5 Ways to Improve Payments Processing

More than ever, fast-growing enterprises need to find new ways to improve payments processing. Unfortunately, many enterprises are still implementing systems that are slow, outdated and not as beneficial to their financial supply chain as they could be.

To increase their efficiency and maximize cash flow, business need to implement strategies and technologies that can improve payments processing and accelerate Days Sales Outstanding (DSO).

Steps to Achieving Better Payments Processing

There are at least five strategies that can help improve payments processing in your organization’s AR department:

  1. Transition to an E-Invoicing System – Paper-based invoices can take longer to generate and distribute to customers. These manual routines can also increase the likelihood of inaccuracies or payments processing delays. An electronic system can eliminate these issues and reduce labor costs due to a lower demand for AR personnel.
  2. Simplify Dispute Resolution – Disputed invoices are a fact of life in most enterprise AR departments. The problem is that they slow down payments processing and have a negative effect on cash flow and other financial metrics. It’s important to implement a process or plan of action for resolving disputes. Streamlined dispute resolution is convenient for the customer as well as the AR department. By efficiently handling disputes, you can reduce payment obstacles.
  3. Improve Customer Service Capabilities – To increase payments processing time, consider the invoicing and payment cycle from the perspective of your customers. Technologies that give your customers anytime, anywhere access improve customer service and make it easier for payers to manage invoices and payments. By improving customer service with advanced electronic invoicing and payment solutions, you can create goodwill with your customers—which ultimately translates into loyalty gains and increased purchasing.
  4. Effectively Manage Discounts – Discounting gives payers a financial incentive to reduce payment turnaround times. E-invoicing portals automate discount management with pre-determined discount rates, customer-facing discount options and dynamic discount requests or renegotiation capabilities. By more effectively managing discounts, AR can significantly increase cash flow and create more predictable payment cycles.
  5. Enhanced Payments Security – AR executives often fail to consider the impact data security has on payments processing and turnaround times. But a single data breach can send your organization into a tailspin and possibly lead customers to revert to antiquated paper-based payment routines to protect their payment information. A PCI-certified payment gateway protects your customers' data, incentivizing them to adopt e-payment technology.

Direct Insite: Payments Processing Made Easy

Direct Insite’s PAYBOX® platform is a highly effective solution for improving payments processing time. Combining electronic presentment and invoice distribution, dispute management, real-time reports and other features meant to maximize cash flow, PAYBOX® ensures that payments processing will be a smooth and simple procedure for your company’s AR department.

Ready to maximize your payments processing? Call us at (610)-212-2487 or email us at sales@directinsite.com for a private demonstration of Direct Insite’s PAYBOX® platform.

 

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