Benefits of Electronic Payment System:- “Electronic payment is a form of a financial exchanger that take place between the buyer and the seller facilitated by means of electronic communications. Electronic payment is a financial exchange that takes place in an online environment.”
Benefits of Electronic Payment System:-
Following are the benefits of an E-Payment System:-
Processing Cost Reduction:-
An electronic payment system lowers the associated process time by automatically initiating and processing payments.
Minimize Overdue Payments:-
An electronic payment system accelerates credit and collections by giving customers, collection groups and internal customer service department’s greater visibility into payment status
Simplify Dispute Management:-
With an electronic payment system, companies enjoy improved data accuracy and automated disbursement, receipt and payment processing to streamline vendor disputes management.
An electronic payment system makes it easier to track and monitor data to ensure adherence to complex and monitor data to ensure adherence to complex compliance regulations and all business rules.
An electronic payment system is highly secure, safeguarding cardholder data and preventing payment fraud better than paper-based payments can achieve.
Improved Workflow Efficiencies:-
Increased automation is a key feature of a robust electronic payment system, enabling less reliance on time-consuming and costly manual business processes.
Greater Visibility into Financial Supply Chain:-
With access to reports and comprehensive corporate financial history, an electronic payment system gives management and other authorized users easy decision-making and process efficiency.
Day ales Outstanding (DSO) Improvements:-
For suppliers, an electronic payment system can immediately improve DSO numbers by allowing them to electronically receive and process payments from commercial customers.
Minimum human intervention required:-
An electronic payment system requires minimum human intervention and it also facilitates storage and retrieval of records.