Sam Makad
Sam Makad is a business consultant. He helps small & medium enterprises to grow their businesses and overall ROI. You can follow Sam on Twitter, Facebook, and Linkedin.
Learn how online payment can help you save time, reduce paperwork, and makes life easier. Learn here how to pay your bills in a smart way.
Optimizing every node of your business financial system is a must. Since bills are a massive part of your monthly expenses and mean much to your business sustainability, you want to make billing less time-consuming.
Fortunately, various platforms already implement intelligent billing and include a set of tricks to save time and company funds. Let’s take a closer look at the topic with billing experts.
Electronic payments through online payment methods are a lot easier than it may seem, regardless of the payment purposes:
Depending on your bank, you may receive particular benefits for using online payment methods such as online banking for business.
Especially if you have to deal with a large number of monthly transactions.
Knowing how to pay your credit bill on time is also essential, especially when considering personal loans. It will significantly help you when spending a lot on specific improvements or renovations. That’s usually impossible without a substantial loan, so you should prepare an opportunity for your company in advance.
When using various online payment methods on your computer, ensure the website is protected with an HTTPS protocol (a lock icon near the link). Otherwise, your personal information (credit card numbers, passwords, etc.) can be stolen.
Regardless of the online payment methods you choose to process your bills; you should remember these essential tips to make things the right way:
Although most online payment methods can be made on any day if the payment is recurring and automated, you still have to consider this for expenses that can be made only during official working days.
It’s recommended to set reminders even for automated online payment methods as automation requires supervision to exclude system failure and change the payment amount in time if needed.
Online payment methods are usually instant or take less time than physical payments.
While there’s no way to pay for online services with cash without going out to find the nearest terminal and paying a huge commission, making electronic payments from a smartphone or computer doesn’t tie you to a specific location.
Considering payments to federal organizations, such as the IRS, you can make your payments reach these organizations a lot faster and receive error notifications earlier. That is extremely important for taxes because mailing the IRS and getting a reply by mail can take weeks, while e-mail replies and notifications are delivered immediately. This applies to any tax organization worldwide.
Although modern online payment methods provided by banks are pretty good, they don’t provide the needed level of flexibility for business entities.
Registering your company on a trusted, intelligent billing platform can streamline most of your transactions and secure the entire system through CRM API integration. The benefits of integrating such a solution include:
Although such schemes are very costly, they are ubiquitous and may attack your company anytime. That’s where an intelligent integrated billing solution that allows online payment methods will help you identify fraudulent activities before they go too far.
An automatic alerting system will help you with that.
All organizations have a list of recurring payments, meaning any company can automate them to save time.
You can set automation rules for any method of payments in any online banking application and electronic payment processing service and ensure that all your fixed monthly, quarterly, and yearly payments are made in time.
This option works well for mortgage payments, online and offline software bundle subscriptions, insurance premiums, salaries, fixed, regular investments, and any other payments that must be done in the same amount and at the same time regularly.
If your business deals with regular invoices, you can process them automatically. The entire route from receiving an invoice to approving a payment can be automated if you set the rules in your invoice processing software or online platform.
Digital payment companies, online banks and effective online payment methods all use robust encryption protocols in their payment software, such as AES (Advanced Encryption Standard) protocols (AES-128, AES-192, and AES-256), and other high-end user data protection technologies and so, have pretty secure payment systems.
Although the AES encryption method is already unbreakable, user data theft remains a common problem. However, it’s essential to understand that users are guilty of that in most cases.
All due to various phishing scams. They involve malicious parties that pretend to be popular banks and payment service providers and try to obtain users’ info to break into their accounts and steal the money. Everyone who has access to your company’s finance must know all the possible scam types to be ready to face them and resist.
Apart from relying on the secure payment systems of digital payment companies, it’s also highly recommended to do the following to enhance the security of your accounts:
By implementing an intelligent approach to online payment methods, you can streamline all of your company’s transactions and reduce the number of resources needed for electronic payment processing. Your biggest target should be using payment software that uses automation as it’s not expensive anymore and can be set without any special knowledge.
You need to integrate reliable services into your organization’s financial system and let it do the job. Don’t forget about safety and keep up with the latest information to improve your system and request the latest technology of online payment methods available on the market.
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Sam Makad is a business consultant. He helps small & medium enterprises to grow their businesses and overall ROI. You can follow Sam on Twitter, Facebook, and Linkedin.
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