Power of PAYBOX®
The Benefits of a Simple Electronic Payment System
The shift in accounts receivables processes has led to increased use of electronic payment systems. Simple, robust and user-friendly technology can be a useful asset to organizations that process thousands of invoices regularly.
The use of payment processing technology delivers organizational and business benefits to companies who say goodbye to antiquated paper methods and take advantage of electronic solutions.
Stay Simple: The Benefits of an Electronic Payment System
For organizations that continue to use traditional accounts receivables processes, the migration to an electronic payment system might sound expensive and complicated. But the truth is, payment processing technology makes day-to-day tasks far easier for AR department personnel.
Still on the fence about going electronic? Remember how “simple” electronic payments can make things, and the benefits it delivers:
- Straight-Through Receivables Processing – Electronic payments result in straight-through receivables posting rates of more than 80 percent.
- Improve Days Sales Outstanding (DSO) – Paper invoices negatively affect a company’s ability to collect payments in a timely manner, which directly impacts DSO. Since electronic payments from customers are received and processed faster, companies experience an immediate turnaround in DSO cycle time.
- Mitigate Late Payments – A top-tier electronic payment system accelerates payment receiving and processing by granting customers instant access to their accounts and equipping them with the ability to settle invoices at their earliest convenience.
- Protect Customer Information – Paper invoices are at risk for unauthorized third-party viewing. An electronic payment solution protects customer information, safeguarding customer data through a highly secure web portal that prevents payment fraud.
- Lower Operational Costs – Since payments are processed electronically, the need for manual, labor-intensive processes is dramatically reduced. This includes money spent on printing, mailing and processing paper invoices. Additionally, departments can save on employee resources, redirecting department members to areas that need immediate attention.
- Enhance Regulatory Compliance – The adoption of electronic payment software helps organizations improve compliance. Better compliance reduces the organization’s exposure to sanctions, fees and other penalties.
A cost-effective, user-friendly electronic payment system is closer than you think.
PAYBOX® makes electronic payments a simple, headache-free task. A secure, PCI-compliant gateway, PAYBOX® processes credit card, ACH and EFT payments, streamlining invoice settlement and payment for your clients.
Worried about transitioning from your paper-based system? Don’t be. Direct Insite’s print mail transition services streamline the transition for customers between paper invoices and an electronic solution, making system adoption a simple task.
Ready to experience the full benefits of an electronic payment system? Contact Direct Insite to get started today.