Digital Payments Can Benefit Your Business
An already increasing digital market is now the norm as the pandemic of the past two years made it essential for public health. Businesses that were not able to adapt to contactless methods of receiving payments and delivering goods found it difficult to compete with those who did. If you haven’t implemented digital payments into your business model you may find doing so is more accessible than you first thought and may provide benefits you hadn’t considered.
Digital Payments Defined
A digital payment is any method of sending or receiving payment electronically without the need for cash or paper checks. The most common digital method is the credit card or an ACH (Automatic Clearing House) payment from a bank account, but many people now are using applications on their smartphones that connect to their bank accounts. These apps allow purchasers to have all of their payment methods in a digital “wallet or purse” to use for purchases online and in stores.
Accepting Digital Payments
There are several reasons why businesses should consider accepting digital payments:
- It’s what more and more customers are expecting. Customers may take their business somewhere else if they can’t pay digitally. Receiving digital payments greatly increases your customer base.
- It saves time. Programs offered by companies like Xpress Pay, info.xpress-pay.com give you options for receiving and seeing all transactions in real-time. Their platforms automatically deposit digital payments into your accounts, and can also automatically integrate these transactions with accounting software like Quickbooks. This can save hours each week in accounting work.
- It assures payments are received on time. Receiving payments digitally means you can be paid immediately after completing a job or even before starting an order. There is no running to a bank to make sure a check won’t bounce or chasing after payment for an invoiced charge.
- It allows you to receive secure payments through your website, company app, or smartphone. You don’t have to turn away customers who don’t have cash or a check. Instead, you can give them a convenient, fast, and secure way to pay you.
Using Digital Payments For Company Spending
Many will talk about the benefits of receiving digital payments, but some don’t realize the benefits of using digital payments for company expenses.
- Just as easily as income from digital payments can automatically be integrated into accounting software, the same can be said for digital expense payments. Companies are saving themselves time and money by setting up automatic digital payments for reoccurring expenses. Even more time is saved when these expenses are automatically and fully integrated into accounting software and expense reports.
- Many corporate credit card companies have developed apps that allow cardholders to upload receipts and file expense reports through the credit card company’s online portal. Some vendors will even send a digital itemized receipt to the credit card company, saving the cardholder the extra step of scanning and uploading a receipt. Again, these features save their employees time and money in expense reporting. It also allows the business to track spending in real-time and prevent fraudulent spending.
Digital Is Here To Stay
Paper cash and checks are becoming the exception rather than the rule. Companies that do not implement methods for receiving and accepting digital payments will fall behind in a digital market that is here to stay.