The entire world has seemingly become more and more remote over the past few years. This shouldn’t come as a surprise. When the COVID-19 pandemic started to sweep across the globe in early 2020, many organizations were forced to shut their doors for good. At the same time, stay-at-home orders were rolling out and many more consumers were spending the majority of their days and weeks indoors rather than out and about. The first way the remote world really began to emerge was in the workforce. With so many businesses closing their doors or putting a furlough on in-person operations, a huge portion of the professional workforce was transitioned into a remote working environment.
However, this was just the beginning. As the remote working world proved itself viable and valid as a staple of the economy moving forward, consumers were spending their time, energy, and money online. Of course, online shopping was one of the first areas that expanded rapidly, as more and more goods and services became available online. However, consumers also began moving entire communities to an online or remote environment. As such, in-game transactions also saw a massive increase, and other online or mobile marketplaces saw an increase in activity as well.
All of this made it more than necessary for modern-day organizations that want to remain competitive with consumers to offer their products and services online. More than that, though, these products and services need to be made easily available. This means the entire purchase process needs to be smooth from start to finish. Organizations and businesses can deliver a smooth and simple payment process at every level of their organization through payment technology.
“Digital everything has surged this past year. From consumer-driven trends to business operations, there has been a rise in virtual that is unlikely to go away after the pandemic. This includes remote work, virtual events, online media, and — yes — digital payments.”
– Peter Nesbitt, Forbes Council Member, Forbes –
Streamlines Payroll Practices
There are few things as valuable to a business as the people who run it. This is arguably the number one way in which payment technologies actually benefit organizations. The modern job market is in the favor of the employee which means that modern employees have a lot of options when it comes to picking and choosing who they’re going to work with or for. Paying your employees the appropriate amount and on the right schedule is crucial to keeping them happy and retaining them for a long period of time. This is especially the case in the day and age of startup organizations and entrepreneurship in which many organizational leaders are sort of figuring things out as they go.
“One of the first lessons I learned as an entrepreneur is how important it is to pay people on time. I have lost a handful of really great employees due to payment processing errors that simply persisted for too long. I honestly can’t even blame them for moving on.”
– Chris Gadek, Head of Growth, AdQuick –
Not only will payment technologies make sure that the payments are correct and on time, but they can also take out needless delays that are sometimes ingrained in payment processes. In fact, good payment technology can deliver payments to regular employees on salary a day or so in advance.
“When we started hiring a few more employees was when I really decided that I needed a payment system. It just made tracking everything a lot easier and took a lot of extra work off my shoulders.”
– Jesse DeBear, Fractional CMO, Renew Anchored Dentures –
Makes Accounting Easier
Another major benefit of implementing a payment system or technology is that it makes accounting practices much easier. This is because most modern payment technologies will also come with a detailed record-keeping system. This keeps everything organized and in order and makes confirming the details of any payment super simple.
“Accounting can be complex enough, especially when you consider all the different moving pieces involved in owning and operating a business. Having a little help on the accounting side of things from a payment system is a huge benefit.”
– Neel Shah, Founder, EZ Newswire –
Keeping accounting paperwork in order is a major benefit for any organization, especially startup companies and small businesses that might not have the luxury of an actual accounting department. When this is the case, the help and assistance offered in this capacity through a payment system technology can be a genuine life-saver. When you have to wear multiple hats each and every week any little bit of help can go a long way.
“A lot of small business owners and entrepreneurs struggle with the accounting and finance part of things. That’s where these financial technologies and payment systems come in handy. They allow entrepreneurs to focus on the actual business function and not get lost in the weeds.”
– Annie Ricci, Senior Manager of Digital Marketing, Prima –
Reduces Human Error
As it was mentioned earlier, payment technologies are especially helpful because of the fact that they make sure employees are being paid appropriately and on time every single pay period. When there are clerks, accountants, and manual entries involved, it can become extremely easy to make mistakes and send out improper payment amounts. This is bad in either direction. It’s bad to underpay employees, and it’s bad to overpay employees as well as it can lead to a financial burden on the company itself.
“I used to be nervous when I sent out payments that I may have made a mistake, but now that it’s all automated I sleep much better at night. If there are any errors, it’s on the system at this point.”
– Annu Daniel, CEO, Elohim Company –
Reducing human error is often the goal of technology in general and is a great reason to invest in and implement a payment system. Rather than taking an increased risk that could result in a poor employee experience, organizational leaders and decision-makers can actively reduce risk and improve the employee experience through the simple implementation of payment technology.
“I’ve had it happen before where my accountant grossly overpaid one of my employees, and it ended up leading to a seriously uncomfortable conversation. Ever since then, I’ve relied on my payment system because I’m just not willing to put myself or an employee in that situation again.”
– Cody Candee, Founder and CEO, Bounce –
Streamlines Vendor Payments
In the same vein as streamlining employee payments, payment software and system also streamlines vendor payments. This makes it a lot easier to work with any number of vendors in any capacity. Whether you’re stocking up on raw materials or working on a collaborative project, vendors need to be paid regularly in the same capacity that employees do.
“Having a payment technology I trust is a huge game-changer because now I’m not nearly as hesitant to take on big contracts with vendors. I know that the payments will go through and that everything will flow as it should.”
– Lionel Mora, CEO, Neoplants –
Vendors are especially crucial to pay because if they fail to receive payment, they can effectively crumple an entire operation. Not only that, but they can tarnish your brand reputation amongst other vendors in the same industry. Protect your brand from this type of backlash by implementing a trustworthy payment system that will send vendors payments on time and accurately.
“One of the easiest ways to get on a vendor’s good side is to pay them on time and to pay them the appropriate amount. You’d be amazed at how much time I’ve had to spend in a year chasing down payments. It’s a real headache.”
– Chris Bridges, CEO, VITAL Card –
Embraces the Remote and Mobile Culture
Coming full circle, one of the most evident ways that payment technologies are benefiting businesses is by allowing them to connect with a more mobile-centric consumer-base who rely on eCommerce shopping and online payments. In order to cater to this modern mobile consumer, businesses need to have a trustworthy and secure payment system in place.
“There’s no doubt about it, the mobile economy is here to stay and it’s very active. Organizations who have a payment system in place already are in a good position to take advantage of these mobile consumers.”
– John Berry, CEO and Managing Partner, Berry Law –
Having a payment system in place is integral to a company’s ability to find success and grow in the current economy and well into the future.
“Almost everything is available online nowadays and for good reason. The craze for instant access and the consumer desire to be able to find what they need online in just a few minutes isn’t going to go anywhere anytime soon.”
– Sasha Ramani, Associate Director of Corporate Strategy, MPOWER Financing –
A few Final Thoughts
Technology has changed the world in many irreversible ways. Modern payment technologies give businesses and organizations the ability to securely and swiftly accept and send payments from consumers and to employees and vendors. If you’re looking to bring your business to the next level consider investing in and implementing a payment processing system.
“Last year was a big one for payments, and 2022 promises to be the same. To navigate another year of digital acceleration, businesses need to remember one thing: Consumers are the ones ultimately determining which innovations will stick — so be sure to listen to them!”
– Kamran Ziki, COO, Adyen –