Automated payments are becoming more and more popular as businesses strive to streamline their payment processes. However, there are still many misconceptions about automated payments that can be misleading - and possibly the reason why you're reluctant to embrace change.
In this blog post, we'll debunk five common myths about automated payments to help you make an informed decision when considering whether or not to implement them in your business (and finally put a stop to collecting checks).
Myth 1: Automated Payments Are Too Complicated
The truth is, automated payments are surprisingly simple to set up and use. All it takes is a few basic steps and you’ll be ready to start processing your payments quickly and efficiently. Plus, most payment processors provide helpful support resources to assist you with any questions you may have along the way.
Myth 2: Automated Payments Are Expensive
Contrary to popular belief, automated payments don’t have to break the bank. Many payment processors offer competitive rates for their services, so it’s worth taking the time to shop around for the best deal. Furthermore, some providers offer discounts for larger volume transactions which can help keep costs down even further.
Myth 3: Automated Payments Don't Offer Enough Security
Automated payment systems actually come with a range of security features designed to protect both your business and your customers from fraud and other malicious activities. From encryption technology that scrambles data so it can’t be read by unauthorized parties, to multi-factor authentication that requires multiple pieces of verification before a transaction is approved – automated payment systems have plenty of safeguards in place to ensure that your money is safe at all times.
Myth 4: Automated Payments Are Too Slow
The reality is that automated payments often take less time than manual ones! Seriously, how long does it take to bank a check? With automated payments, all the information is already stored and ready for quick retrieval when needed – meaning no need for manual entry into accounting software or double checking customer information against databases. This helps speed up the entire process from start to finish – saving you valuable time in the long run!
Myth 5: Automated Payment Systems Don't Provide Any Benefits For Your Business
In fact, there are many benefits associated with using an automated payment system such as increased efficiency, improved accuracy, reduced manual labor costs, better customer service experience and more accurate tracking of finances on hand. All of these advantages ultimately result in greater success for your business overall! Our Wise-Pay customers are already seeing immense results, see their incredible customer success stories here.
Automation has become increasingly important in today's digital world – especially when it comes to managing finances efficiently and securely. While there may be some myths surrounding automated payments that cause hesitation among businesses owners or executives, understanding how they work can dispel those fears and help make informed decisions about implementing them into their own operations.
For each invoice you handle, it costs your business time, money, and energy. Wise-Pay seamlessly reconciles invoice payments in your accounting platform, and automatically creates client invoices for credit card surcharge payments, overpayments and pre-payments, so you never have to chase a payment again - get paid on time, every time with Wise-Pay.
