How to Save Time and Money When Making Payments

In the business world, it requires an incredible amount of efficiency and innovation to stay ahead and strengthen your company. One key area you must keep on top of is your finances. Making payments to suppliers, fellow businesses and others can take up valuable time, and you often may find you’re making expenses that don’t need to be made. Every minute and every penny counts, so if you want to make some savings, take a look at the following tips.

1. Fees

Everything truly comes with a price. With nothing in life being free, the fee for paying bills and sending payments may be in the hundreds or even thousands for a business. However, with technology, comes faster payments software that not only makes transferring and paying money much more efficient, but often ends up saving a company huge amounts over the course of a year. Even the cost of processing payroll is much cheaper when using the right software. Banks specifically charge per-transaction fees that really add up over time, while they also may be charging a business maintenance fees just to be members.

2. Time Matters

Time is money, right? Think of the time spent on average processing payments, contacting banks or traveling to areas to obtain money orders. All of this time adds up. It takes a great deal of time to switch between programs or manage finances in different locations as well. Faster payments software allows users to utilise one program rather than multiple platforms. It doesn't require a travel time or phone calls to the bank. All the time saved may be used to expand the business in other manners.  

3. Less Stress

Running a business means there will be stress, no matter how well-managed a company is. Having a program that handles such a substantial aspect of the company means less stress. Far too often, business owners stress over making payments when there's so much else to deal with. It's vital for a company to focus on marketing, growth, and development.

4. Benefits Clients and Producers

There are too many occasions when businesses are left waiting to receive payments. In many cases, the business can't start working on the project or send products until money is received. Unfortunately, this holds up the process. Banks and other institutions allow the company to send money, but people on the receiving end don't actually get the money until several days after the payment is sent. Once they get the payment, they may need to further process it by transferring it to their bank or depositing the money into their bank account. All of this time adds up. With new money management technology and techniques, this could all be avoided.

5. Ease of Use

Memorising the rules, regulations and specifics of each payment processing institution is complicated. It takes time and may even lead to a great deal of frustration. Having a piece of software that does it all alleviates having to memorise the specifics of each individual platform.

6. Less Errors

The more payments a company makes via different means, the higher the margin for financial errors. These errors may cost the company fees, or interfere with how the client perceives the business and its reliability. A system that does most of the work for the business results in fewer errors on the business' end. Ultimately, this creates less stress for the business. Not to mention, clients receive more accurate results. The clients will benefit because they don't have to worry about errors and will feel more confident with doing business with you.

7. Avoid Late Fees

With so much for a business to consider from paying employees and bills to the actual manufacturing and sales aspect of the business, it leaves a lot for the business to do. Often, the tasks that get neglected are the ones that don't directly affect clients or staff. For example, when bills are due isn't always a top priority since there is leeway between the due date and when the payment is considered late. Because of this, businesses may end up paying late fees when the bills aren't paid on time each and every month.

A software program that allows a business to manage regular payments ensures that all bills are consistently paid on time. This means the company's revenue won't be affected by the loss of profits to the late fees that are an avoidable expense.