Adrian Floate 16 December - 3 min read
COVID-19 and the resulting decline in business activity has made it necessary for businesses to provide safe, fast and easy payment options for customers.
Industry disruptors like Uber introduced consumers to a seamless payment system – a sales process customers now expect.
Business payment processes are long overdue for an overhaul.
The way businesses trade has changed little in centuries, with most businesses using manual data entry, which wastes time, money and is prone to mistakes.
The late payment of invoices limits business cash flow, meaning they are less resilient to economic volatility and cannot survive long if business drops.
However, businesses can get paid for goods and services on delivery in real time if they adopt software that features an intent to pay framework and workflow payments.
Once customers have entered their details and confirmed tokenisation of their card they can enjoy contactless transactions triggered at the point of purchase.
Payments are automatic and effortless, just like Uber.
The benefits for customers:
The benefits for business:
The benefits for the economy:
The new workflow payments software allows businesses to disrupt their respective verticals – just like Uber.
The use of software that enhances the customer’s experience resulted in Uber dominating the taxi and ride-share industry.
Uberfication has become synonymous with pivoting a business to providing convenience for customers.
Having contactless transactions triggered at the point of purchase or completion of a service is the ultimate in convenience for customers.
E-invoicing has transformed how businesses send and receive invoices. It automates the exchange of invoice information directly between a supplier’s and a customer’s accounting software.
For businesses built in the cloud, pivoting, scaling and expanding to new countries can be achieved at a very low cost. These companies also implement some of the latest systems and processes in payments technology — think instant payments, secure payment networks and the ability for customers to choose from a range of options in how and when they pay.
Late payments aren’t new to Australian businesses. For many businesses, having almost $40,000 in outstanding invoices is the reality of operating, but it doesn’t have to be the case.
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