Treasury
Top 5 Reasons Our Clients Choose Digital Payments
Making the switch to an end-to-end digital payment solution can be intimidating, but the benefits outweigh the costs. From making customers happier to helping employees maximize their time, here are five ways our clients have been able to capture elusive ROI by optimizing their payments strategy.
Making the switch to an end-to-end digital payment solution can be intimidating, but the benefits outweigh the costs. From making customers happier to helping employees maximize their time, here are five ways our clients have been able to capture elusive ROI by optimizing their payments strategy.
An adapted version of this article was originally published in PaymentsJournal.
As consumers, we’re increasingly moving toward simpler, more secure and nearly seamless digital payment options—but the same can’t always be said for businesses. Whether it’s concern over the cost of implementation, resistance to change or a lack of industry standardization, there can be understandable hurdles to prioritizing an end-to-end digital solution. In the face of these challenges, our savviest clients have realized the importance of upgrading their systems to help reclaim lost time and capture elusive ROI.
To help you decide if it’s time to make a change within your organization, learn the top five reasons businesses are going all-in on digital B2B payments solutions.
Manually sending and processing physical checks can cost up to twice as much as it would to process the same payment electronically. Companies that have digitized their workflow are able to track and know in real time when invoices are approved and paid—saving them time and allowing them to focus on more important tasks.
Check processing requires separate reconciliation, and 60 percent of these payments necessitate manual posting—leading to significant time spent spotting and addressing errors.1 Companies are combatting this by incorporating payment processing into their end-to-end digital solution, resulting in information being automatically synced or flagged as it flows through the process.
Manual processing can mean high costs and inefficiencies for buyers and suppliers, making it more difficult and expensive to do business with your company. As a result, businesses are realizing competitive advantages by offering a seamless user experience, both internally and externally.
ACH payments are two to three times faster than traditional paper-based processes.2 The added speed in collection, along with a digitized process’s real-time visibility into cash flow, helps improve certainty as senior management decides when and how to deploy cash. When weighing the costs and benefits of digitizing, savvy companies consider the potential savings that could result from having clearer insight into spending trends and better management of working capital.
Criminals look for blind spots in payment systems, which can present vulnerabilities where the transaction is interrupted for approvals or manual processing. By implementing a seamless digital solution, companies remove those spots in order to help prevent fraudulent payments from sneaking through. This improves the security of payment information for both the company and its clients and vendors. Having a real-time, digital audit trail also reduces opportunities for internal fraud.
What to Look for in a Payment Solution
If you’re ready to join the ranks of businesses saving time and money through digital payment capabilities, look for a solution that:
- Addresses your known friction points
- Fully integrates with all platforms, eliminating the need to upgrade other systems first or wait for industry standardization
- Is platform agnostic and accommodates more than just mobile access
- Performs seamlessly so that no matter how or where vendors, customers or employees interact with it, their experience is consistent
Learn more about Chase Cashflow360SM, our digital payments solution integrated into Chase Connect®.
1 McKinsey & Company, McKinsey on Payments, Volume 9 Number 23, June 2016
2 Based on November 2017 survey of current Bill.com users.
Chase Cashflow360 is a trademark of JPMorgan Chase, N.A.
Chase Connect is a registered trademark of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.
Stephen Markwell, Head of Treasury Services Product Strategy, JPMorgan Chase Commercial Banking
Stephen Markwell, Head of Treasury Services Product Strategy, JPMorgan Chase Commercial Banking
Stephen Markwell is the head of product investment strategy and fintech partnerships for Commercial Banking. He is responsible for creating and executing our product investment strategy as well as evaluating and sourcing fintech partners that address our strategic priorities.
