Bill payments: Helping small businesses think big
Small businesses are a driving force in the U.S. economy. They employ 61.7 million workers, which accounts for 46.4% of all US employees. This shows how heavily the small businesses drive the economy, however even with this, failure rates for small businesses can be high, and lack of cash flow is often a contributing factor. For small businesses that rely on a steady stream of income from bill payments, an electronic bill presentment and payment (EBPP) solution can be a powerful tool to help keep this revenue flowing. And, in the face of the “new normal” and increasing consumer demand for contactless everything, it can be a competitive differentiator.
Despite smaller staff and budgets, small businesses can benefit from big-minded solutions—including EBPP solutions—that serve some of the largest enterprises in the country. How can an EBPP solution help small businesses collect on-time payments and streamline operations? Here are five ways EBPP can help small businesses think big.
Relieve the headache of dealing with bad checks.
Issuing paper bills and accepting payments via cash or check might seem like the least expensive options for collecting bill payments. But the reality is that recording cash payments can be time-consuming and prone to error. And, as stated earlier, there is an increasing demand for contactless billing and payments. Additionally, bounced checks can create collection time lags and other operational challenges that might be difficult for small businesses to control.
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