The ability to do things quickly and easily is one of the driving forces behind technology and innovation. Payment is no exception. Instant disbursements, or instant payments, are a relatively new system rapidly gaining favor. Businesses of all types are adopting such systems. Should yours?
Why instant disbursements?
It’s no surprise instant disbursements are gaining popularity. Money is transferred in seconds, which leads to increased efficiency overall. It also ensures both payers and payees receive quick confirmation of the transfer. Payment problems are known almost immediately to prevent miscommunication issues down the line. Instant disbursements are digitized. All the interaction is done by computer, minimizing face time. This is safer in many ways, and it’s also more popular with clients and customers.
Digital payments remove much of the payment processing burden from employees. Employees no longer need to manually establish contact and take receipt of payment. Payments are also faster and more efficient. Even across long distances, transfers can be done quickly on short notice. If there is an issue with the money transfer, both payer and payee are immediately notified of the problem.
Finally, suppliers, clients, and customers prefer instant disbursements overall, and they are more likely to choose to work with creditors and other businesses that allow for instant disbursements.
As with any major decision, it’s important to weigh the pros and cons before committing to a choice. Are instant disbursements right for your business? Can you afford to implement them now, or do you need to wait? If you’re uncertain, consult with a commercial credit professional before proceeding with implementation.
If you decide to implement instant disbursements, the next step is research. Investigate payment services and choose the one best suited to your business needs. Prioritize systems that are user friendly and easy to operate. A complex system with a lot of bells and whistles is generally less useful than a simple, straightforward solution. Once the system is implemented, comprehensive employee training will minimize future mistakes.
Instant disbursements are an increasingly popular payment method. Their efficiency, ease of use, and quick access to payment information make them popular with payers and payees alike. Many businesses are adopting instant disbursement methods, and whether you choose to implement these tools or not, it’s essential to stay informed.