Why Your Organization Needs Electronic Payment Processing

Banks and corporations have likely heard about electronic payment processing solutions, but they might still be unsure about why they should consider implementing a new platform in their organizations. Traditional methods of payment processing have worked fine so far, right?

But companies that require customers to mail-in payments or settle invoices over the phone are actually bleeding revenue and business performance, threatening the financial health of the organization. .

Top Reasons Your Organization Needs Electronic Payment Processing

Paper-based payment processes are cumbersome and time-consuming, requiring too much time and energy from both employees and customers. Nearly everyone has the ability to make payments via credit card or direct bank withdrawals. Why not take advantage of it?

Large organizations that choose to move away from paper-based payment methods and leverage electronic payment processing experience an uptick in departmental efficiency and business performance.

Additional reasons organizations should consider going electronic include:

  • Improved Days Sales Outstanding (DSO) – Since customers can pay as soon as their invoice is made available, an electronic payment system helps companies improve DSO cycle time.
  • Reduced Amount of Overdue and Late Payments – No more waiting for that check or phone call from a customer. With an electronic payment system, customers are able to log in 24/7 to settle invoices. Even more, payments are processed immediately.
  • Streamlined Dispute Resolution – An electronic payment processing system gives companies greater visibility into payment records and information accuracy, simplifying common customer disputes in a quick fashion.
  • Increased Industry Compliance – It’s important for companies to remain complaint with industry and federal regulation to avoid hefty non-compliance fees. An automated payment platform makes it easier for enterprises to track and monitor necessary metrics.
  • Enhanced Security – Customers want assurances that their sensitive financial data is constantly protected. An electronic payment system leverages a high level of encryption to protect customers from data theft, and to protect companies from payment fraud.
  • Improved Workforce Performance – Accounts receivables department personnel won’t be bogged down manually processing customer payments, allowing them to focus on and complete more tasks.

Electronic Payments Made Simple

Ready to say hello to electronic payment processing?

Direct Insite’s PAYBOX® platform helps global organizations improve AR department processes through a simplified, innovative payment processing solution. PAYBOX is equipped to processes payments via credit and debit card, the Automated Clearing House (ACH) network and electronic funds transfers (EFT).

With PAYBOX®, processing and settling invoices is easier than ever before. To learn more about PAYBOX® as an electronic payment processing solution, contact us today.

Electronic Payments