Why Now Is the Time to Seize the Power of Digital Payments for Businesses

Leaders across industries recognize that embracing digital tools is key to enabling their companies to be more streamlined, stay competitive, and achieve growth. An International Data Corporation study found that 82% of organization leaders agree that companies “must invest in digital transformation or be left behind."

One way to forge ahead is to embrace digital payments. Not only are digital payments faster and more convenient for businesses than traditional payment methods, they also help companies improve security and better serve customers and partners. Here's a little more about how digital payment solutions can integrate seamlessly with your current payment processes.

Streamline Your Payments to Gain Efficiencies

If your company's payment operations are designed around traditional payment methods, such as paper checks and cash that require a wealth of manual processing efforts, it may be time for something new.

Digital payment methods—such as online transfers, mobile wallet transfers, electronic invoicing, and eChecks—drastically reduce manual processing requirements, saving time and resources for your businesses.

Digital payments can be sent in much less time than paper checks, and at a lower cost, since they eliminate the need to pay for postage and the complications that result from a physical check getting lost.

Digital payments also offer greater customer convenience. Businesses that utilize services offered through City National Bank of Florida such as Digital Payment Exchange (DPX), for example, can easily send an eCheck to any payee provided they have an email address. The payee can then decide what they want to do with the eCheck—choose direct deposit, deposit to a debit card, deposit to PayPal, or even print it as a check.

Boost Financial Security—and Trust—with Digital Payments

Sending payments digitally makes them more easily accessible for recipients as well as more secure for both payors and payees. Paper checks, however, are frequently subject to theft-related fraud schemes and check-washing scams. But eChecks—which are sent with digital tracking information and detailed remittance data attached—cannot be physically intercepted. Also, eChecks can easily be verified to ensure they aren't altered.

Improving payment security through digital payments not only lowers your business's fraud-related expenses, it also improves relationships. That's because enhancing security can enhance your company's reputation—and ultimately strengthening the trust that customers, vendors, and partners have in it.

Take the Next Step Toward Digital Change

As you look to strengthen relationships to help drive growth in your business, you should re-think payment solutions.

Embracing digital tools is key to staying competitive, but business leaders may be hesitant to change their payments function (given how critical payments are to the daily running of the business). They also may be resistant to giving up paper checks entirely, depending on the preferences of their customers or partners.

The right digital payment solution enables companies to embrace digital payments in a way that integrates seamlessly with their existing payment workflows. For example, DPX—which enables electronic payments by eCheck—works directly with businesses' accounting software systems to incorporate digital payments' functionality.

Having that functionality makes it easier for businesses to meet their customers' and partners' needs, stay competitive, and thrive in an increasingly digital era.

‍Contact a City National Bank of Florida specialist to learn more about digital payment solutions, including DPX.

Please note: The content in this article comes from individual opinions and experiences. The content should not be taken as advice coming from City National Bank of Florida. City National Bank of Florida does not offer tax, legal or accounting advice.

Sources: 

www.insight.com

www.fincen.gov

www.uspis.gov

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