Let’s face it, uncertainty makes you want to run to your comfort zone, but it’s also an opportunity to embrace it and find creative ways to adapt. With COVID-19 turning the world upside down for who knows how long and a recession looming right behind it, companies are under pressure to cut expenses and find new revenue. To tackle these challenges, there’s a resource you should consider: your payables department. Using an electronic payments solution, not only can you streamline processes and cut costs, it can reduce payments and add revenue to your bottom line. Here are three reasons why virtual payments can help your business adapt during uncertain times.
Ensure Business Continuity
Consider for a moment what your current accounts payable workflows involve. At best, it is a time- and labor-intensive process. At worst, it is a dilemma of bottlenecked and paper based processes. Now imagine those processes being carried out by an AP department working from home? A digital AP solution provides the flexibility to run efficient processes from anywhere.
Generate New Revenue
Electronic payments, specifically virtual payments, generate revenue. It’s the competitive advantage no business likes to share. Companies smart enough to integrate a virtual payments solution into their ERP receive a rebate on the payments made. As the old adage says, turn your cost center into a revenue center and there is no better time!
Plus, when an electronic payments partner has supplier enablement resources to maximize payment terms and optimize discounts for early payment, the benefits to your bottom line can be even greater.
Enhance Security
Like everyone else, AP departments are shifting rapidly to a work-from-home scenario; sometimes without the necessary security or equipment. Checks still make up more than seven trillion dollars in B2B payments every year, indicating many companies are shifting to work-from-home with antiquated processes. Imagine employees risking their own well-being to access printers at the office or opting to take a printer and box of checks home to their makeshift office. Beyond the inherent mitigation of fraud risk achieved with electronic payables, there is the added benefit of everything being handled securely online, with no paper and no virus exposure.
Bottom Line
Businesses looking to achieve and maintain a competitive advantage in the marketplace must assess their current operational strategies, including their accounts payable processes. Embracing electronic payments can add revenue, save time and money, reduce both the incidence and effects of human data entry error, improve cash flow management and contribute to the overall success of your organization — in this crisis and the next.
About Greg Sassone:
Greg Sassone is a results-driven banking and payments executive with a strong background in the areas of product management, product development, marketing, P&L management and strategic planning. As vice president, WEX Corporate Payment Solutions, Greg is focusing on serving the unique payments needs of financial institutions, technology partners, corporate accounts payable and corporate customers.
A seasoned leader within the corporate payments business, Greg worked for Mastercard and Citibank in a variety of product and marketing management roles prior to joining WEX. A project-oriented professional with global business management experience, Greg has the proven ability to develop innovative concepts, establish cutting-edge business proposals and successfully connect with the implementation process.