Gone are the days of writing paper checks and relying on cash transactions. We now live in an era where you can buy your morning coffee with a tap on your phone. Yet, despite these advancements, many businesses and individuals still deal with payment systems that are still stuck in the past.
“My mornings were typically tedious payment entries. I would have to go through a binder and double-check that the banking information was correct with what people stored in our previous platform. Then, I would have to go step by step as far as entering, capturing, and emailing all of the payments as I go. It was time that I could have spent elsewhere.” Vanessa Peterson, Operations Manager, Primizie CA.
If you can relate to Vanessa, then keep reading. In this blog post, we're diving into the signs that your payments system might need a serious makeover. Whether you're a business owner wanting to keep up with the times or a bookkeeper tired of shuffling through paper invoices, we'll help you spot the clues and guide you toward a more modern, hassle-free, and secure payment future.
Here are 8 signs that your payment system needs a rehaul:
- Manually generate invoices
Are you still manually entering payment data into spreadsheets or dealing with piles of paper receipts? Well, it's time to say goodbye to that digital dark age. Modern payment systems automate data entry, making your life easier and your bookkeeping more accurate.
- Dealing with a lot of cash and checks
No one likes dealing with stacks of cash or dusting off your checkbook whenever you need to pay or get paid. That’s a surefire sign that your payment system is living in the past. In the digital age, your customers should be swiping, tapping, and clicking, not counting pennies or licking envelopes.
- Only limited payment options are available
Limited payment options are a big hindrance to modern-day transactions. Nearly half of customers check on payment options before committing to a purchase. You are likely to lose out on business and potential customers if you cannot offer customers multiple payment options.
- Snail-paced transactions
Did you know that Accounts Payable personnel spend about 30% of their time fielding questions and chasing down documents? That’s a significant amount of time that just adds up to make things slow. It’s a big hint that your system is a fossil. Modern payment methods are all about speed – quick swipes, instant transfers, and lightning-fast transactions. If you're still watching the loading wheel spin, it's time for an upgrade.
- Insecure about your security
Having to worry about the safety of your financial transactions constantly is another sure sign that the payment system needs to be updated. Modern payment systems come with layers of security like encryption and fraud protection. If your system doesn't offer that peace of mind, it's time to step up your security game.
- Cost-per-transaction is high
Paper checks can cost ten times more than digital payments - Bank of America estimates that a check costs between $4 to $20 when you consider all the time spent on processing it. Hefty transaction fees or processing costs are a clear indication that it's an outdated payment system. Modern payment solutions often come with lower fees, especially for online and digital transactions. High costs-per-transaction can eat into your profits or budget over time. It's time to consider a payment system that offers more cost-effective alternatives.
- Reconciling payments with invoices is difficult
If you're spending endless hours trying to match up payments with invoices, you're in the reconciliation struggle. In the modern world, payment systems can seamlessly integrate with your invoicing software, automatically marking invoices as paid when payments come through. Still having to cross-reference spreadsheets and documents manually is another clear sign that your payment system needs an upgrade to make your financial record-keeping a whole lot easier and more accurate.
- The payment system operates in a silo, unintegrated with your ordering system
Are your payment system and ordering system like two ships passing in the night? Then, that’s an indication that you're working with an outdated setup. Modern payment solutions and ordering systems often have built-in integration features, ensuring that orders and payments sync up effortlessly. So, if you're still dealing with these siloed systems, it's time to bring your business operations into the 21st century for better efficiency and customer satisfaction.
If all of these sound very familiar to you and you would like to be free from the clutches of outdated payment systems, consider revamping your payment systems. A digital payment platform will allow you faster, seamless, cost-effective payments while ensuring your transactions are safe.
To revamp your outdated payment system, start by exploring modern digital payment platforms tailored to meet the demands of the Foodservice industry. Research and choose a solution that aligns with your needs and industry requirements. Look for platforms that seamlessly integrate your existing processes, ensuring a smooth transition.
Prioritize systems that automate data entry, reducing manual errors and saving valuable time. Additionally, consider solutions with robust security features like encryption and fraud protection to safeguard your financial transactions. Assess the cost-effectiveness of the chosen platform, aiming for lower transaction fees, especially for online transactions.
To enhance efficiency further, seek solutions that integrate seamlessly with your invoicing and ordering systems, creating a cohesive and streamlined financial ecosystem for your business. Embrace the transformative power of modern payment technology and propel your business into a future where transactions are not just transactions but strategic assets for growth.
If you would like more help, we can help you. Our Payment solution is fast, trustworthy, and offers all the benefits of a modern digital payment system.
