Introduction to Bill Pay
The digital revolution has transformed the way we receive and pay for goods and services. But it’s not just consumers who have benefited from this era of e-commerce, as enterprise IT departments have also seen a shift in how they do business. Cloud computing has changed how businesses operate by improving efficiency and reducing costs. However, as many CIOs are discovering, this shift can create new challenges when it comes to managing payments — especially when you consider that many vendors charge additional fees just for accepting credit card payments.
CIOs are challenged to meet the demands of their business.
You’re having a hard time. Your business is demanding more from the IT department than ever before, and it’s becoming increasingly difficult to provide these services. You need an easier way of managing your company’s finances so you can focus on innovation and agility.
Cloud has changed the IT ecosystem
The cloud has changed the IT ecosystem, but not the budget. Cloud is a cost-effective way to run your business. It can help you save money, get better service and security, and even improve mobility.
The reliance on multiple vendors and providers creates a tangled web of payment processing, complicating invoice management.
Invoice management is a time-consuming process. The reliance on multiple vendors and providers creates a tangled web of payment processing, complicating invoice management. When it comes to paying bills, organizations that have different departments using different solutions or processes must rely on their accounting department to reconcile all invoices and payments—a process that can take hours or days to complete.
Additionally, this complex process can be further complicated by having invoices from multiple vendors due at the same time. This can make it challenging for companies to track payments and follow-up on invoices in order to ensure they get paid in a timely manner.
The financial impact of disrupted services
When it comes to the financial implications of a service disruption, there is more than just a cost for lost productivity. There are also costs associated with hiring contractors and employees to perform work that would normally be done by your staff. There’s a cost of lost business and lost customers, not to mention lost revenue and opportunities.
So what happens if some aspect of your operations goes down? You’re essentially losing all of those things at once—and then some!
Tackle challenging invoice processes with a digitized Bill Pay solution
Digitizing your invoice processing can help you increase your revenue, reduce costs and provide better customer service. Reap the benefits of digital bill pay solutions by automating the process.
If you’re a business owner, chances are you’re familiar with the irritating task of tracking down payments that have been misapplied or have errors. With brightfin’s bill pay solutions, you’ll eliminate troublesome late fees, service interruptions, and phone resolutions due to late payments.
Your end users need an easy way to get their work done at all times. That means making sure everything works smoothly across multiple devices and platforms (for example, desktop computers, mobile devices).
A digital bill pay solution can help you better manage invoices and related payments in order to improve overall processes and save money. Here are a few examples of how a digital bill pay solution could help:
- Automating the process: A fully automated system eliminates the need for employees to manually check email, find an invoice, open it up, copy data from it and manually complete each step of payment. This all happens automatically through one tool that integrates with your existing accounts payable software or HRIS.
- Cost savings: Eliminating manual steps means fewer people touching data before it gets processed by your financial systems—which leads to fewer errors and faster turnaround times for processing payments—all resulting in cost savings for both parties involved (you!).
The simple truth is that you can’t afford to let your IT bill payment process fall behind. A digital bill pay solution can help you better manage invoices and related payments in order to improve overall processes and save money.