While buying goods and services online using credit cards is now a widespread practice, viewing credit card bills themselves and making the payments to settle those bills electronically is not. However, with the introduction of new electronic bill payment and presentment (EBPP) options for business products, this is all set to change, since EBPP technology is being more commonly adopted by B2B companies.
Many owners of small and mid-sized businesses frequently struggle to manage an unintegrated payment system and to harness technology in managing their businesses. Larger organizations, conversely, have already adopted EBPP successfully to become more efficient and save money for their companies. However, smaller businesses could also greatly benefit from the extra savings and efficiency that electronic bill presentment and payment solutions can bring.
So, why are smaller businesses so slow in adopting the latest EBPP for business solutions? Here are three of the primary challenges being faced by business owners when it comes to adopting electronic payment solutions.
Challenge 1 – Integration Of Systems
One of the issues that small businesses face in terms of EBPP products is that they have outgrown their paper-based manual payment processing and, therefore, have switched to using accounting software to keep track of their transactions and invoices. The whole point of EBPP for business is that it should increase efficiency. However, without any integration between existing systems and the payment system, small businesses end up having to manually process payments and invoices, which leads to a larger error margin, excessive use of staff time, and extra costs. Businesses need to find a solution that integrates seamlessly with the most popular accounting software packages in use today, so operations are streamlined.
Challenge 2 – Meeting Compliance Regulations
The second major challenge facing businesses with regard to moving to EBPP is compliance with all of the latest regulations. Staying up to date with regulations can be difficult at the best of times. And, for small businesses, it can be just one more headache to face. It’s no surprise then that so many are reluctant to make the move to EBPP where compliance becomes such a major issue. The key is to choose a supplier of electronic billing and payment services that can guarantee all compliance requirements are met.
Challenge 3 – Scalability With A Growing Business
The third primary challenge facing small businesses when it comes to adopting EBPP is that they need to ensure that they choose a solution that can grow with their companies. A payment solution that delivers good results for a very small operation may not be able to cope once an organization grows. There is, therefore, a strong need for businesses to choose an EBPP product that is scalable and can adapt to the needs of a thriving company.
BillingTree’s are not only innovative and cutting edge, they are also highly effective in meeting the specific needs of small business clients. Tailored to solve the three major challenges facing growing businesses, BillingTree’s solutions can integrate seamlessly with all of the most commonly used software packages for streamlined payment processing. Because all BillingTree’s products are fully compliant with HIPAA, SSAE-16, and PCI-DSS, small business owners can have complete peace of mind that they will be meeting all the essential regulations. And, because BillingTree also stays on top of the latest legislation, the company will ensure that compliance is always maintained regardless of any changes that are made. Even better, BillingTree’s solutions for small businesses are all scalable thanks to its dynamic coding base, which can be enhanced and adapted to meet a company’s changing needs.