The Reign Of Paper Is Over

Your customers want to pay you digitally. Today’s B2B customers are used to doing everything online – from banking to managing a business. Their reliance on technology impacts how they purchase goods and services.

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The Reign Of Paper Is Over

Digital Payments Are No Longer the Exception

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Paper checks have ruled business to business payments for decades. In 2004, 81% of customers used checks. By 2016, that number had dropped to 51% and by 2020, that number is expected to decline to as low as 34%. According to the Credit Research Foundation, by 2020 ACH B2B payments will increase to 45% meaning ACH B2B payments will officially surpass B2B check payments. Business is moving fast from paper to digital.

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84% of businesses have adopted some form of digital payments and 7% of businesses have adopted a fully digital payments approach.

Digital vs. Paper

Digital payments are not only good for your customers, they CAN BE a good thing for your Accounts Receivable process IF you get prepared for them. Prepared or not, more digital payments are coming to your business, so get prepared:
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Improve Security and get PCI certification

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Automate remittance data gathering

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Implement Straight-Through Processing

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Streamline Bank Reconciliation

It’s Time to Let Your Customers Pay You the Way they Want

Digital payments is just a part of the story though.
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Checks have ruled B2B transactions for decades, but that is changing quickly. Now’s the time to get prepared to accept the many digital forms of payment your customers can choose from. This is what we call Customer-Centric AR.

Want More Reasons? Read About How:
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AR is Changing

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Our Experience as Consumers is Driving Our Expectations at Work

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Millennials Now Dominate The Workforce