With technology and the internet playing such monumental roles in our day-to-day lives, it’s hard to remember a time when we weren’t able to perform virtually any task or get the answer to any question with the click of a button.According to a 2016 report compiled by We Are Social using data collected from the Global Web Index, Americans spend, on average, 6.2 hours each day on the internet (4.3 hours on a laptop/desktop, 1.9 hours on a mobile device).
That being said, there was a time when people were leery of using the internet, especially when it came to making payments online. That fear quickly dissipated once advanced internet security protocol and procedures were put in place. Now, electronic billing and online payment portals have become the norm – offering freedom, flexibility, and cost-savings for both billers and payers alike. It should come as no surprise that business professionals now want and expect to be able to perform tasks the same way at work as they do at home – that includes paying their company bills online.
As a trusted vendor that wants to give their clients the best customer experience possible AND a company that wants to lower their DSO, below are five reasons why your B2B company should embrace electronic invoicing and an online payment portal.
Paying invoices electronically saves YOUR CUSTOMER time and money.
Why spend money on postage and late fees when you have online payments as an option? By offering an online payment portal, customers do not need to take time to write checks or money orders, run to the post office, or sit on hold just to pay an invoice via telephone. With online bill pay, they’re done paying their bill in just a matter of clicks.
Sending invoices electronically saves YOU time and money.
Not only does an online payment portal give your customers the option to save time and money, it saves your company the time and money it takes to send out paper invoices and account statements. No more postage and paper costs, time spent stuffing envelopes, etc. Plus, giving them the option to pay you with just a few clicks of a button gets your company paid faster. So, online payments not only save you money and time, but increase your cash flow as well.
An online payment portal provides more recourse in case of a dispute.
The risk of sending an invoice, and oppositely, a payment via snail mail is that you have little options in the way of tracking these important transactions. When you mail an invoice to your customers or your customer mails a payment back, there is no confirmation whatsoever that the invoice was received or that the payment was sent back. However, with an online payment portal that manages the sending and receiving of invoices between a company and its business customers, both parties have greater visibility into the status of an invoice, as well as the subsequent online payment. Online invoicing and payment portals provide invoice delivery receipts, confirmation numbers, transaction receipts, and various other communications regarding the delivery/payment status of an invoice. A virtual audit trail is created with very little effort from either side of the transaction.
But with greater visibility comes greater risk, right?
If you use a third-party solution like TermSync to give your customers the option to pay their invoices online, you can rest easy knowing that world-class security measures have been put in place to make these payments equally as secure. The less untraceable confidential information you’re sending via postal mail (or really any delivery method) — such as the information on paper invoices, account statements, or checks — the better.
An online payment portal is better for the environment.
An electronic payment solution gives you and your customers the ability to reduce your carbon footprint by limiting the quantity of paper being used. Less paper means less waste in the landfills (and less clutter on your desk!). By sending documents electronically and paying bills online, the need for postage, copy paper, envelopes, etc. decreases, which means less energy and fuel being expended on printing, processing, mailing, and transporting them.
Want to learn more about how you can use our solution to create your own payment portal? Request a demo here to find out more about how you can offer a free online payment option to your customers and much more with TermSync’s customer portal.