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According to recent research from REPAY, on average,
companies that use an automated AP system can save
$8 per transaction between labor and material costs.
Companies have also noticed substantial rebates when
sending payments through virtual cards.

While many may think that the cost of digitizing a whole
department can be an expensive undertaking, most
experiences have been the exact opposite with much
of the effort managed by the automation technology
provider. Businesses that have taken advantage of
digital AP processing have reduced manual data entry,
avoided late fees and increased operational efficiencies.
2023 is the time to make your payments digital

The turn of the year is a crucial time for all businesses.
It's important for companies to look at how they can
grow to be a more effective and efficient organization
to meet their stakeholders' expectations and drive
revenue through the year. With many organizations of
all sizes looking to embrace technology in every aspect,
digital payments for both the AP and AR departments
need to be at the top of the list.

By automating payment services, employees will be
able to focus their attention on other aspects of their
jobs, without having to spend hours validating and
processing paper checks. This change increases the
efficiency for the overall company, as funds will be
updated more regularly and are able to be disbursed
across other sections of the business.

Along with the changes in processes, digital payments
are usually managed through a single dashboard that
enables your business to have the data and reporting
to ensure that exceptions are properly managed, with
the ability to retry payments if something was to go
wrong.

With comprehensive AP and AR solutions, businesses
will have access to all transactional data, including
when payments are made and received and through
what payment method (like ACH or credit payments).
These insights make it easier for a business to manage
inbound and outbound payments and help managers
understand what their vendors' and customers'
preferences are to make the experience easier in the
future, ultimately creating a better overall relationship.
Moving to digital payments has company-wide
positive impacts, and if it's not something already on
your radar, there's no better time than 2023 to consider
your options and make the change.

Darin Horrocks is the executive vice president, business payments
at REPAY. Contact him via LinkedIn at linkedin.com/in/darin-hor-
rocks-9a240b7.

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