What ‘mode’ are you in?

It’s a question every business should carefully consider, from those in launch mode and just starting on their accounts payable (AP) automation journey, to those in growth mode scaling new heights. The answer will determine how to deploy your budget, which solutions you invest in, and the direction of your business over the next five to ten years.

What is true, no matter what mode you’re in, is this: A high-quality business-to-business (B2B) payments network can ease your journey. It’s why I see so many businesses choose the Paymode business payments network to help with their mode. Let’s explore how payments networks help with core challenges and growth opportunities, no matter what hurdles face your business today.

 

Manual Payments Are No-Go, and So Are Point Solutions

Let’s back up and start with business needs.

Forget statistics, which paint a picture of plummeting business usage rates for checks. Think about your own experience making check payments, and the frustration that comes with that at every step. You need clerks to make out checks, stuff envelopes, and get them mailed. You’ll likely get an earful from vendors when checks are delayed or fail to show up. If you’ve had a check fraud incident, you’re probably even more burnt out on this outmoded payment type.

Even if you’re not handling check payments in-house, or using point solutions for say, card and ACH, there's a deep well of frustration involved with having multiple third parties solving one problem: paying your suppliers.

Traditional processes drain resources and slow down operations. Point solutions are costly and fragmented. Whether you’re growing fast or starting something new, you need to be able to make a range of payments with security and agility.

 

B2B Payments Networks Are Built for Any Business Mode

I’d like to talk about a few specific modes for businesses. A B2B payments network like Paymode has advantages for each.

  • Launch Mode: With the right solution, implementation is fast, onboarding of vendors is handled for you, and automation allows for better economies of scale. When you’re in launch mode, you want to focus on your new business, new initiatives, and new hires without getting bogged down in expense and the demands of new software. The right B2B payments network can promise more automation right away to help you get a handle on your accounts payable with a partner doing the heavy lifting.
     
  • Efficiency Mode: For those seeking a leaner, cleaner way to make payments, B2B payments networks can reduce processing time and costs alike by 50% or more. That frees up staff and budget to focus on bigger-picture initiatives, rather than chasing down checks and vendor inquiries.
     
  • Security Mode: B2B payments networks are inherently more secure than checks. Within these networks, every transaction is safeguarded with multi-factor authentication and real-time monitoring. In addition, the best networks offer thorough authentication of every supplier you’re paying to make fraud and impersonation far more difficult.
     
  • Growth Mode: Accounts payable must fight the perception that it is a cost center rather than a revenue generator, but for businesses looking for growth, AP can be a powerful part of the solution. B2B payments networks unlock new revenue streams with rebate-generating payment types like Paymode’s Premium ACH, and virtual cards that put money back into the business. The ability to automate more of your business spend also makes for a leaner, less costly payment process, one that fuels growth for the team and the larger organization.
     
  • Do-It-All Mode: Maybe you’re sparking a new initiative, targeting double-digit revenue growth, fighting fraudsters, and increasing AP efficiency all at once. In contrast to point solutions, which become costly and cumbersome as you add new ones, business payment networks can let you tackle several major challenges at the same time.

 

Why B2B Payments Networks Win

Unlike point solutions and DIY processes, a payments network delivers the possibility to scale. It’s not just about automating payments, although that’s a big piece of the puzzle. It’s also about removing vendor onboarding and authentication from your daily duties, offloading the burden of securing payments to a capable partner, and ending the steps and stumbles of more manual, disconnected solutions.

You may be in one of the modes I’ve described here, or all of them. If launching something new, growing what you have, or making AP more secure and efficient feels harder than it should, exploring a B2B payments network can change the game for you.