Paysign’s Digital Banking Solution Is Changing the Way Business Is Done
Only a few short years ago, 50% of all businesses1 still relied on paper checks as their primary means of making payments. If you look at only SMBs2, that percentage was dramatically higher at 97%.
Consumers’ acceptance of digital banking as a mainstream complement or alternative to traditional banking has been a slow but steady journey, one that has been hastened by the COVID-19 pandemic. Now, more than ever, it pays for businesses to offer a digital banking solution to their consumer payees while also streamlining their own payout processes.
We’ve created a list of the top five reasons businesses should take the leap and offer a solution, such as Paysign® Premier, for their outgoing consumer payments.
Paysign Premier is a modern solution for the modern consumer. This digital bank account features a Visa® debit card and is a flexible and convenient way for consumers to manage their money. At the same time, businesses like yours benefit from streamlined processes and reduced costs by delivering funds to your consumer payees through Premier instead of paper checks.
1. Streamlined Payments Process
A streamlined payments process ensures that funds are delivered where they need to go in an expedited way. According to CPA Practice Advisor3, businesses that replace paper checks with automated digital payments stand to see a 60% increase in efficiency. That means less time is spent by payroll and accounts payable personnel on activities like printing and reviewing checks, getting approvals and signatures, verifying mailing addresses, dealing with lost or stolen mail, and countless other ongoing tedious tasks. Automation can also help increase the accuracy of your outgoing payments, reducing the research and time it takes to fix mistakes. This is where Paysign Premier comes in, allowing you to send funds directly to your payee’s digital account.
2. Cost Savings
Digital payments have an immediate impact on improving a business’s bottom line. Going digital reduces costs across the board, but some of the most notable savings – up to 75% reduction in AP costs3 – are directly associated with eliminating paper checks. A shortlist of the expenses that can be reduced or eliminated include postage, stationery, paper and toner, shipping services like FedEx, theft, and fraud, bank fees such as stop payments, and the salary paid for all the man-hours that go into these activities. By delivering payments electronically to a Premier account, the savings will add up.
3. Increased Payee Loyalty and Satisfaction
Moving to digital payments may save your business time and money, but how will your payees feel about it? According to Investopedia, more than 20% of U.S. adults4 are underbanked or unbanked. This means they often rely on check cashing services, money order purchases, and payday loans to manage their finances. Instead, offering your payees the benefit of a digital bank account that does not require a credit check, has no monthly minimum, and provides them additional money-management tools can instantly increase their loyalty and satisfaction. Premier offers these features and more, complete with a debit card that can be used wherever Visa is accepted.
4. Expedited Payments and Real-Time Info
In the internet age, our modern society has come to expect instant gratification, whether it’s overnight delivery of an online order, groceries brought right to your door, or food from your favorite restaurant delivered within minutes. Luckily, Premier offers accountholders access to their pay up to 2 days early. Pair that with real-time account info in a convenient mobile app or web portal and 24/7/365 bilingual customer care, and it’s a clear fit for today’s tech-savvy users.
5. Quick Implementation
The biggest roadblock to businesses adopting new technologies is often the time and expense of making the necessary hardware and software changes, training staff, and dealing with lost revenue if any downtime is experienced. Luckily, implementing a digital payout solution can be painless. Premier includes a turnkey referral program that can be launched immediately and has no startup fees. If you are looking for a more tailored program with your logo on the cards and forward-facing applications, Paysign can make customizations in weeks rather than months.
Take the first step toward streamlining your payments process, reducing costs, and offering a truly modern, digital banking solution to your payees. Click here to learn more and get started.
1. Goldman Sachs, The Future of Finance: Redefining the Way We Pay in the Next Decade
2. PYMNTS.com, SMB Technology Adoption Index: Is the US SMB Engine Billowing Smoke?
3. CPA Practice Advisor, 50% of Businesses Still Use Paper Checks – But They Won’t For Long
4. Investopedia, Underbanked, 2019 Federal Reserve report on the economic wellbeing of U.S. households