What Is Payment Disbursement Outsourcing?
Do you like it when you provide a service and then don’t receive payment on time?
Of course not! None of us want delays in receiving the payments that other companies or individuals owe our businesses.
Your company’s suppliers don’t like that either. And if you start to fall behind on payments, perhaps simply because your payment system can’t keep up with everything, that will affect your relationships with vendors and suppliers.
The solution is to streamline your payment disbursement. One method for doing that is with disbursement outsourcing. When you outsource disbursement, you’re contracting with a third party that handles payments to your vendors and suppliers. Instead of printing and mailing checks in-house, the outsourcer takes care of all that for you. This type of outsourcing has several key benefits for your business.
Streamline Payment Disbursement
When you’re handling payment disbursement in-house the costs for processing, paper, printing, and mailing add up quickly. Going digital can streamline payments, but it’s often time-consuming and not every vendor accepts digital payments. Outsourcing is a solution that gets all your electronic payments as well as check printing and mailing into one place.
NextProcess’s flexible payment outsourcing solution prints and mails checks the same day. We also offer rapid digital transfers. The management portal for your company lets you log in and manage banking and payment info all in one place. You’ll maintain control over your payments while streamlining everything into one easy-to-use program.
One way that outsourcing payment disbursement increases security is with segregation of duties. Separating important financial tasks cuts down on the risk of fraud. It also lessens the burden your own accounts payable department faces trying to fight check printing scams.
Another security benefit comes in the form of data security. Because outsourcing firms specialize in keeping data secure, they can often offer better security than your company can support in-house. For example, NextProcess utilizes Secure File Transfer Protocol (SFTP) that allows you to transfer, access, and manage different file types. You can also customize access to your data so only approved persons within your company can interact with payment disbursement settings.
Stay On Top of Things
The secure system that lets you log in and manage payment info also provides real-time updates regarding your finances. You can access this data anywhere with a secure internet connection. This makes it very simple to keep track of the state of your payables and manage cash flow.
This sort of flexible, accessible, and secure digitization gives your company an advantage for the post-pandemic future of business. The more easily your payables system can adapt to a changing business environment, the more prepared your company will be for the future.
If you have questions or you’d like to schedule a free demo, contact NextProcess. We’ll be happy to talk with you about your options for automating or outsourcing payment disbursement and show you first-hand how the software works.