Businesses that value efficiency are always looking for ways to simplify processes and reduce repetitive tasks, and one area ripe for improvement is payment collection. Companies using Acumatica can greatly enhance efficiency and convenience for both their accounting teams and customers by offering customers the option to sign up for scheduled, recurring payments. Pair this with direct integration into your Acumatica system, and you’re all set to get paid on time, every time.
Why offer automatic payment options?
Automatic payments provide the ability to automatically process a payment method on file (credit card or ACH, for example) on a scheduled, recurring basis. Companies that are generating recurring invoices for their returning customer base are ideal candidates for automatic payments. Customers who routinely make payments to the same vendors often take advantage of automatic payment systems for several reasons:
- Avoid Late Fees: Automatic payments ensure that bills are paid on time, helping customers avoid costly late fees and penalties.
- Continuous Service: Automating payments reduces the risk of service interruptions due to missed payments.
- Convenience: Customers can provide payment information and approval one time and then trust that their payments are being made without them ever lifting a finger.
How do businesses benefit?
Businesses stand to gain just as much, if not more, from offering automatic payments:
- Timely Payments: Automatic payments increase the likelihood that invoices will be paid promptly and in full, which can improve your company’s cash flow.
- Efficiency: By reducing the need to manually process payments, businesses can save time and shift resources to more proactive activities.
- Organization: With automatic payments, businesses can create a structured and predictable payment schedule, enhancing overall financial planning.
- Reduced Paperwork: Shifting to automatic payments can also cut down on the use of paper invoices and checks, contributing to a more sustainable operation.
PayFabric helps companies securely save their customers’ payment methods on file, set up automatic payment options for their customers and have the payments sync all the data back into their Acumatica system in real time.
Enhanced Security
Security is another critical benefit of automatic payments. By minimizing the frequency with which customers need to provide their raw payment information, businesses can reduce the risk of data breaches and fraud.
PayFabric offers Acumatica users the ability to access their customers’ saved payment methods directly within Acumatica and send requests for payments via secure hyperlinks.
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In conclusion, automatic payments offer a win-win situation for both merchants and customers. They streamline payment processes, enhance security, and provide much-needed convenience, all of which contribute to a better business experience. By adopting automatic payments, businesses using Acumatica can not only improve their operational efficiency but also foster stronger customer relationships.
Learn how to improve your company’s cash flow, automate your AR process and enhance your data security — all with PayFabric.
