Make it easy for customers to pay you by accepting all forms of payment including: electronic transfer, automated clearing house (ACH), credit cards, fintech payment processors such as PayPal, and paper checks. It will facilitate on-time payments, reduce DSO, improve efficiency, and enhance customer experience.
The two most important accepted forms of payment are ACH and credit cards. Here are some reasons why you should always accept these payment methods.
Faster Payments
Credit card and ACH payments are faster than payment by paper check. They eliminate the need for processing and mailing for the customer, and on your end payments are received faster and are easier to process. Processing and mailing paper checks can delay payments by 10 days or more.
Easy to Use
Customers benefit from the ease of setting up and using ACH and credit card payments. Your AR team benefits from easier processing and cash application.
Lower Cost
ACH and credit card payments are lower cost alternatives for customers and your company compared to the all-in cost associated with processing and mailing paper checks. ACH is lower cost than credit cards, but both forms of payment compare favorably with paper checks.
Remote Work
Payments by ACH and credit card can be made from anywhere, making it easy to work remotely. There is no need to be tied down to the office or paper files. Customers can work from home or on a trip, and your staff can process payments 24/7 from any location.
Auto Pay
ACH and credit cards can be set up for automatic payments making it even easier for customers to pay on time.
Customer Experience
Accepting ACH and credit cards enhances customer experience by eliminating the need to process checks, making it easy to work remotely, providing lower cost solutions and increasing efficiency.
Automated Accounts Receivable
ACH and credit cards are processed seamlessly by automated accounts receivable systems maximizing efficiency. Electronic invoices with hyperlinks facilitate payment. Automated AR also automatically updates financial software and ERP packages eliminating data entry for customers and your company.
Accepting all forms of payment will increase on-time payments. Automated AR processes facilitate on-time payments, reduce DSO, increase efficiency and enhance customer experience.
Digital Solutions
Accounts receivable and accounts payable cloud-based solutions with customer/vendor portals and digital processes keep vendors and customers connected whether they work remotely or not.
With a connected accounting solution for your accounts receivable and accounts payable teams to coordinate work with customers and vendors, you can go digital and enjoy the benefits of office automation.
Lockstep, a leader in cloud-based connected accounting solutions, can help you boost productivity and optimize cash flow with:
- Digital Onboarding – Collect master data directly from your customers and vendors
- Accounting Inbox – Make it easy to divvy up work and track progress
- Smart Automation – Automate menial task with accounting integration
- Online Accounts – Give customers and vendors online access to their accounts
Lockstep is an experienced software partner that can help you increase efficiency and accelerate cash flow.
If you would like to learn more about how you can benefit from connected accounting solutions, please contact Lockstep or visit us at www.lockstep.io
