How Much Payment Automation is Right for You?
Many tools exist to maximize the efficiency of your payment processes
Every business must deal with payments. Whether making them or receiving them, companies employ tactics to make these processes easier, save time and mitigate payment risk. But with today’s technology, you’re falling behind if you’re not taking advantage of all that’s available.
When it comes to automation there are a wide range of tools available – from simple to complex – that can help streamline your payables and receivables processes. But, where do you begin?
It all depends on what you want to accomplish. From staff cost and time reductions to mitigating payment risk and fraud to full automation of your manual accounts payable (AP) and accounts receivable (AR) tasks, many tools exist to maximize the efficiency of your payment processes.
Solutions to common payment issues can start simply enough, such as finding a way to make cash/check/wire payments easier. And for some businesses, that’s all they need.
But maybe you want to turn your AP department into a revenue generator. Programs like the CommercePayments AP Card leverage the credit cycle to earn more on cash deposits. Plus, you can earn revenue share with each purchase providing a new stream of revenue.
To streamline your payables department as much as possible, go with Invoice Automation, where invoices and payments are processed automatically, and discrepancies are resolved through a web interface reducing staff time and errors.
On the receivables side, you can start modestly by simplifying your processes with electronic bill collection or remote deposit capture.
You can also reallocate staff members to more important tasks with the efficiencies provided by tools like Wholesale Lockbox. This tool gives you quicker access to deposits, detailed data entry and secure retention and destruction of files.
Full automation with a product like Integrated Receivables can maximize your time — a single file for posting gains efficiency while allowing your customers to pay any way they want.
Across the board there is a progression of payment solutions to replace manual payment tasks, ranging from simple to complex solutions that help automate your payments. The choice of products you want to utilize boils down to how efficient you want to be and around what areas you want to build lasting strategies. No matter what, you’ll end up with streamlined payments processes and a more efficient payables and receivables department
CommercePayments solutions are provided by Commerce Bank and can help you determine how much automation is right for you.
(This sponsored content was provided by Commerce Bank.)
Robin J. Wandschneider-Stiegelmar is Commerce Bank’s team lead for retail banking and small business banking in the Denver market. Commerce Bank has four locations in the Denver metro area, with its newest location now open in the Highlands at 3550 W. 38th Avenue.