSelect (formerly known as Flume) has been developed for the overlooked trade businesses, like construction, with less than $15 million in annual revenue. ����VlogSelect (formerly known as Flume) has leveled the playing field for small- and medium-sized businesses to compete against more sophisticated operations.

Making the transition from paper checks to digital payments

Many businesses are not ready to launch into strictly virtual payment technology. ����VlogSelect (formerly known as Flume) allows businesses to email a printable check to their supplier, who can then print the check and bring it to their bank to make the deposit. Whether you are making the payment electronically or by emailing a printable check, all of your payment information is stored in one place.

Suppliers also have the option of direct deposit — to have checks automatically deposited directly to their bank account. Even if your business would prefer to mail a physical check, ����VlogSelect (formerly known as Flume) allows you to choose that as a payment option, and your supplier will receive the check in 3-5 business days. Whatever way you decide to pay, the records are stored in the ����VlogSelect (formerly known as Flume) application and automatically recorded for easy record-keeping with the information available to you whenever you need to access it.

Putting the power of customized software in your hands

Most SMBs still rely on paper-based processes to power their businesses, which has served them well for decades. But looking ahead to the next 10 years, we’ve heard from many of our customers, particularly in the trades, that their current workflows can’t keep up amid skyrocketing demand.

Most tools on the market today are built for more modern, technology-enabled companies leaving many of these physically-grounded businesses out of focus; that’s why we built ����VlogSelect (formerly known as Flume). ����VlogSelect (formerly known as Flume) puts the power of customized, accessible software in your hands so you can stay focused on growth and not the paperwork.

Making the move to seamless transactions

To compete in a growing marketplace, businesses must look at ways to create a seamless payment experience for their customers. Gone are the days when businesses were judged solely on the product or service they delivered. Today, the entire customer experience — the whole transaction process from ordering to paying — sets small and medium businesses apart.

����VlogSelect (formerly known as Flume) is a digital payment platform designed to meet growing demand. Instead of waiting up to three months or more for business payments, you can get paid much faster by seamlessly exchanging invoices and documents with your customers. You’ll be able to track your activity all in one place and sync with your accounting software – Quicken is one example.

Send, store, and get funds through ����VlogSelect (formerly known as Flume) digital mobile and web app, accelerating real time payments

Get your invoices out faster with ����VlogSelect (formerly known as Flume):

Send digital invoices for easy tracking and reconciliation. ����VlogSelect (formerly known as Flume) is simple, intuitive, and easy to use. Within a few minutes, you can start sending payments.

Get Paid Faster:

Make it easier for your vendors to pay you by offering several different payment methods. You can send and receive physical checks, digital checks, and bank transfers all through one simple dashboard.

A clean and easy digital experience sets a business apart in any field. Improving your supplier payments and customer experience will make a tremendous difference in your business profitability. Making the move to fully automated payment processing today will be the best business decision you make this year, and the rewards will pay off for years to come.

����VlogSelect (formerly known as Flume) is specifically designed for your small- and medium-sized business needs, simplifying your payment processes, regardless of your current accounting practices. The switch to digital payments has never been easier.

Learn more about how ����Vlogpayment solutions can be tailored to your business, so you can accelerate and streamline operations while creating lasting growth and success for your organization.

The post 6 reasons why NOW is the time to automate your small business payments appeared first on ����Vlog..

Do you find yourself writing a lot of checks every week and then having to deal with the organization and tracking of those payments? If your business is still paying invoices with paper checks, or mailing bills and receiving checks, you might consider a faster and less expensive B2B payment method. With improved technology, nearly instant processing, and easy payments tracking, there has never been a better time for small and medium-sized businesses (SMB) to consider going paperless.

According to PYMNTS.com, 70% of businesses are moving away from paper checks to automate their accounts receivable processes. Whether you’re in the business of advertising, technology, construction, energy, healthcare, food service, or transportation, becoming fully automated will save you time and money, and prepare you to significantly scale your business.

