Bill payment and bookkeeping are difficult tasks for all types and sizes of business. Historically, conventional finance and accounting practices have caused headaches for all people involved, as well as financial consequences when things go wrong.
Nonetheless, there is the introduction of new digital payment solutions designed to assist businesses to establish efficient processes for managing, sending, and collecting business-to-business (B2B) payments in order to stay competitive.
The Shift Towards Digital Payments
Of the numerous options that small and medium-sized businesses have, for improving their performance, the adoption of digital payment solutions is among the highest in terms of value for both, businesses and their clientele. From automating payment and invoice collections to providing a safe, secure customer experience and managing risk, digital payment solutions add value to the small business
Historically, complex and costly infrastructure was required to make payments safe, secure, and reliable. Hence, with the emergence of new convenient and secure types of payment solutions such as UPI, eChecks, and tap-and-go cards, a substantial increase in inclination towards the use of contactless and cashless
payments has been reported. In fact, as per a study, approximately 1 in 3 customers in the U.S. choose to make contactless payments.
The radical shift towards the adoption of this mode of payments around the world is presenting an opportunity for small businesses to not only address the needs of customers but also to take advantage of the many benefits of adopting digital payment solutions, including streamlining business processes.
The Future Ahead
Today, there is a greater-and-greater appetite from investors and innovators to modernize the financial service and transactional infrastructure.Similarly, small businesses are emphasizing on improving their payment and expense processes and adopting new digital payment solutions to benefit from their better cash flow management, increased accessibility for customers, and streamlined operations.