There was a time when inefficiency in payments processing wasn’t such a big deal. You could cover cash flow squeezes with easy credit, and most U.S. companies worked with an overwhelmingly domestic supply chain and just a few offshore suppliers and customers. The landscape for most organizations has changed dramatically.
If you still rely on manual processes, paper checks or multiple bank-based workstations, you’re at a competitive disadvantage. You’re also at an increased risk for a cash flow crisis.
Read on to learn the 5 common reasons inefficient payments processing drag down profitability, and find out if any of them are negatively impacting your bottom line