A fear of losing control of payments, skepticism about security, worries about integration challenges, and the belief that suppliers won’t accept electronic payments – these are just a few of the reasons why many businesses have been hesitant to replace costly and antiquated paper checks with more efficient electronic payment methods.
Do any of these sound familiar to you? In this paper, we’ll examine these mistaken beliefs and misplaced fears, demonstrating why they are incorrect with compelling statistics and industry results. As we explore the many benefits that electronic payments offer, you may find yourself re-evaluating any adoption hesitation you may have, and rethinking your businesses’ accounts payable processes.
In this period of ‘Digital Darwinism’, disruptive technologies have required companies to evolve to remain competitive. Recent technical progress has improved the speed, efficiency and means by which corporations conduct business, often forcing a decision to adapt or risk getting left behind.
In the last few years, technology has led companies to outsource various departments including payroll, thus reducing headcount, saving time, and minimizing costs. A similar evolution is underway in how businesses manage payments. The use of modern electronic payment systems is spreading through the corporate world, with companies moving away from inefficient paper checks and toward more innovative corporate payment solutions.
However, despite the beneficial nature and uptick in adoption of electronic corporate payment solutions, a majority of companies still use printed checks for at least half of their B2B payments.1 In the next sections, we’ll review and address the reservations that may keep finance executives from adopting a payments solution.