Digitisation has transformed payments for end-consumers, and today, businesses are looking for a similar alternative to streamline their operations and improve their cash flow management. One of the ways to do this is via an all-inclusive platform that provides automation for Bill Payments. This extends several advantages to B2B companies, such as reducing late payments, availing early payment discounts, and better cash flow management.
Automated Bill pay products with auto-reminders are specifically designed to help businesses manage their accounts payable processes more efficiently. They allow businesses to schedule payments in advance and receive reminders before the due date, which ensures that payments are made on time. A report by the Confederation of Indian Industry (CII) in 2020 found that the problem of delayed payments had worsened during the COVID-19 pandemic.
With the auto reminder feature of bill payment product, businesses can now stay on top of their payments. This also decreases the chances of missing upcoming bills and incurring late fees, aiding businesses to save money. In addition to this, businesses can also avail of discounts on early payments, further ensuring incentives to avert delays in payments. EnKash’s ‘Bill Pay’ product, for instance, provides an auto reminder feature that helps businesses to reduce man-hours by almost 90%, increase in process efficiency by almost 100% and an enhancement of organizational savings by 30%.
According to a report by Intuit, over 60% of small businesses struggle with cash flow management, which can lead to missed opportunities and slow growth. Through automated bill pay products businesses can improve their cash flow management, by scheduling payments in advance and receiving reminders, businesses can ensure that they have enough funds available to cover their bills. This can be particularly helpful for small businesses that have limited cash flow.
Bill pay products with auto-reminders can also help businesses reduce their administrative workload. By automating the payment process, businesses can save time and resources that would have been spent manually tracking due dates and making payments. According to a survey by Deloitte, over 60% of businesses plan to automate their accounts payable processes in the next two years. This trend shows the growing importance of automation in the B2B sector.
Furthermore, bill pay products with auto-reminders can help businesses reduce their risk of fraud. By automating the payment process, businesses can eliminate the need for paper checks and reduce the risk of fraudulent activities.
In conclusion, automated bill pay products with auto reminders feature, a host of advantages are provided to B2B companies. This enables the businesses to streamline their operations and ensure better cashflow management, eventually leading to their growth.