The COVID-19 pandemic has highlighted the importance of cash management and its potential for improvement. Companies are more careful with cash, but managing cash traditionally gets hard when everyone is working virtually. Its importance shun the light on how much is energy is required for cash management; the processing time was long and unpredictable. Cash and paper check payments have declined 16% year-over-year to 45% B2B payments, with Automated Clearing House payments rising 10 trillion for the first time.
More companies have started using payment automation due to the COVID-19 pandemic, this increased the vendors of Nvoicepay by 26% since the start of the pandemic.
Some companies still have not yet changed their cash management system from paper checks, maybe because they do not know a better way, or are concerned about the cost of changing.
There is a better way.
When you stop to consider the full impact of payment automation on cash management, it becomes obvious how much better the future could be:
1. Reduces process cost
2. Card rebates
3. Less time fixing errors
4. Fewer hiccups
5. Less potential for fraud
6. Reduce ACH fraud cost
7. Less time handling inquires
8. Create Visibility
9. More flexibility
The COVID-19 pandemic has only highlighted the deficit in cash management systems. Automated payment allows for time management, flexibility, visibility, and control, which are important for cash management.