6 Business Benefits of Using Automated Payments
6 Business Benefits of Using Automated Payments
Based on the "2020 State of Accounts Payable" report, respondents prefer automated payments over manual payments. The comparison stands at 56% for automated payments and 44% for manual payments.
Efficiency is the key word and the reason why consumers prefer electronic payments over manual ones. Consumers no longer need to bother with carrying cash for transactions; instead, they can use credit or debit cards, or mobile applications available on their phones.
The faster and easier process of automated payments gradually leads to higher engagement. Additionally, businesses can reach a wider range of consumers. To fully understand the importance of automated payments for businesses, this article will discuss the significance of automated payments.
What Are Automated Payments?
In general, automated payments refer to payment methods that facilitate users by using cards, mobile applications, or websites. Therefore, automated payments are faster than manual payments, which require waiting for invoices to be processed.
Benefits of Using Automated Payments
There are several benefits you should know about when using automated payments in your business:
- Faster Transactions
The first benefit to note is faster transactions. This is undeniable since transactions can be conducted anytime and anywhere. Users or consumers can simply make transactions using applications on their phones or websites. With this method, transactions are faster as funds are transferred within seconds. Additionally, a stable internet connection is essential for transaction speed. - Fraud Prevention
Often, cases of theft involving substantial amounts of money or thousands of data occur. Naturally, this is worrying for many consumers. Automated payments help minimize such risks. The presence of automatic verification, from accounts to addresses and identities, makes consumers feel safe and secure. Furthermore, the security measures implemented by many applications alleviate concerns about losing funds or data. However, users should remain vigilant, for example, by refraining from sharing account numbers or usernames with others to prevent misuse. - Reduced Errors and Duplicate Transactions
In manual payments, both businesses and consumers often make mistakes when entering data such as names, amounts, order quantities, and transaction totals. This is due to lack of attention to detail or absence of verification during transactions. Such errors are less frequent when using automated payments. Errors are detected if incorrect numbers or letters are entered. Moreover, automatic payments can also detect whether users or businesses have already made transactions, significantly reducing the occurrence of duplicate transactions. - Faster Cash Flow
The fourth benefit to note is faster cash flow. This is because numerous transactions need to be processed and completed promptly. The presence of automated payments makes everything easier. The distance between one transaction and another is not hindered by long time intervals. Therefore, if a business can activate automated payments, they will be aided in completing thousands of transactions. With just one click, thousands of transactions reach their destination. - Discount Offers
This is what many people seek and anticipate: discount offers. The use of debit or credit cards makes it easier to conduct transactions. Moreover, there are enticing offers from banks regarding the amount of discount offered when using credit or debit cards. These offers attract consumers to make transactions promptly. Clear indications of discounts will likely lead to business growth, particularly in terms of engagement between businesses and customers. - Increased Customer Satisfaction
What can be expected when a business seeks rapid growth? Naturally, an increase in the number of customers visiting your business. However, if customers visit but the business does not grow, it indicates a flaw in the strategy. To address this, provide the best service to customers to create satisfaction. After understanding the definition and benefits of automated payments, you can leverage them in your business. To further business growth, use payment solutions that align with customer preferences. Brick can assist you in accepting various payment methods and processing them automatically.
