The Internet has been making person-to-person (P2P) payments easier for years. First there was PayPal, which made it easy to send payments to an email address. Now there is Square Cash, a new service that promises to give users the power to exchange money quickly and easily. In fact, Square Cash makes P2P payments so easy that its customers are raving about it on the Internet.
More than 50% of B2B payments are still made by check.
Though the number is decreasing, it’s not decreasing fast enough. A single check can cost a company as much as $20 to write when you take into account materials, employee time, and bookkeeping expenses. Writing checks takes time and cuts into your business’s bottom line.
If you have been following Entryless for a while, you know that we are big advocates of automation. When we find an aspect of accounting or bookkeeping that hasn’t been automated yet, we want to know why. Why aren’t we doing more to eliminate the slow, tedious, and expensive check-writing process?
The Internet gives businesses the ability to share large amounts of information electronically and instantly. Companies are constantly accessing each other’s information feeds and databases.
With so much of their communication digital, it seems backwards that B2B payments so frequently involve checks.
We saw a need for automation and have launched Entryless Seamless B2B Payments. This is an automated business payment system that intends to close the loop on bill automation. Now a business can automatically process bills from receipt to payment. This level of automation saves a business all of the time and effort that would be spent manually processing bills and cutting checks.
Check out Entryless Payments today and enjoy new levels of automation.