Going All Digital Reducing or Eliminating Paper Payments
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US-based FinTech company helping companies integrate payment acceptance through E-commerce, ERP, Accounting and POS
Seventy-five percent of organizations still use paper checks for payments, yet 83 percent said that adopting fully electronic payment processing is essential, according to a recent PYMNTS Intelligence report.
The use of paper checks results in slower, more expensive transactions as costs associated with issuing checks range from $40 to $20 per check, compared to the cost of digital transactions, which is approximately 30 cents per transaction. Utilizing paper checks also increases the potential for error as well as and longer days sales outstanding (DSO).
For example, the construction industry, in which 76 percent of subcontractors receive payments through paper checks, suffered $273 billion in losses due to slow payments in 2023 alone.
Digital B2B Payments Enhance Cash Flow and Financial Stability
Digital B2B payments speed up transaction times and enhance payment reliability and accuracy, positively affecting cash flow and financial stability. Adopting digital payments helps businesses be more successful in their financial management, including:
Strengthened Buyer-Supplier Relationships
Digital payments have proven to boost customer satisfaction and loyalty as well as operational efficiency. In fact, according to the PYMNTS Intelligence report, 71 percent of business buyers are loyal to companies that offer their preferred digital payment methods. In addition, 91 percent of manufacturers consider real-time payments essential to improving supplier relationships.
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According to the PYMTS Intelligence report, 79 percent of vendors prefer digital payments, including virtual cards, due to faster processing times. Digital payments enable suppliers to receive payments easily and securely, enabling features such as supply chain financing and discounting to encourage timely payments.
An additional PYMNTS report predicts that up to 80 percent of all buyer-supplier payment transactions could be digital by 2025.
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