The 4 S's of Electronic Payment Solutions

Considering electronic payment solutions for your organization? You’re not alone. Electronic payments have grown in popularity in the accounts receivables departments of large corporations across a variety of industries. Online payment processing allows organizations to move away from siloed check and over-the-phone payment processes, and embrace a far simpler method for settling invoices.

The 4 S’s of Electronic Payment Solutions

An automated payment solution gives businesses the ability to distribute, receive and settle invoices on an entirely electronic basis. This means no more paper invoices or postage fees, and the number of late payments declines dramatically.

Companies are sometimes on the fence about electronic payment solutions for several reasons:

  • It’s too expensive to implement
  • Fear that customers might not be happy about the change
  • Organizations are not sure which solution will deliver the highest return on investment

While these are all valid concerns, banks and corporations are actually taking a greater risk by sticking to traditional payment processing methods. An automated payment platform delivers high value for corporations that deal in accounts receivables. These benefits can best be summed up with four S’s:

  • Simplicity – Historically, invoices have been settled over the phone or by mailing in a check. With hundreds of customers calling into AR departments and a limited number of personnel available to take those calls, customers are left waiting for several minutes before they can pay. An electronic system is typically hosted on a web portal, where customers can log in 24/7 to easily settle invoices – no phone calls and no waiting required.
  • Security – Paper-based invoices and manual payments can be lost or intercepted by an unauthorized third party, putting customers’ sensitive financial information in jeopardy. A secure electronic payment gateway deploys several layers of verification before users submit payments via a PCI-compliant gateway. Not only does this protect customers’ financial information, but it also guards organizations against payments fraud. In addition, some systems send an email or text message to customers to notify them that payment on their account has been received.
  • Straight-Through Receivables Processing – With electronic payment solutions, straight-through receivables show posting rates of more than 80 percent, something organizations just can’t achieve with traditional, paper-based invoicing and payment methods.
  • Satisfaction – Customers don’t want to be limited to one or two payment options. They want convenience and choice. An automated payments platform enables customers to set-up automatic withdrawals from their personal bank accounts, or pay with a variety of accepted credit cards. When customers are able to control the amount they pay, the form of payment and the settlement date, overall satisfaction increases.

Take Advantage of Leading Electronic Payment Solutions’

PAYBOX® is a payment reconciliation system from Direct Insite for corporations and banks. Electronic payment capabilities allow users to access their accounts through a secure web portal. PAYBOX is set up to accept a variety of payment options, and grants customers complete insight and visibility into payment cycles.

To learn more about what makes PAYBOX® an industry-leader in electronic payment solutions, contact us today.

Electronic Payments