The shift towards monetizing digital transfers and payments has become increasingly prevalent among service providers and integrators looking to operate as efficiently as possible. The recent 2023 McKinsey Global Payments Report found “evidence shows that US consumers’ use of checks has declined sharply over time. They wrote 19.3 billion checks in 2000 and only 7.1 billion in 2018—a 63 percent drop—according to the Federal Reserve Payments Study.”
While consumer behavior is not always immediately reflected in every industry, service providers in areas such as communications, managed services, security integration, and AV installation are embracing the shift away from traditional paper checks to take advantage of numerous profitability-boosting and time-saving benefits. Here are 6 compelling reasons for your business to take advantage of digital payment methods rather than relying exclusively on paper checks.
When it comes to handling customer payments, security is a top priority for every business. According to JPMorgan’s Payments Fraud and Control Report, “66% of financial professionals surveyed reported that their organizations’ check payments were subject to fraud attempts or attacks.” With encryption technologies and secure authentication methods, the risk of fraud and unauthorized access is significantly reduced compared to the vulnerabilities inherent in paper-based systems.
Digital payments save time for your business and your customers. Transactions can be completed in just seconds, eliminating the time-consuming process of mailing, depositing, and waiting for checks to clear. This rapidly enhances overall efficiency and streamlines operations for service providers and integrators.
Making the switch from paper checks to digital payment methods doesn’t just save service providers and integrators time, it also reduces the overall cost. Without the expenses of printing, postage, and manual processing, companies can reduce their overhead and allocate resources more effectively, particularly when the tool you utilize for digital payment processing integrates into the solutions your business is already using.
Service providers and integrators can offer their clients the convenience of making and receiving payments from anywhere, at any time, using various digital platforms and devices. Having this option available as an alternative to paper checks creates more flexibility for your customers, which can help improve customer satisfaction and retention.
Every Rev.io solution—including Rev.io PSA—includes built-in automation to help reduce the same persistent problem: human errors rooted in manual entry processes. Similarly, making the switch from paper checks can help eliminate this problem for service providers and integrators because of the reduced chance of human error; a significant advantage of digital transactions. Automated processes minimize the risk of errors including typos or lost checks, leading to greater accuracy and reliability in your organizations’ financial transactions.
If you’re considering ways to reduce the environmental impact of your business, making the switch from paper checks is an easy win. Environmental impact is an often-overlooked benefit of transitioning to digital payments, but embracing a paperless transaction process leads to less clutter and minimizes excess paper use while preventing the environmental pollution associated with paper manufacturing. By eliminating the need for paper, printing, and transportation, businesses can contribute to conservation efforts and reduce their carbon footprint, aligning with sustainability goals.
Now that you know the advantages of incorporating digital payments as an option for your customers rather than relying solely on paper checks, where should you begin to look for a solution that can help you leverage these 6 benefits?
Fully integrated with the Rev.io suite of Billing and PSA solutions, Rev.io Payments allows you to push, pull, and apply payments and invoices between systems. With seamless transactions across flexible payment methods, you can improve your bottom line and increase customer satisfaction.
Learn more about how Rev.io Payments can help service providers and integrators like you leverage each of these 6 advantages.