The Benefits of an Electronic Payment Processing Solution

A robust electronic payment processing solution is a no-brainer for corporations and banks. A step-up from outdated, manual invoicing methods, electronic payments allow companies to reconcile and settle invoices in a much timelier fashion than can be achieved using mail-in or over-the-phone payment processes.

The Benefits of an Electronic Payment Processing Solution

An electronic payment system gives corporations the tools they need to automate invoice distribution, receiving and settlement. This means no more dealing with printing and postage fees, late payments and other costs.

Interested in a few more reasons why a payment processing solution is the right move for your organization? Consider these benefits:

  • Easy to Use – Most AR departments have relied on mail-in checks and phone calls for customers to settle invoices. In addition to slowing down payment collections, these payment channels can quickly overwhelm AR departments during periods of peak demand. A high volume of calls means longer wait times and ultimately, unhappy customers. A Web-based electronic payment portal enables customers to log in any time to pay current invoices.
  • Customer Information Is Protected – The last thing customers want to worry about is the safety and integrity of their financial information. Unfortunately, paper-based invoices don’t do much to protect sensitive information. A secure payment processing solution requires users to enter a unique username and password, mitigating the risk of an unauthorized party gaining access to customer information. It also protects companies from payments fraud, deploying several layers of verification before a payment is processed and submitted.
  • It’s Cost-Efficient – It might come as a surprise to most organizations that paper invoices can cost up to $7 per invoice. Over time, printing and mailing fees add up, causing organizational costs to skyrocket. Since an electronic payment platform leverages electronic presentment, printing and mailing fees are no longer a factor, costing 50 percent less than traditional methods. With the money saved, companies can look at new investment opportunities.

Easy Payment Processing Solutions from Direct Insite

A user-friendly electronic payments portal is within your reach with PAYBOX® Core and PAYBOX® Integrated Receivables. PAYBOX® is a secure, PCI-compliant payment gateway that simplifies electronic invoice reconciliation and settlement for both corporations and their customers.

Without PAYBOX®, corporate AR departments are looking at invoicing cycles that take at least 45 days from distribution to settlement. With PAYBOX®, the invoicing cycle is reduced to 10 days.

To learn more about what makes PAYBOX® the ultimate payment processing solution, contact us today.

Electronic Payments