Banks traditionally are the leaders in payment system technologies, and historically have molded these technologies to their needs. Likewise, banks expected that businesses also adapt to their systems and technologies. Next generation service providers create solutions for businesses which will allow them to take advantage of electronic payments without large investments in time or capital.
Some Companies are leader in business to business e-payments, and is helping to drive e-payment adoption in Canada. Companies that are looking to change manual processes, seeking to eliminate the operational and financial pain caused by paper cheques, and the desire to turn a expense into a revenue stream often end up moving to e-payment processing. Although the image below is American, it does make a strong point about the “conventional” wisdom of sending and receiving paper checks.
The savings generated through electronic payments can be substantial when considering how they affect a business. First, e-payments lower business costs by creating a “mini” technological overhaul. This technological overhaul first saves on sunk-cost items like cheques, envelopes, and stamps. Second, because the software-based solution is integrated directly with the accounting software, it generates time savings as well. These time savings can be put towards other value-adding activities for the business.
The average cost per paper cheque is now nearly $2.50, whereas an e-payment through TelPay is only $0.50! To calculate the savings for yourself, please see our electronic payments savings calculator. Accept Credit card Payments Online with our secure payment processing system and Make your e-payment easy with our Paying Bills Online Services.
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