The proliferation of mobile applications such as Uber and Amazon have made user experience a top of mind issue. As consumers, we are all exposed to good and bad user experiences every day. Now more businesses are leveraging their user experience to differentiate themselves with suppliers.
Differentiate How Suppliers View Your Company
Wikipedia defines the user experience as “a person’s emotions and attitudes about using a particular product, system and service.” A user’s experience is influenced by how useful, easy to use, and delightful their interactions are with the product, system or service, Wikipedia adds.
“Delightful” might be the last word that suppliers would use to describe the experience of processing check payments from customers. For users to process check payments, they typically need to call customers about the status of payments, open mail, key payment and remittance data, call customers for clarification on remittance information, make daily trips to the bank to deposit checks, spend hours reconciling payments with open invoices, and manually sift through data to generate reports.
Don’t Frustrate Suppliers and Complicate Cash Management
Not only do these poor user experiences frustrate suppliers, they complicate their cash management.
This is a big reason that more than 80 percent of suppliers want to increase the volume of electronic payments that they receive from business customers, according to the Remittance Coalition.
TIPS: How electronic payments improve your suppliers’ user experience
Electronic payments provide suppliers with a better user experience. Here’s how:
- More payment options: One size doesn’t fit all when it comes to business payments. Suppliers have different needs in terms of the payment method, timing, fees and discount opportunities. That’s why more payments solutions providers support checks, ACH and card payments to suppliers.
- Payments certainty: Suppliers don’t like calling to ask, “Where’s my payment?” any more than customers like receiving those calls. With electronic payments, suppliers always know when payments will arrive, and there is no chance of lost or misplaced payments.
- Better cash flow: Eliminating the guesswork of when payments will arrive helps suppliers better manage their cash, which can reduce their need to borrow, free up cash for investments in the business, and enable them to more accurately forecast their cash flow for corporate planning.
- Rich remittance data: Suppliers rely on remittances to match payments with open invoices and to post their receivables. When they don’t get the information they need, they must call the customer for clarification. Electronic payments solutions provide suppliers with detailed transaction data.
- Ready access to information: Like their counterparts in accounts payable, accounts receivable professionals are experiencing increased reporting demands. Electronic payments solutions put information on payment activity and transaction history at their fingertips.
- Peace of mind: The risk of fraud makes everyone nervous. Electronic payments significantly reduce the risks of payments fraud and accidental exposure of sensitive banking account information by leveraging advanced technology and the proven security frameworks of mature payment networks.
- Help when they need it: The last thing suppliers want is to be left holding the bag when business needs change. The payments help desk offered by electronic payments solutions providers aid with onboarding, updates, changes and questions about payment status.
This is the type of user experience that suppliers need … and want.
ACOM Solutions can help your organization make this a reality. Contact us to learn how.
Learn More About Paying Suppliers with Electronic Payments