Power of PAYBOX®
A How-To Guide to Implementing Invoicing and Payments Solutions
Invoicing and payment solutions are essential tools in helping enterprises achieve healthy cash flow. To improve bottom line business results, increase operational efficiency and remain competitive in a crowded business environment, corporations need to seriously consider an electronic payments platform.
Uncovering if Your Organization Needs Invoicing and Payments Solutions
If your organization relies heavily on paper and mail-based invoices, you might be contributing to several accounts receivables department problems – and in turn, negatively affecting your organization’s financial supply chain.
Some of the most common problems organizations face include:
- Inaccuracies – Paper-based invoices almost always lead to keying errors or incomplete information.
- Late Payments – Most mail-in payments take nearly 45 days to process, increasing Days Sales Outstanding (DSO) cycle time.
- Lack of Security – Mail- in invoices are easily lost, stolen or viewed by unauthorized persons
If the pitfalls associated with paper invoicing seem familiar to you, it’s time to consider implementing an electronic solution.
How to Find the Right Invoicing and Payments Solutions for Your Organization
The transition to e-payment solutions can be overwhelming, especially for companies that are entrenched in traditional invoicing and payment routines. But like any important business decision, finding the right solution is about being informed and understanding the needs of your organization.
At Direct Insite, we know electronic payments and invoicing. That’s why we’ve put together this helpful how-to guide for you to reference as you begin researching invoicing and payments solutions:
- Select a platform that enables several payment methods. Traditional invoicing causes bottlenecks for corporate AR departments because customers are limited to one or two forms of payment. In addition to slowing down the process, manual routines are inconvenient for customers. The solution? Choose an e-payment platform that accepts ACH payments, debit and credit cards, and direct withdrawals. Customers can choose which method works best for them, and you’ll collect payments in a more timely fashion.
- Don’t skimp on security. Think about how easy it is for someone to get their hands on a paper invoice or check. It could be as simple as opening a customer’s mailbox. That’s why security is so important when selecting an electronic payments solution. Look for a platform that provides a secure paymentgateway and prompts several verification layers when customers log in. Reliable solutions also send an email or text message to users once their payment has been received.
- Metrics matter. Invoicing and payments solutions aren’t much help if you aren’t presented with real-time, in-depth metrics on things like number of late payments, customer usage reports and more. The platform you select should analyze customer payment cycles and generate overdue reports. In the long run, you’ll be able to make more accurate, data-driven decisions and improve financial supply chain operations.
Robust Invoicing and Payments Solutions at Your Fingertips
Direct Insite is committed to equipping our customers with an invoicing and payments platform that simplifies invoice payments for customers, reduces annual operating costs and improves AR department processes. That’s why we introduced PAYBOX® Core and PAYBOX® Integrated Receivables, a reverse lockbox technology for corporations and banks.
Now, electronic invoice presentment and payments are easier than ever.
Ready to learn more? Contact Direct Insite today to get started.