Impact of COVID on payment processing

Payment behavior changed abruptly with the COVID-19 pandemic, according to the Federal Reserve. From 2020 – 2021, B2B Automated Clearing House (ACH) transactions increased from $4.42 to $5.32 billion. These ACH transactions are processed via electronic payments. The increased convenience of electronic payments has spurred more and more accounting departments to move away from manual paper processing to the more streamlined digital payment tools.

Perhaps the best incentive for switching to an electronic payment system is improving your cash flow. In comparison to mailed paper checks, the processing time is much better, giving you access to cash faster – the same day in most cases. Not only that, but you will also eliminate the cost of printing and mailing invoices, saving you money with every transaction.

If you use a corporate card to pay vendors, you have more control over what and when you pay them. Credit cards and ACH transfers can streamline your payments and reduce the risk of check fraud. Depending on the terms you set up with your customers or vendors, you can set up payments to be a single transaction or a recurring one.

Popularity and security of digital transfers

Understanding your accounting needs will help you decide what B2B electronic payment technology is best for your business. In addition to credit cards and ACH transfers, many businesses and consumers use digital payment platforms like PayPal, Venmo, or Google Pay to transfer money from one account to another.

These payment platforms provide an added layer of security, but they charge fees for every transaction that can be quite a bit higher than other electronic payment options available today. The added benefit of using mobile applications that come with most platforms today makes digital payments even more convenient and popular than ever.

With so much control at your fingertips and some of the best payment programs today, there is no reason for SMBs to continue using paper checks. You will see immediate improvements to your cash flow and overall management of your business finances.

Meeting the rapid on-demand pace of business

For businesses in the transportation or food supply chain, the ability to accept an order and payment instantly offers an excellent benefit to your customers. You are not only providing tremendous value with the flexibility of last-minute order changes, but also a convenient electronic way to pay from any location with a mobile device.

All digital payment products on the market today are driven by this demand to innovate to meet the new expectation for fast and secure payments. With the rapid on-demand pace of business today, flexibility and instant automation are necessary to compete. The ability to provide convenient, easy, fast, and secure payment processing is not just important, it’s essential.

Personal digital wallet at your fingertips

����VlogSelect (formerly known as Flume), designed by WEX, is an example of a new digital payment platform that enables small and medium-sized businesses (SMBs) to process fast, transparent payments. The unique ����VlogSelect (formerly known as Flume) digital wallet is specifically designed to support the 30 million U.S. businesses that currently rely on slow, analog payment methods like paper checks.

“����VlogSelect (formerly known as Flume) was developed to put the power of customized, accessible software into the hands of all businesses, not just large corporations. Now, every business, regardless of size or industry, can stay focused on growth and not the paperwork,” said Jay Dearborn, President, Corporate Payments at WEX.

“For small businesses trying to operate and compete in a marketplace against large corporations, saving time and cash flow are essential,” he explained. “����VlogSelect (formerly known as Flume) levels the playing field by offering shops of any size a personal financial wizard at their fingertips.”

Powered by an FDIC insured digital wallet, ����VlogSelect (formerly known as Flume) will allow SMBs to focus on growing their business while increasing productivity, saving money, and reducing costs. In the competitive fast-paced marketplace, time is truly money.

High costs of manual processing

Studies show that 80 percent of businesses still use paper checks for invoices. For the typical SMB that issues 450 invoices per month at an estimated cost of $15 per invoice, the cost is $80,000 a year just to manually process invoices, according to WEX. When it comes to operating income, every dollar counts.

����VlogSelect (formerly known as Flume) virtually eliminates these issues with its transparent, digital payments platform. The need for manual accounts payable (AP) and accounts receivable (AR) processes disappears. On average, it takes 60-90 days for businesses to get paid on manual invoices. This slow processing costs businesses literally millions of dollars annually, and the ability and agility for growth.

