The year 2020 has been unprecedented in terms of business changes due to the worldwide coronavirus (COVID-19) pandemic. One of such changes involves the digitization of documents while social distancing measures require office employees to work from home or from other remote locations.
When it comes to business payments, they have also changed in terms of finding solutions that help mitigate the use of paper cheques. Other pressures related to cash flow have been pushing companies to adapt to digital transformation and online payment solutions.
According to Katrina King, the executive vice president and treasury management sales manager at Cadence Bank, many firms using manual processes to finalize transactions have been compelled to seek out less paper-reliant treasury services.
“What we have seen [during] the pandemic is it has really forced more of our clients to move into that automation world while they are working from home, since they no longer have access to the information at their fingertips as if they were in the office,” King said in a PYMNTS interview.
She added that in order to receive financial management assistance, firms have been looking into web-enabled solutions.
Bridgit Chayt, the senior vice president and director of commercial payments and treasury management at Fifth Third Bank, also highlighted what firms have been facing amid the pandemic.
According to Chayt, the B2B world has always been slow in terms of change. This is because individuals are set in their ways when sending out bills, invoices, and disbursements. Additionally, the same can be said for having set ways for accepting payments from either vendors or partners.
Payments involving the use of paper, such as cheques and invoices, have become so ingrained in terms of business transactions. The COVID-19 situation only showed the significant reliance on such manual processes.
“I think the COVID-19 pandemic has forced all of the companies that had the luxury of an in-store presence and connection with their clients to rethink that to help replace the revenues,” King added. An example would be businesses that can now accept credit card payments online as opposed to requiring customers to use a card swipe reader.
As the pandemic continues to change business operations, it is crucial for merchants to be up-to-date with the latest technology integrations. The Merchant Broker team is here to provide that support by working closely with clients across the globe. As a global leader in brokering merchant accounts and the ultimate resource for payment card acceptance, Merchant Broker helps clients achieve more while delivering an outstanding customer experience.
To receive more information, contact a member of the team today at either 1-888-668-0733 or info[at]merchantbroker.com.