Nowadays, most vendors expect every transaction to be conducted in a fast and efficient manner. Regardless of the nature of the transaction, online payment does make the process easier for both buyers and sellers. Nevertheless, we know that many vendors still have certain reservations or blind spots about online payments. So, let’s spare a moment to convince your vendors with a few compelling reasons why they’d better manage their bills online.
1. Enjoy Extremely Efficient Built-in Collections
Online bill management is proven very efficient for vendors. Whether the client is at home or in the office, they can easily pay their vendors without actually visiting a brick-and-mortar store or office to send a cheque. Vendors can thus get paid faster and with less hassle. For example, with Reap's online payment platform, as long as you are connected to the Internet, you can send payment collection links to payers whenever you desire, in probably less than two minutes.
2. Boost Company Creditworthiness
People long to collaborate with companies with easier work processes, and companies accepting online payments are certainly one of them. With an online payment system, companies can swiftly settle the payments for the necessary products and services and then have peace of mind knowing instantly upon purchase approval. Meanwhile, the vendors can easily check if the payment has been issued.
3. Increase the Incentive to Pay by Accepting Credit Cards
Another benefit of online bill management is its enabling vendors to accept credit card payments, increasing the client's incentive to pay. Take relatively expensive products or services as examples, such as photography packages or business consulting services, using credit cards allows clients to pay in instalments over a period of time. To avoid cash flow shortfalls, many vendors' corporate clients also prefer this payment method in order to make bulk purchases and boost sales.
4. Store Data Automatically without Re-entry
Another significant edge of online bill management is its automatic data storage. We used to keep a physical record of accounts receivables, but now with online bill management, it's easier than ever for vendors and SME clients to track their money flow. Vendors can also enjoy the new-found ability to keep detailed digital records of all taxes and budgets.
5. Save Time and Achieve More
Last but not least, online bill management saves vendors and their clients a lot of time. Instead of clients taking the time to pay at the vendor's office, or the vendor visiting the store in person to collect cheques from each client, both parties are now able to make, collect and check payments anytime, anywhere. They can pay their bills in line at the supermarket, during a meeting, or even while watching a show. In the long run, small businesses are more likely to purchase goods and services from vendors who offer online payments because it saves time and is less of a hassle.
Regardless of the type of product/service a vendor offers, online payment and collection platforms will create a collection experience better than ever. Reap offers one-stop online bill management, allowing vendors to collect payments in a swift, secure, efficient and traceable manner.