Automation helps businesses focus on customers
Using automation in B2B payments is key to having a healthy and growing business, EVO Project Management Director Marcy Stumpf told PYMNTS. She provided three examples that demonstrate the value of automation.
First, automation enables connectivity between services. So when a customer calls a business with a question about an invoice or the status of a payment, any department can look up that invoice and see if it’s paid.
Second, with automation, a business can have payments on file. They can see if there is a recurring payment that occurs automatically, if this is the correct payment size, and if the card or bank account is the one they want to use for that payment.
Third, automation allows a business to continue operating when an employee is gone. If an employee has to be absent for a period of time, leaves or changes positions, operations can continue.
“A business on automation can continue to operate on autopilot, and not just on autopilot, but there is also visibility into all of a business’s functions to keep it running as usual.” , Stumpf said.
Bridging the gap between the payment system and the accounting back-end
Recurring payments are part of the automation. In addition to allowing a business to schedule payments in advance, recurring payments allow the business to bridge the gap between a payment system and an accounting back-end so that it no longer requires a manual process. .
âRecurring payments are instant efficiencyâ¦ as well as a recurring solution to having a smooth internal process that will do its own thing without a human having to verify it,â Stumpf said.
Automation also includes portfolios and paid links. These provide a faster way to do business by eliminating the need to get an invoice, log into a portal, find the invoice online, enter a routing number or credit card number. credit, then pay. With a wallet and payment link, the user only has to click once to view the invoice and then use the already saved payment method.
Respond to new purchasing and delivery preferences
âIf you think about it, as a consumer – whether you’re a business consumer or in your personal life – everything is on the move, and you’re on your mobile more often than your real computer,â Stumpf said. . âSo we see it more and more as the norm in everyday life and also in business. “
Portfolios and paid links have been especially valuable for those who handle wholesale. With more and more customers wanting to order online and pick up products from the curb or have them delivered to their doorstep, rather than going into the warehouse and removing the product from the shelves, these payment methods are helping to maintain proper functioning.
âIts most important impact is on the efficiency and speed with which we run our business today,â Stumpf said.
Focus on the manufacture and delivery of goods
Looking ahead, Stumpf said payment technologies and service providers must meet the needs of businesses as they change their operations, business model and how they market. With more and more companies opting for a flexible or work-from-home model, they will have to take over the job even when they don’t have anyone in an office. This is just one of the changes small and medium-sized enterprises (SMEs) are making in the way they do business.
She gave the example of a large-scale bakery that serves 80% of the restaurants in her region. This business would reap the benefits of automation by being able to focus on manufacturing and delivering goods rather than sitting behind a computer making sure invoices were paid.
âI think SMBs are going to operate a lot more like a big business because it’s going to help their business efficiencyâ¦ run and have more growth in their business overall,â Stumpf said.