While many business owners will tell you that they love running their business, there are those mundane tasks that they could do without … like paying bills. It can be time consuming and costly. To minimize the AP pain, there are now a number of online business payment platforms out there that will simplify how you pay your invoices for much less than what the bank charges. What you need is a business payment system. A business payment system helps you streamline your AP process, making it easier than ever to manage your payments to vendors, suppliers, and even those on your payroll.
Here are the benefits business owners gain by investing in business payment systems.
1. Look for Business Payment Systems That Allow You to Add Multiple Funding Sources
Some business payment systems allow you to add just one or two funding sources. This might be a chequing account at your local bank, or it could be a credit card. The very best business payment systems allow you to add more than one funding source.
You’ll want to check that the business payment system you’re considering will allow you to add multiple funding sources. Do you want to connect a bank account, a line of credit, and several credit cards? Some systems will allow you to do so, while others might restrict you.
2. The System Should Allow You to Combine Funds
Once you’ve added various funding sources to your account, you should have the option to combine funding within the payment system.
Why is this important? Many systems will allow you to add multiple sources of funding, but you’ll only be allowed to pay using one source per transaction.
The best business payment systems allow you to combine funds, paying from multiple sources in a single transaction.
3. You Have Multiple Payment Options
Just as you should be able to add multiple sources of funding, the best business payment system for your business should enable you to pay in a variety of different ways.
Whether you want to pay by direct deposit, credit card, wire transfer, or cheque, you should have the options available to you. The very best business payment system offers up to ten different payment options, giving you increased flexibility in how you pay your suppliers.
4. Easy Integration with Other Platforms You Use
Chances are you use an invoicing and/or accounting platform, like QuickBooks, for your business. When you adopt a new business payment system, you want to be sure it will integrate with your existing set-up.
Look for business payment systems where integration is a standard feature. If you need to pay for integration or the system won’t integrate with the technology you’re using, it may not be the right option for you.
5. It Has Great Security
When it comes to your accounts payable information and paying your suppliers, you want to be sure your data is safe. That’s why you want to look for business payment systems with truly great security built right in. You can rest easy knowing your data is secure.
If you’ve been wondering how to streamline your AP process and reduce overhead costs, a business payment system could be the answer you’ve been looking for.
The information in this article is for educational and information purposes only and should not be relied upon for decision making. Always seek the expertise of a professional advisor or accountant prior to making any decisions.