We’ve been working hard recently to develop an electronic payment software that meets the needs of the small to medium size business market. The difficulty is finding a solution that meets everyone’s needs. 25 years ago we got into the check printing business because we knew we could have an impact on a lot of companies. Everyone paid bills with checks then. In fact, up until 2004, over 95% of business payables were processed through check payments. 95%!
This is an incredible statistic, especially as you look at the current payments industry landscape. As more and more businesses look for an electronic payment solution that satisfies their needs, what we are finding is that no business is the same and thus their needs and wants differ. The days of everyone processing payments the same way, by check, are fleeting. While still over half of business payables are processed by check (according to the Association for Financial Professionals 2013 survey), companies are actively searching for an electronic method. As of yet no one way has emerged as the B2B electronic payment solution, and the chances are no one way will. The rate that technology develops and the increasing number of innovators in the market makes it difficult for one payment method to grab hold. It is a safe bet to assume that moving forward no one method of payment will be as ubiquitous as checks once were.
So what does this all mean? It means that as a company you must be nimble. Whether you are a vendor receiving payments from your clients, or a client paying numerous vendors, companies will require payment in different ways. As such, your company should be positioned to accept and pay through these different methods. Electronic payment software, like PrintBoss, that enable a group of payables to be processed in one run but through various payment methods is the future. To process checks, virtual credit cards, and ACH payments at the same time, with one click of a button allows your business to be nimble, develop with technological advancements, and work with all vendors and clients.