Managing payments for your business is critical. Money from your customers ensures you keep your operations running smoothly, allowing you to make payments to employees and suppliers.
However, while this concept seems simple enough, the various payment options and collection issues can derail your cash flow management, resulting in payment delays and costly administrative resources.
This is why you need to ensure your customers pay on time to keep your business running efficiently. You can do that by streamlining your payment processes by offering EFTs (Electronic Funds Transfers).
How EFTs Help Your Customers & Your Business
There are substantial benefits that come with EFTs for both businesses and customers alike:
- It is a convenient and secure way to send and receive money. The streamlined process of submitting payments means it is easy for anyone to use. Payments can be made locally or internationally.
- The limited in-person interaction with banks and administration will save you and your customers time, reducing resources.
- It is secure and safe. Banks and business payment solution experts like Pateno utilize enhanced security software to prevent mishaps or breaches.
- Your business will be able to transfer large sums of money online, simplifying payments.
- EFTs are faster than checks or wire transfers and help to reduce fraud experienced with credit cards. Much-needed payments can be paid quickly before deadlines, making it an excellent option for buyers and sellers.
- As EFT payments are 100% electronic, there is no need for paper. All transactions are saved electronically, streamlining bookkeeping.
- Organizing recurring bill payments is simple and can ensure that suppliers receive funds on the same date and time every month. The same applies to customers paying you.
By incorporating EFTs as part of your payment processes, you can effectively streamline your customer payments, maintaining consistent cash flow and operations.
How to Implement EFT Processes
Shifting some or all of your clients, processes, and resources onto EFTs for consistent payment can be a daunting task. But a tried and tested process can prove beneficial:
- Look for an online payment provider that can help streamline your processes. At Pateno, we can easily integrate and implement EFTs into your business operations with our API and SFTP technology.
- Allow Pateno to help set up your payment platform and integration. We can customize your business payment solutions, initiate reporting, and organize notifications so that you always know the status of your incoming and outgoing payments.
- Notify your customers about your changes and transition over to EFTs. Explain to your customers how this upgrade will streamline their payments, highlighting the simplicity and transparency of the approach. Also, ensure that you notify your suppliers and vendors about your changes.
- Set up your payment processing by collecting and distributing the necessary banking information to and from your customers. Basic bank account information is enough to commence EFTs.
- Commence the new payment process. It will take some time and effort, but you can effectively stream your customer payments with our successful platform.
Changing your customer payment process is never easy, but you can transform your business to be better and more efficient with our advanced business EFT solutions.
Pateno is the only business payment solution you will ever need. Our innovative payment solutions ensure a more streamlined, secure and flexible way to transfer money. Via our API technology, you can initiate payments from existing web pages, portals, and apps, scaling your capabilities as your industry changes. From tip disbursement to loan management payments, our highly intuitive and simple-to-use system can be easily integrated, instantly enhancing and streamlining your money transfers. Contact our sales representative to learn more today.