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.
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.
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