Now more than ever, vendors expect a fast, efficient, and intuitive payment collection experience. No matter the nature of the purchase, paying online makes the entire process easy as pie for both parties.
In this article, we will cover why digitizing bill management is important not only to the paying party but also to those on the receiving end of the payment, in other words, your business vendors. Online bill management through Melio allows vendors to receive payments directly into their bank accounts within a trackable system, which is fast, safe, and best of all, free.
If your vendors still need some convincing before making the switch, Here are five reasons for them to start managing their bills online.
Efficiency is built-in
Online bill management is exceptionally efficient for vendors. Customers can easily make payments to their vendors from their home or office without going to a physical storefront or driving all over town to drop off a check, which means vendors get paid faster and with less hassle.
Online bill management boosts trust
People want to work with businesses that make their lives easier. Companies that can accept online payments do just that. With an online payment portal, businesses can quickly pay for a product or service and have peace of mind knowing that their purchase is instantly approved, and vendors can rest easy knowing the money is on its way.
An increasing number of customers and vendors feel safer making and receiving payments online, as every transaction is documented, and online payment systems also have layers of security protocols and encryptions to ensure the funds arrive safely.
Another substantial benefit of online bill management for vendors is that they can start accepting credit card payments (and, if they use Melio, they can even do so at no additional cost to them). Consider a relatively expensive product or service, for example, a photography package or business consulting services. In this case, using a credit card allows companies to break down the total purchase amount into smaller installments, paid over a certain period of time. Looking to avoid cash flow issues, many of the vendor’s business customers would appreciate this option to make large purchases on their own terms, which can potentially increase sales.
Documentation for the win
Another significant advantage of online payment management is documentation. Gone are the days of keeping physical accounts receivable logs. With online bill management, there is a digital money trail that makes it much easier for vendors and their small business clients to track where their money is going. Vendors also enjoy the ability to keep a detailed digital record of all transactions for tax and budgeting purposes.
Time saved is time earned
Lastly, online bill management saves time for both vendor and their customers. Instead of clients spending time traveling to a vendor’s office to make a payment or vendors personally visiting stores to collect paper checks from every client, they can check that item off of their “to-do” list in a matter of seconds. They can pay a bill while standing in line at the supermarket, in-between meetings, or even while they binge-watch their favorite show. With the benefit of time and hassle savings, in the long run, small businesses are more likely to purchase goods and services from a vendor that offers the ability to pay online.
No matter what they sell, online bill pay makes the collection experience better than ever before for vendors. Online bill management with Melio is an efficient, secure, and trackable way for vendors to get paid.
*This blog post is intended for informational purposes only and is not intended as financial advice.
**Melio does not provide legal, tax or accounting advice, and you should consult with a professional advisor before making any financial decisions.