Having the ability to get paid quickly is key for any business, and yet late invoice payments continue to be a burden for many Australian businesses, costing around $1.1 billion per year.

Invoicing is a core component of your business that can either lead to stable cash flow or late payments. And while it may feel like all of the power is in your debtor’s hands when it comes to getting paid on time, that isn’t always the case.

With a more digital and connected world, we have seen a surge in the adoption of eCommerce technologies and contactless payments.

Traditional payment processes are resource-heavy and time-consuming to manage. Digitising your Accounts Payable process will help secure your payments and save you time and money.

Paying merchant fees might seem like the simple cost of doing business, but the recent surge in eCommerce means it is an area where businesses can save a significant amount of money.

A Sales Order Management System is a digital solution that enables businesses to easily manage pricing, distribution, payments and tracking of shipments.

Cash flow is the lifeblood of any business, because with poor cash flow it ultimately becomes impossible for any business to function properly. When cash flow becomes tight, many tend to draw on other sources of funds – including banks and personal finances – just to stay on top of their bills.

Chasing late invoice payments is a burden for any business, and still, more than half of B2B payments in Australia continue to be processed late, costing businesses, on average, $115 billion every year.

When you’re running a large operation with hundreds of invoices processed each month, the resources required to manage your payments grow quickly, especially when ageing receivables become a problem. While customers may not pay their invoices for various reasons, it happens too often, causing a range of challenges and increased risk.

Digital payments helped businesses get paid safely and efficiently throughout the COVID-19 lockdowns and associated restrictions. But as economies reopen many challenges still face businesses including supply chain disruptions, the ‘great resignation’, rising inputs such as fuel, and the expense of reopening. These business challenges make now an opportune time to build on the processes optimised throughout the pandemic, especially across B2B trade.

In an increasingly cashless society, how can sellers easily and cost-effectively receive payment? One answer is using Pay Invoice By Link technology.

Automation helps businesses to realise efficiencies while providing a range of other benefits. If you’re like most businesses, accounts payables is likely an area that could benefit from automation to reduce manual processes and the need to manage each invoice one-by-one.