Any company with a sizeable transaction base will be well acquainted with the headaches of late payment fees. With the hectic pace of incoming and outgoing contracts, and the flooded inboxes and outboxes that ensue, it is all too easy to miss a payment date or even entirely overlook a payment due. However, fear not. With the help of automatic recurring payment software, you can rest assured that you’ll never incur a late payment fee again! This article will take a look at how this software can save you time, money, and stress.
Flexible and Unlimited Payment Schedules
Using software with automatic recurring payment functionality, you can set up an unlimited number of payment schedules based on the needs of your organization. It’s as simple as choosing when you want your merchant or supplier to get paid (either on an externally defined due date or some other date or interval specified by you), and entering it into your payment schedule, and the money will be automatically deposited in the specified account, without you moving a finger. What’s more, the pertinent transaction bills will also be generated automatically and exported to your accounting system, so you’ll never lose track of who was paid when and how much.
Boost Partner Loyalty and Shield Your Credit
Obviously, by ensuring all payments are consistently made in a timely fashion, you will strengthen your relationships with existing business partners, and maintain your reputation as a business other companies will feel confident doing business with. Free yourself from the stress of manually overseeing each and every bill and keeping track of its due date, while at the same time protecting your business relationships and avoiding hits to your credit rating for payments in arrears.
Save Your Accounting Department Time and Stress
By setting up recurring payments in your contract management software, your accounting department staff will no longer face the paper cuts and split lips associated with writing out checks, licking stamps, and catching the postal worker on time. Simplify your payment flow by shifting to automatic online payments based on individual customer profiles and their respective payment schedules. Not only will this free your staff from manually handling every incoming invoice, it will also keep them on top of each automated payment event with automatic e-mail notifications of payments made or even payments declined should some error occur.
The Bottom Line in Automatic Recurring Payment – Convenience
Clearly, saving your company the hassle of keeping track of an endless flow of bills as they come in and approach (or possibly miss) due date is a huge advantage. But logistically speaking, automatic recurring payments are a much greater stress saver than just that. Imagine all the time, and invitations for delays, errors, or confusion, that you will save your staff by storing payment information digitally, rather than needing to furnish it each time a bill comes in. Finally, electronic payments are transacted instantaneously, and will thus avoid late fees for payments that may have been sent out in time, but for any number of reasons still arrived late. This means you have the calm and convenience of never paying a late fee again, even due to forces out of your control.
So switch to automated recurring payments today and sleep soundly, knowing you’ll always be on time with your payments, keeping your accounting staff and business partners happy, and your credit and business reputation rock solid.