The Future of B2B Pay is Digital
If you’re in the B2B industry, the chances are that you’re paying the majority of bills with checks. Merchants in this vertical tend to prefer check payments to avoid credit card processing fees on high ticket items. Regardless, paper has become antiquated and inefficient; most businesses have opted to switch to digital payments, otherwise known as e-checks. E-checks maintain a considerable advantage over physical checks in simplicity, speed, cost and security.
Financial departments spend a significant amount of time printing and mailing checks, whereas e-checks can be completed in just a few moments from start to finish. Digitized payments are a scalable solution that reduces staffing and hiring needs for growing businesses.
E-checks can be sent right away, and are deposited in your vendors’ bank accounts without any wait time or follow up required. Digital payments also have the benefits of improved cash flow for businesses, since it is easier to balance cash inflows and outflows versus waiting for checks to be deposited.
E-payments are extremely inexpensive; costing merchants less than the price of a stamp, nevermind the overhead savings from increased efficiency.
Paper checks are extremely vulnerable to foul play. A recent survey conducted by the Association for Financial Professionals revealed that 71 percent of companies experienced actual or attempted check fraud in 2016. Using a secure web portal significantly simply makes for safer payments.
For businesses that still receive paper checks from their clients, Fidelity has a solution for incoming checks as well. To save a trip to the bank, merchants can lease a check scanner to deposit payments into their bank accounts without a trip to the bank. Another alternative is to provide clients with a payment portal for them to submit e-checks.
For companies to grow and stay lean, they will need to embrace the technologies of e-checks. Fidelity offers simple and practical solutions for merchants of all sizes and industries. Contact us for information about implementing digital payments at your business.