Why Online Billing Is “In” & Paper Checks Are So “Out”
With the ever-increasing shift to electronic payments, it’s no secret that checks could soon be a thing of the past. So why are small businesses so hesitant to let them go? When adding up all the time, money, and energy saved, it seems that small businesses actually have the most to gain by making the switch to electronic payments.
Improved cash flow visibility, receiving payments faster, and increased business volume are just a few of the many benefits. But what if we told you it can also lower costs, reduce overhead, optimize convenience, and significantly reduce fraud? Are you ready to ditch paper checks yet?
NACHA has estimated that between the labor, ink, time, and stamps, it costs a business about $10 to send or process every check. Clients are no longer interested in the extra cost or hassle associated with paper checks and prefer to work with vendors who accept credit cards, which can be accepted through a multitude of outlets including online payments, mobile payments, and over-the-phone transactions.
Not only does accepting credit cards increase convenience and functionality for both clients and businesses, but the newly imposed EMV chip technology also decreases fraud. The Association for Financial Professionals estimates 87 percent of organizations affected by payments fraud reported that checks were the source.
Accepting electronic payments often means payments process the next business day. By using an online billing software such as BillingOrchard, payments are instantly recorded online, which increases cash flow visibility for your business while completely reducing or eliminating the time it takes to manually track and record payments.
It’s time to start focusing on building your business - not on billing. Implementing an online invoicing program can turn countless hours of creating invoices into a simple one-click solution. While the ability to create custom recurring online billing schedules alone will surely save a headache or two, there still lies the issue of tracking the payments. Thankfully, features such as “Auto-nag” send customers automated notifications for past-due invoices with the late fees included.
Unfortunately, this isn’t a perfect world. So even if you still have to accept paper checks from time to time, BillingOrchard’s invoicing software provides you with the technology to be able to do so.
Try a free 15-day trial of BillingOrchard’s online invoicing software, no credit card required. You can even integrate your already existing QuickBooks account into your BillingOrchard profile.
Lastly, check out these free invoicing templates to help launch your automated billing!