Break Up with Paper Checks this February 14th: Why ePayments Will Be Your Best Valentine Yet
February 9, 2016
February can be a tricky time in the accounting world. Year end is wrapping up, tax deadlines are fast approaching, and there is still the promise of making those workflow improvements you’ve been wanting to implement (for the past few years).
In the trenches of busy season we also ironically find Valentine’s Day: a holiday that celebrates romance just as accounting teams start to slowly fall out of love with their ever-growing workloads. During this challenging time of year, accountants need support more than ever – which is why we are asking you to break up with paper checks for good this Valentine’s Day.
But don’t worry! You won’t be alone on February 14th. We’ve found you the perfect Valentine who promises to:
Value Your Time: A good Valentine respects your time as a busy accounting professional – a great Valentine helps you get through accounts payable more efficiently so you can work on other accounting tasks. ePayments empower you to release EFT, ACH or virtual credit card payments directly from your AP automation software.
Save The Environment: Do you love trees? Valentine’s Day is all about showing love. Electronic payments regularly exhibit affection for nature by eliminating the need for checks, envelopes, stamps, and other paper products required to manually pay suppliers. ePayments allow you to practice eco-friendly accounts payable that benefits our planet.
Keep Your Payments Safe: Feeling safe is key when selecting the perfect accounting Valentine. With automated payments, transactions are linked with company-specific identification numbers – this avoids check fraud and keeps files secure without the risk of being lost or stolen.
Make You Look Good by Saving Money: Electronic payments reduce material and labor costs, while also offering cash-back rebates for simply settling up your company bills. Lower costs with an opportunity to make money = a better AP process sure to save your company money and get you some high fives at the office.
The Game-Changing Cross-Border Payments Every AP Team Needs
The B2B cross-border payments market is predicted to reach USD $35 trillion by 2022. The partnership between Beanworks AP automation and global payments provider, Cambridge can help companies move in that direction.
What is a Virtual Credit Card? 3 Things You Need to Know
One research study found 9,708 instances of compromised credit card data in only the first quarter of 2019. Right now, one of the biggest financial risks is credit card fraud.
Getting Ready for the Digital Payments Phase
Payments trends from the past decade indicate that businesses are turning away from checks. According to the Association for Financial Professionals, 81% of B2B organizations used checks in 2004. In 2019, this was down to an all-time low of 42%.
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