Most would agree that one of the greatest things about technology is how convenient it makes our everyday lives. Business in particular requires streamlined technological options in order to run their business efficiently. Not surprisingly, the accounting department is one sector of a business that can most benefit from a streamlined operation that utilizes time-saving and secure technology, due to the fact that, many payees expect to receive payments in whichever method is most convenient to them. If a business maintains a large amount of payees at any given time, paying each individual by their preferred method can most definitely eat up a large chunk of time.
Design and Usability
The number one reason to use a specific payment system is to help streamline the payment process and enhance efficiency. The first thing to ask yourself when choosing a payment app is: Is this application simple to understand and use? Both you and your payee will need to make use of this system, so it’s important that the design is clear and is intuitive for people with a basic understanding of the internet.
If you’re attempting to streamline your process and make mass-payments, obviously you’ll want to choose an application that supports as many payees as possible. When selecting the payment methods you are going to offer, make sure it’s one that supports a large population. Wire Transfer, for example, is one of the most popularly used payment methods used today for online commerce. Other popular applications (such as PayPal) now cater towards individuals, rather than businesses, to make payments to friends and family easily. Because of this, these types of online applications, such as paper checks, wire transfers, ACH, e-checks, cash, and prepaid debit cards for example, are commonly preferred methods for many payees.
Ideally however, you’ll want to select a mass-payment system that allows you to connect with hundreds or thousands of payees, worldwide. This type of software solution offers the most convenience, supports thousands of payees, offers the widest variety of payment methods, collects and validates tax forms, maintains regulatory compliance, provides detailed reports, and automatically communicates with the payees. This is all done through one convenient integrated payment platform. Not only will this save you time and money, but you’ll be able to satisfy more payees by allowing them to choose from a number of applications that your company will support.
Don’t waste any more time by paying your suppliers and vendors the old fashion way..Streamline your payment processes and take advantage of all the payment methods that are on the market today- making sure to use them through one easy application.