Accounts Payable automation technology has opened several doors for companies especially when payment automation leads the way. An automated electronic payment program can offer many advantages such as time-savings, controlled expenses, user-friendly platforms, reduced risk of payment fraud, add flexibility, and peace of mind.
Here are four more ways they impact your business that you may not have considered:
In the after years of the countless technology advances that have disrupted businesses, there are still lagers who haven't adopted to digital transformation. Over half of all business-to-business payments still take place by paper check, sent via snail-mail. Research finds that many of these organizations are complacent with a process that works exactly as it did decades ago.What's the reason behind companies not making the switch to digital payments? Are they the die hard believers of the saying "if it ain't broke, don't fix it?" Or maybe they're a perfect example of a quote from innovator Steve Jobs, "A lot of times, people don't know what they want until you show it to them." We find this especially true when we demo to clients, how easy it is to automate accounts payable payments.
According to an Association for Financial Professionals (AFP) study funded by JP Morgan Chase, more than 70% of organizations surveyed are struggling to convert to accounts payable automation and electronic payments.
Despite liking the idea of financial technology innovation, these companies cite employee, customer / supplier hesitance and IT barriers as fears the hold them back from the transition...just to name a few.
Read on for the fears, the myths...and the facts of AP payment automation.