Today more than two-thirds of consumers make payments electronically, and it's largely considered one of the easiest ways to make payments. However, this trend is not reflected in businesses, where about two-thirds of B2B payments are still made by cheque. B2B payments made by cheque can result in a host of problems. Not only do these payments take an average of $17 and 10 days to process, but these payments also have an error rate of about 18%.
This means that these payments are inefficient and slow. In supply chain, and industry all about efficiency and speed, this is counterproductive to the goals of improving business operations. Electronic payment processing is an easy way to quickly improve the payment process for you and your customers. An electronic payment solution can create digital invoices, collect electronic payments, and provide receipts all in one system. Given the immense potential ROI for electronic payments, it can be an ideal solution to increasing your digitization. Don't get left behind in the digital world.