Power of PAYBOX®
The Advantages of Electronic Payment Services
Accounts receivables departments are subject to checks and over-the-phone payments, right? Wrong. More and more organizations are taking advantage of electronic payment services for quicker invoice settlement. Nearly everyone the ability to make payments via a credit card or a bank account set up for automatic withdrawals. Companies that leverage online payment portals have a positive impact both on customers and AR personnel.
The Benefits of Using Electronic Payments
Electronic payment gateways should be PCI-compliant and facilitate easy use for customers and corporate accounts receivables departments. Companies typically shy away from transitioning to an online payment portal over fears that it might not deliver expected return on investment, or customers won’t be happy about the changes. But the truth is that online payments are easy for customers to use and speed up otherwise slow invoice settlement times.
Additional benefits of electronically settling invoices include:
- Robust Security – A secure payment gateway provides several verification layers before customers can submit an online payment, protecting companies from payment fraud. And customers are protected through notifications (either via text or email), that alert them once a payment has been received and processed.
- More Cost-Conscious – Printing and mailing paper invoices increases costs for the organization. When customers settle invoices electronically, enterprises can cut back on production and labor costs. Fees associated with invoice production and presentment can be lowered by up to 90 percent.
- Better Customer Relationships – If there’s one thing customers appreciate, it’s convenience, something that isn’t easily achieved with paper invoices. But with online payment technology, customers can schedule automatic withdrawals from their accounts, and choose from various accepted payment options. The simpler invoice settlement means happier customers and a shorter payment cycle for organizations.
- Increase Working Capital – The ease and efficiency of electronically settling invoices typically translates into faster cash receipts, which means an improvement in working capital and Days Sales Outstanding (DSO) rates.
An innovative reverse lockbox platform, PAYBOX® simplifies electronic payments through a secure, easy-to-use solution. A PCI-compliant gateway, PAYBOX® processes several payment types including credit cards, ACH processing and electronic funds transfers (EFT), simplifying the invoice settlement process for your clients.
Still using a paper-based system? No problem. Our print mail transition services streamline the transition for customers between paper invoices and an electronic solution. You’ll experience accelerated DSO and straight-through posting rates of more than 80 percent.
Interested in learning more? Contact us today.