What part does automation play in the payment journey?
Automation is a hot topic.
There is no disputing the challenges that arise from a manual processes. Human error, repetitive tasks, time lost and costs incurred to rectify mistakes are all things many finance departments try to avoid on a daily basis. So what part does automation play in the payment journey?
The ability to remove humans from the loop
With full automation of the entire Bacs Process from upload of files, through to signing, approval and submission, payments can be completed with no human intervention at all. Automated Bacs A-Report retrieval and distribution can also be automated to ensure complete compliance. However, every customer is different and some prefer to have a break in the process for approval which is also possible with automation.
Certainty and control through workflows
Automating your payment workflows is the fast-track way to make payments faster, smoother and less prone to costly errors and delays. By utilising a workflow-based automation tool, your system can be configured to work specifically the way you want it to work, rather than you having to change your processes.
Enabling you to create, manipulate and customise your rules-based payment process means your workflows are robust, secure and compliant once set up and when regulations or internal processes change, they are easily edited too, keeping you in control.
Less is more
Everything becomes more efficient with automation. Less time is spent addressing queries and chasing payments so time can be spent on more important business priorities. Customers and suppliers alike feel the benefits of more efficient reliable processes, resulting in improved satisfaction.
At a time when getting paid is a challenge across many sectors, automation can be a huge boost for both processes, productivity and ultimately the bottom line.
If you are interested in reviewing your payment processes and discovering the power of automation, get in touch with one of our experts today.
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