For those who have successfully navigated the transition to digital payments already, the arrival of new payments technology is great news. For most large, corporate retailers and businesses, navigating this shift will be smooth sailing thanks to internal IT and support structures. Small business owners, on the other hand, often have to go it alone.
As a business owner myself, I know just how daunting it can be to keep up with the rapidly-evolving business technology landscape. How do you tell the difference between trends that will stick and those destined to fizzle out? When it comes to payments, the answer is clear. Digitization is coming, and given the tremendous benefits these new, digital systems offer, small business owners can’t afford not to adopt them.
Consider some of the advantages these new technologies offer today:
Saving yourself (and your employees) precious time
Making and receiving payments the old fashioned way means paper, paper and - you guessed it - more paper. Digital technology has already transformed the way businesses approach everything from internal and external communications to marketing and sales, and it’s poised to upend how companies pay each other as well. Modern payment systems offer business owners automated tools to streamline the entire process, from execution of a payment to record-keeping. With digital payments, tasks that once took hours can now be completed in minutes, freeing up valuable time to focus on the core business, not payments. Remember fax machines and memo slips? Paper-based payments are next.Streamlined communication
Digital payments technologies offer business owners new ways to streamline communication around invoices, contracts, checks and other documents. There will inevitably be situations where questions around payments crop up. With these new systems, owners can instantly communicate with their suppliers, merchants, and banks, often times without the need to pick up the phone. Even better yet, all of this communication is recorded, keeping all parties on the same page with a comprehensive and easy to follow audit trail for every payment. Take it from me, quicker and clearer lines of communication between your creditor and debtors can save you from plenty of headaches down the road.Effortless organization
In my book, great organization is the telltale sign of a great company. But all too often, organization can become an afterthought. The primary culprit of disorganization: paper. Between receipts, invoices, checks and so on, small business owners are buried in a mountain of paperwork. But there is hope: new digitized payment solutions have replaced much of the paperwork formerly associated with A/P, A/R and other back office processes. Well-designed digital payment systems seamlessly link your transactional data with all the supporting details, from digital copies of contracts to relevant notes and a history of prior payments - all from within your accounting system. These and other paperless processes save small business owners from endless hassle and mess of keeping paper organized.Happy customers
Never forget the adage, the customer is always right. It’s true, and as a small business owner this should factor into the decisions you make. Today’s customers are tech-savvy. They are aware of the new digital payment platforms available to them and are using these systems more and more frequently in their personal lives, and in business. Customers enjoy using these technologies and expect merchants to universally adopt them too. You can guarantee that as your competitors adopt these technologies, consumers will come to expect their availability at your business too.Everywhere you look, there are signs of digital transformation. In 2016, we’ll see a tidal wave of innovation rushing into the payments space. If there was ever a time to get ahead of the adoption curve, it’s now.
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