B2B payment transactions are delicate operations to circumnavigate, especially since dependency upon manual payment methods can complicate B2B transactions. Advanced companies have been wisely choosing payment automation to accomplish sustainable growth and optimize their team’s most valuable resource – time.
Since the B2B industry is rapidly growing, a maximum number of businesses are expected to shift from manual payment practice to payment automation. Shifting from manual method to automated payment method can considerably lessen the costs allied with making payments as well as improve processing time. Automating B2B payment flow improves back-office processes and also enhances the cash flow as money flows in and out of the accounts efficiently.
Payment automation has been widely popular because of cost-saving and efficiency and this pandemic has highlighted the importance of managing payment processes remotely as well as building a scalable payment method that helps evolve B2B companies from traditional to conventional payment methods.
How automating B2B payment flow can make your business successful?
Using manual methods of payments like paper checks, credit cards, and their associated charges will consume resources for those unwilling to change. Those businesses that shift towards digital payments will be at the mercy of card networks and their tendencies to raise processing fees.
Beside the cost cutting and time plus efficiency savings included in the new digital payment paradigm, there is the benefit of rapidly accessing all AR data in one integrated system and you don’t have to wait longer for the mailer to deliver the mail or in some cases, tracking down a lost envelope.
B2B payment automation saves your team’s time spent on a day-to-day manual activity and lets employees focus on more strategic initiatives.
Benefits of automated B2B payment solutions
Automated payment solutions overwhelm your end users with many convenient payment options. Automated billing solutions will make sure your business caters to most forms of payments. It offers businesses the opportunity to manage traditional payments such as credit cards, paper checks and many more as well as manage new payment procedures such as bank to bank networks. This will assure your customers will discover their preferred transaction method no matter what type of payment they use.
A dedicated team for managing account payables and receivables will be both incur costs as well as consume time. However, choosing the ideal automated billing solution without any expensive transfer charges will help you save cash.
A secure automated payment solution will dynamically monitor all your invasions or attacks. Higher security will provide enhanced customer satisfaction and allow them to complete a stress-free transaction.
Control your stress
Stress comes from a lack of control in uncertain times. Uncertain times such as COVID will put you in positions where you are unaware of what will happen next. Businesses might suffer from delayed payments or blocked payments and this will result in diminished cash flow. Payment automation can streamline procedures so you can control how and when payment transactions are accomplished to make sure enhanced business continuity. It provides total control and visibility of payment procedures to help control payments when payments are made.
Manual process can consume a month’s time to get an invoice approval and issue the payment. It is because there are several intense steps included in processing an invoice manually. Waiting from a physical copy in the mail to searching for purchase orders and receipts in the file room, manual invoice processing seems to be never ending.
A truly automated billing solution will eradicate the time consumed in a lengthy manual process and also eliminate the credit card fees and speed up the company’s revenue cycle. It helps your customers find a reliable method for shifting from paper invoices and checks to the more efficient and renowned method of using digital payments.
Muvi Billing allows you to automate recurring billing, manage subscription-based payments as well as deliver customized invoices to your customers globally. It can help your B2B recurring business model get a triumphant method to automate the entire subscription order-to-revenue procedure flawlessly.
Are you planning to get started? Take a 14 days free trial to know how transforming and automating your manual payment methods can boost your revenue flow.