Tell about modern time electronic payment systems ?

They even trust electronic payment systems to pay their friends with Peer-to-Peer (P2P) applications including Venmo and Cash App.

But the B2B market falls behind when it comes to e-Payments and electronic payment systems for a few reasons

Companies fear that e-Payments won’t be well accepted by suppliers, so they stick to paper checks. They’re afraid implementing electronic payment systems will hurt healthy supplier relationships, but relying on paper checks limits control of the payment pipeline that electronic payment systems support.

It would seem that vendors would be more than ready to adopt e-Payments over checks.

After all, RTPs transfer funds to their bank account immediately without any additional action or processing time.

There’s less of a chance for late payments or account information falling into the wrong hands.

The most important thing is to get vendors to join you on your e-Payment journey.

For some, it’s following the process of receiving their receivables, establishing security measures, or answering questions about technology and proprietary information needed on their behalf.

Electronic payments can seem costly to companies that primarily pay with paper checks.

Consider the hard materials used, including stamps, printed checks, and envelopes

Add the internal materials and costs associated with paying via check. It adds up. On the other hand

But for some reason, businesses don’t quite buy the cost savings

The same article points out that two-thirds of finance leaders would adopt e-Payments if they believed there was a clear ROI.

To determine how much your finance department could be saving with e-Payments and AP automation

use an ROI calculator to get results based on your monthly invoice volume, payments, and electronic payment processing volume.

Regardless of the payment volume, your business is bound to see improved efficiency and accuracy without wasting time or money.

Questionable security is the biggest fear finance leaders face when they consider adopting electronic payment systems

According to a recent U.S. Bank survey, there’s very little trust in digital processes.

Trusting the Digital World with account information and dozens of confidential documents can be scary, but not as risky as using paper checks.

With paper checks, finance departments have limited control over payment processing or delivery.

Finance executives often hear that e-Payments come with increased security, but very few understand how the security measures stack up against cash and checks.

e-Payments come with encryption from the electronic payment system to pay without exposing account information during transactions.

More specifically, here are a few e-Payment methods and security measures:

a one-time card is generated. This gives an extra layer of security over standard credit cards because the card number is never entered online.

There’s less worry about the tangible card or its information falling into the wrong hands during a transaction.