As the fallout of the pandemic continues to stress landlords, property management companies, schools, insurance companies, auto leasing companies, and small to medium size businesses both financially and operationally, businesses are turning to digital services to improve cash flow and modernize their payments ecosystems.
Our research has shown that these businesses are experiencing cash flow issues associated with late payments and slow processing times for cash and reconciling cheques as businesses have no or very few staff in offices due to widespread lockdowns and social distancing measures. To address these challenges, a significant number of businesses are actively trying to change the mindset of their clients away from using cash and cheques and towards digital recurring payments, citing speed, security, and transparency, as their top priorities. Digital is fast becoming the new normal with positive sentiment, increased customer satisfaction and continued exploration suggest businesses plan to stick with and push digital business payments, even as the pandemic subsides.
The pandemic has made it alarmingly clear how labour-intensive current business payment processes are and how this impacts cash flow. Cash flow is the life blood of any business. Today, many successful businesses have run into problems because the amount of cash coming in doesn’t compare with the amount of expenditure going out.
Third-party payment service providers give businesses and their customers a choice of payment types resulting in increased financial control, better cash flow and improved operational efficiency, while reducing costs and driving efficiencies in payment reconciliation across the business’ payment ecosystem.
It’s time for businesses to ditch their costly paper habits for a recurring payments system and give their customers payment choices!