“Time is money” may be a cliché, but in business it’s also indisputable.
Automated payment collection and processing offers a faster solution than the old-fashioned method of collecting payments through invoices. But today’s small companies may not think it makes that much difference. In fact, one industry expert estimates that no more than 5% of small service providers in the U.S. are currently using end-to-end automation for payment processing.
The irony is that these are the types of companies that would benefit most from ditching their manual business processes.
A small company only has a few employees, so every hour spent on invoicing, running back and forth to the bank and other tasks is time taken away from servicing current customers and finding new ones.
Without an automated system, the billing process takes longer and is subject to more errors. And since employees may not have time to chase down every late payment, some invoices typically never get paid at all. For a company that may require every incoming dollar to expand or even just to stay afloat, that type of loss can be devastating.
An automated payment processing solution is not only convenient but also affordable, and once these company owners realize how efficiently they can now collect customer payments, without the tedious administrative work and with no lapses in cash flow, they will wonder why they didn’t make the switch sooner.
With a small business, whether there is ten employees or just one, every customer counts and every job deserves fast payment. Automated payment processing can play a critical role in keeping these businesses in business.