Electronic Payment Software:

The definition of an electronic payment system is a way of paying for a goods or services electronically, instead of using cash or a check, in person or by mail.

Keeping your Suppliers and Vendors happy with Accurate, on time payments is essential if your going to maintain a positive working relationship. By generating professional invoices and tracking all your payments electronically, you can stay on top of your purchases and keep your business organised. Companies are moving away from writing checks to pay their invoices and they want a streamlined solution that will allow them to easily send money to vendors and suppliers. The days of writing out a check, stuffing an envelope, popping it in the mail, and waiting for the check to clear are becoming a thing of the past.

Key Features when choosing Electronic Payments Software

• Scheduled and batch payments. Spend less time on business admin by paying multiple bills in one simple transaction. Electronic payments will allow you to bundle the bills together and schedule the payment..
• Repeat and replicate payments. Save time and improve your business efficiency by setting up repeating bills. Electronic payments software lets you set up bills that keep recurring for as long as you choose with the ability to replicate your last bill from a supplier and just review, add or amend details..
• Reports to monitor your debts to suppliers. Reports that let you see exactly how much you owe on each invoice, when the invoice was raised.
• Automatic payment processing after invoice entry. Your AP staff shouldn’t have to worry about printouts, exports, or any additional manual steps to process the payment.

Benefits of Electronic Payment Software

Electronic payment software lowers costs for businesses. The more payments they can process electronically, the less they spend on paper and postage. Offering electronic payment can also help businesses improve customer retention. A customer is more likely to return to the same e-commerce site where his or her information has already been entered and stored.