Posted by Alison Arthur on 12 Sep 2018
Small businesses are a force in the US economy. They employ 47.5% of private workers and, at last count, created 1.9 million new jobs in a single year. But 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.
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.
1. 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. The reality is that recording cash payments can be time-consuming and prone to error. Plus, bounced checks can create collection time lags and other operational challenges that might be difficult for small businesses to control.
Accepting a wide variety of payment methods can help small businesses encourage on-time payments by giving customers the choices they’re looking for. While card payments do have fees associated with them, small businesses can work with their payments providers to establish pricing models that help make these expenses more predictable.
2. Bring bill payments to mobile devices.
Consumers are growing more accustomed to quick and easy payment experiences on their mobile devices. This isn’t something that only large organizations can offer. An EBPP solution can empower small businesses to accept bill payments on the mobile devices that customers use most, making these transactions quicker and more seamless than ever.
3. Get electronic bill payments up and running quickly.
Small businesses might balk at the idea of a long and cumbersome implementation process for an EBPP solution. Forward-thinking EBPP providers can offer an out-of-the-box solution that’s designed specifically for small businesses. This means shorter implementation times that enable small businesses to begin accepting electronic bill payments in no time flat.
4. Keep bill payments top-of-mind for small business customers.
Reminding customers about account balances and upcoming due dates might not be possible without the help of technology. An EBPP solution can automate these processes by sending reminders via email and text messages on the business’s behalf. Doing so can prompt customers to make on-time payments and keep revenue arriving on time.
5. Offer cutting-edge payments experiences.
Payments are evolving rapidly, and customers want to take advantage of the latest technology. Chatbots powered by artificial intelligence (AI) are facilitating text-based payments (via messaging apps) and voice payments (via intelligent personal assistants). Considering that 51% of small businesses view AI as an important factor when selecting new technologies, the right EBPP solution can offer small businesses the latest technology of today and adapt quickly to the emerging trends of tomorrow.
The Bottom Line: Easy, flexible, and forward-thinking bill payment experiences aren’t just for large enterprises. Small businesses can also take advantage of these benefits by partnering with an EBPP provider that’s built to serve the needs of today and position them for success in the future.