Real time payments to improve cash flow and avoid risk

In industries like construction and transportation, payment delays can be particularly challenging. By allowing businesses to send, store, and receive funds through a mobile and web app, ����VlogSelect (formerly known as Flume) digital wallet facilitates faster real-time payments for actual money in your wallet.

Most SMBs still rely on paper-based processes to power their businesses. This may have served them well for decades, but looking ahead to the next 10 years, many of our customers, especially in the trades, tell us their current workflows can’t keep up with the skyrocketing demand.

If you consider the failure rate of all new small businesses today — about 50% after five years –the new digital wallet technology can make or break your ability to succeed. Taking advantage of digital programs that can improve your cash flow will help businesses avoid this risk and create an added level of stability.

Driving your business strategy by understanding your business cycles

Automating the entire accounts payable and receivable process can be a game changer for most businesses. The ability to better understand your cash flow will allow you to make smarter decisions about when and where you can save, driving your business strategy for three, five, ten years and more.

Convenient payment programs like ����VlogSelect (formerly known as Flume) will allow you to generate reports so you can see an overview of your daily, monthly, quarterly, and yearly transactions. You also have the ability to monitor your overall spending: the peaks and valleys of cash flow. Comparing these cycles in your income will make all the difference in your ability to meet demand.

Streamlining vendor payments and relations

This transparency will also clarify who your prompt payers are, helping you with your collection strategy. Many platform tools today allow you to see the person responsible for approving the payment, and possibly help you understand why payments are held up.

As the saying goes, knowledge is power, and understanding any place in your system where payments are stalled will enable you to troubleshoot issues and streamline your vendor payments and relations. Most electronic invoicing today will allow customers to pay with a simple click – making it easier to do business with you and getting the money into your account faster.

When you provide transparency to your vendors about where and when their payments are processed, you are building trust. Many digital platforms will allow vendors to pull up and review their entire payment history in the website portal for ease and time-saving convenience.

Security and control over your account

A risk that SMBs still face today is mail theft. While digital payment technology is not absolute security against data breaches, the transactions are more traceable and less risky than mailing a check. Today’s digital solutions provide greater levels of safety and peace of mind compared to the analog cash and check transactions.

Most platforms will allow you to transfer a one-time or recurring payment. If you are making payments on a regular basis, you can guarantee that your vendors are paid on time. This real-time processing gives you more control over the cash in your account, knowing exactly what day that payment is being processed.

You also can set your system permissions and designate certain employees as payment approvers, provide password protected access, and create audit trails. Having this new technology will save hundreds of accounting hours you used to spend resolving payment issues.

Improved business branding and artificial intelligence

The online portal is an excellent way to improve your business recognition and marketing with your logo and company branding. Now your customers will remember the ease of experience reviewing and completing transactions on your branded electronic website application.

In today’s digital world, there is an expectation that a certain amount of artificial intelligence (AI) is built into every platform. For example, your customers may assume you are aware of any payment problems they experience on your platform and that the technology will help solve any transaction issues instantaneously and without much difficulty.

Sophisticated payment technology today will indeed predict many issues to offer a seamless payment experience. Batch or multiple payments, for instance, have been manually tedious in the past, but with the digital online communication between payers and receivers, the information flow is significantly more streamlined.

Secure networks with every transaction

Now your employees can focus more on the immediate operational tasks at hand to stimulate your business growth. Elevating your business with innovative digital solutions can also reduce fraud. These new digital platforms only use secure networks to send and receive funds, tracking incoming and outgoing transactions.

A smart payment processing solution like ����VlogSelect (formerly known as Flume) can make all the difference to satisfy customer and vendor needs. Making the move to a digital wallet can drive business growth by improving your cash flow, increasing your vendor or supply chain relations, facilitating easy and secure payments, and predicting and solving transaction issues.

Your business has every opportunity to react more quickly and present as a leader in your industry with advanced digital payment technology. That’s just smart business sense.

To learn more about WEX, a growing and global organization, please visit our About ����Vlogpage.

The post Why digital payments? Because they’re fast, transparent, and secure appeared first on ����Vlog..