Is a Digital Business Payments Company Right For my Business?

Is your business still handwriting checks, filling out envelopes and at the last-minute running to the post office to buy stamps? Recent research shows that 90% percent of surveyed U.S. businesses still rely on paper checks and other manual processes.

Issues like long approval cycles and missing information on invoices are the leading cause of payment delays and missed discounts. It’s a time-consuming, inefficient, and costly way to work.

If you’re one of those businesses, we recommend you try a digital business payments company like Bill.com. Whether you’re focused on paying or getting paid, digital business payment software simplifies and automates the entire process. This software allows businesses to pay bills and receive ePayments through ACH, which is the quickest, most efficient and cost-effective method to pay or receive payment. Digital business payment companies helps businesses make EFT payments, which is a quick and secure way for business to business transactions.

Digital business payments software makes paper-based manual transaction processing obsolete by transforming how companies manage their cash inflows and outflows, creating efficiencies and freeing their customers to run their businesses.

They’ve been helping businesses streamline their financial workflow, generate and process invoices, streamline approvals, send and receive payments, sync with their accounting system, and manage their cash. As a result, the software is central to accounts payable and accounts receivable operations for businesses.

Whether you use QuickBooks, Xero, Oracle NetSuite, or Sage Intacct accounting software, it’s usually pretty easy to integrate by automatically syncs with your top accounting software; keeping your books consistent and speeding up reconciliation. Their sync capability helps you seamlessly add payment and approval workflows into your accounts payable process.

Digital business payments gives QuickBooks and Xero users the ability to track their payments—from approval routing to funds transfer. The software syncs with the following data objects and more:

  • Chart of accounts
  • Bills
  • Vendors
  • Customers
  • Invoices
  • Payments received

Benefits provided for Account Payable:

  • REVIEW YOUR BILLS: IVA auto-enters invoice data for your review, then starts the bill approval process in real-time.
  • SIMPLIFY APPROVALS: Customize your approval flow for easy, automated routing. Set custom roles and policies to fit your approval flow, and Bill.com will remember them for future bills.
  • PAY WITH EASE: Send payments using ACH or international wire transfers. See your payments in and payments out in a single view, so you always know how much you have available for payments.
  • REDUCE HUMAN ERROR: Get notified immediately if something doesn’t look right—like a duplicate invoice or payment—and take action.
  • STAY UP TO DATE: Sync with your software for fast payment reconciliation. Bill.com syncs with your accounting software after each transaction, so accounts reconcile faster and your books are always up to date.

Benefits provided for Account Receivable:

  • SELECT PAYMENT TYPE: Payment options include ACH processing, credit card, or PayPal.
  • SEND AUTOMATED INVOICES: Customers review and pay from any device. Just enter your customer’s information, and we take it from there. Customers are notified when a new invoice is ready to be paid.
  • INVOICE AUTOMATICALLY: Forget keying in identical invoices every month. Set up automated billing so customers know exactly when and how to pay.
  • GET PAID FASTER: Send personalized, automated reminders. Who has time to deposit stacks of checks by hand? Payment options include ACH, credit card, and PayPal.
  • IMPROVE CUSTOMER RELATIONSHIPS: Exchange questions and answers with customers using notes and comments, all within the app. No more phone tag!

Makes business payments simple, fast, and secure

Payment Process:

  • CAPTURE: Drop invoices in, and the software auto-enters the data for your review.
  • APPROVE: Set up workflows and rules for faster, easier approvals from any device.
  • PAY: Send bill payments to domestic or international vendors in just a few clicks.
  • RECONCILE: Sync with your accounting system for fast reconciliation and less data entry.

Receiving Payment: SELECT: Pick how you’re paid—options include ACH payments, credit card, or PayPal.

SEND: Invoice your customers electronically for faster bill pay.

RECEIVE: Get paid 2x faster than with paper checks.

RECONCILE: Sync with your accounting system for fast reconciliation and less data entry.

Getting started is simple. Their fast, easy setup usually takes less than 60 minutes. Plus, most of the larger software companies allow access to their customer service and payment support teams. They have a risk free trial and offer a variety of pricing plans to fit your exact business needs.

Bill.com is one of the larger digital business payment companies. If you want to investigate similar options you can visit the following link: https://www.trustradius.com/products/bill-com/competitors

Should you have additional questions or would like to learn how digital business payment companies can help the Allen Wine Group manage your account, please give us a call today. (707) 528-3860