Small and midsize businesses have been hesitantly transitioning to electronic payment methods. But according to a recent whitepaper by Sage, adopting electronic payments is a simple, cost-effective strategy in the long term for B2B companies. Below are a few myths busted in the white paper:
Myth: Electronic payment systems are difficult to implement.
Reality: With the emergence of cloud and other technology platforms, adoption is easy — and it allows for reconciliation with accounting and ERP software. That can save time and money.
Myth: Using electronic payments is less secure than paper methods.
Reality: The Association for Financial Professionals found that, “87 percent of organizations affected by payments fraud reported checks were the targeted payment instruction.”
Myth: Adopting electronic payments will add complexity and, ultimately, hinder business.
Reality: The availability of electronic payments may actually encourage business. “57 percent of buyers said they would boost ordering frequency with a given supplier if that supplier accepted credit cards,” according to the report.
To find out more about the benefits of going paperless, check out the full story.
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