Time is Money: Why Automating Payment Processing is Essential
In business, many have rolled their eyes at the phrase, “time is money.” Yet, it often proves true. Wasting time can lead to wasted money, or at the very least, missed opportunities to earn more.
Time and money share another trait: even small amounts add up quickly. If your accounts receivable team spends 5 to 20 minutes manually processing and allocating each customer payment, it doesn’t take a math expert to see how much time is being lost.
Consider this: if each transaction takes an average of 10 minutes to process, how many card payments does your team handle daily, weekly, or even yearly? Multiply those by the time spent on each transaction. The result is a substantial amount of lost productivity.
For busy offices and SMEs, maximising limited resources is essential. Any process that improves efficiency and frees up your credit controllers to focus on reducing DSO, minimising bad debt, and boosting cash flow is worth exploring.
We know manual payment allocation is time-consuming. Some might argue it provides oversight, but the benefits of automation far outweigh this.
Why Automate Payment Allocation?
- Reduced Human Error
Automated systems minimise the risk of mistakes. Payment data is entered immediately and processed with a click, ensuring accuracy. - Improved Efficiency
Businesses constantly seek efficiency, and saving time is key. Automation not only speeds up tasks but also ensures they are completed accurately, integrating seamlessly with your current processes.
That’s why you should consider a payment allocation system that is efficient, cost-effective, and tailored to your needs.
Why Agile Payment Solutions?
Our Online Payment Portal integrates effortlessly with ERP systems like Sage, SAP, Oracle, Microsoft Dynamics, and industry-specific platforms. We also work with payment gateways like Elavon, Worldpay, and Barclays, ensuring full PCI compliance for all transactions.
We’ve covered time savings and compatibility. So, what other benefits does Agile’s automated cash allocation system offer?
- Self-Service for Customers
Customers can access important documents such as invoices and proofs of delivery directly from the portal. This not only saves time but also reduces operational costs and improves the customer experience. - Scalability
As your business grows, there’s no need to worry about handling more customers. With automated processing, your Accounts Receivable team can manage larger volumes without getting overwhelmed by manual tasks.
By directing payments through a streamlined system, cash flow improves and your team avoids bottlenecks.
Ready to Save Time and Money?
Contact us today to schedule a no-obligation demonstration of our Online Payment System.
