Online banking isn’t payments automation. Here’s what you need to know:
As a business, it is vital that you have a reliable and efficient payments system in place. This ensures your suppliers can be reimbursed on time and payments can be received from customers in exchange for sale of goods or services.
While organisations traditionally consider online banking as a safe and convenient route to enable this process, inefficient payment routing, risk of fraudulent activity and a requirement for manual intervention have led to incorrect and erroneous processes. Resulting in increased cost for the business.
Payments automation resolves these issues and alleviates increased overheads by:
- removing the requirement for manual intervention,
- enabling straight through processing and…
- Placing a submissions and approvals process in place which reduces the risk of fraud through assigned roles and permissions.
So, what usually costs businesses valuable hours every month, takes minutes with payments automation.