#PAPERLESS PAYMENTS MANUAL#
Going paperless or digital also ensures greater accuracy in processing as it eliminates the risks of manual errors. How Does Paperless Payment Processing Work?īusinesses and their customers are looking for more digitized payment processing solutions to facilitate faster and smoother processes. By freeing up huge piles of paper and folders of invoices and documents stored in your office, you can also have a cleaner and more efficient work environment. You will be surprised to see the amount of time, money, and even space saved by going paperless, and most importantly, it’s eco-friendly. Paperless payments may not be the best solution for all businesses, but some of the benefits offered by these processes can be totally irresistible. Going paperless offers a far more efficient and streamlined alternative compared to traditional payment processing systems, which were mostly manual. Recent years have seen a rapid evolution of online payment processing systems and contactless transaction modes, largely in an effort to prevent virus transmission. 451 Research’s Voice of the Enterprise: Customer Experience & Commerce, Merchant Study 2020.We have all used cashless digital payments at some point in time, even more so after COVID-19 spread across the globe in 2020. Ĭontactless payments have surged during the pandemic with many companies and businesses expanding their payment options to incorporate contactless to meet consumer demand for an alternative, contact-free way to make payments. Research reveals that more than three-quarters of United States consumers are now aware of such payments, representing a 25 percent year-over-year increase. They want to try before they buy and minimize payments resulting in businesses to offer subscriptions, recurring payments, and installment payments.Ĭonsumers can use contactless payments to purchase goods and services using their debit or credit cards with chips and they do not have to swipe, enter a personal identification number and/or sign for a transaction. Digitally-savvy, mobile-friendly Millennial and Gen-Z buyers have started using new customer payment journeys. Trend 2: Acceptance of the latest payment journeysĪnother payment method has been in demand and offered by companies. In fact, 70% of merchants that are digital transformation leaders state that payments are a highly strategic area of focus for their business. COVID-19 has cast a shining light on payment methods as a viable option for the continuation of business normalcy. The transformation to different payment methods has become a trend and continues to evolve. ACH payments allow the transfer money from one bank account to another without using paper checks, credit card networks, wire transfers, or cash. In fact, patients can pay via ACH bank withdrawal, credit, debit, HSA/FSA card, and virtual wallets. Doctors, hospitals, and healthcare providers have accepted electronic payments for years. New ways to pay is reflected within the healthcare industry. Seventy percent of buyers say they prefer digital interactions.
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Digital payments became a change that is destined to remain. It’s an existing trend and did not require a change in consumer behavior. The safe, simple solution for many companies to process payment transactions was to adopt and expand the use of digital payment methods. Early on, how the virus was spread was still unknown and invariably described by unconfirmed theories and speculation.
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Money has always been considered a magnet for germs and deep concern was expressed over the possibility that money might be a carrier of COVID-19. At the grocery store, you must pay for the items you purchased with cash or use a credit/debit card to complete the transaction.
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For companies and industries to survive during the pandemic with a spread of unknown facts about COVID-19, industries had to immediately pivot and accommodate new ways of doing business.Ĭonducting business-whether B2B or B2C-usually concludes with a payment transaction for services rendered and commodities purchased. The circumstances of the pandemic did more than just encourage acceptance of digital transformation, it accelerated it with the force and speed of a 100-mph roller coaster. After COVID-19 infiltrated the U.S, in less than 30 days, companies and individuals faced a world that had drastically changed and leaving what-to-do-now questions within the aftermath. Discussions and predictions about digital transformation has been a trending topic for years as businesses and industries began to embrace, plan and implement digital initiatives. There is no question that the COVID-19 pandemic ushered in a plethora of changes that has impacted practically every aspect of life-personal and business.