Posted 13th May 2020
Electronic signatures already make document sending extremely efficient and cost effective. However, when it comes to contracts and the need for payment, the process has generally been a separate transaction, with a unified process becoming more widely adopted.
Why is a fully digital payment solution more beneficial to your business?
65% of businesses experience payment delays or failure to collect and 20% of businesses spend more than 10 hours per week chasing payments. Research has also revealed that over three quarters of UK businesses suffer from late and non-payment of invoices.
The cost of late and non-payment to SME’s runs in to billions
The payment giant BACS, which processes millions of electronic business payments every day, found that an astonishing 76% of businesses are being affected by late payments of up to 6 months beyond agreed contract terms.
‘The additional costs directly related to late and non-payment are £8.2 billion annually, or £677 each month for every SME affected. Just under two thirds of this money, 63% is spent on administration chasing late and non-paying customers, costing businesses £5.2 billion every year.’ www.debtadvocate.co.uk
Debt collection can be an unexpected cost contributing to a strain on cash flow and budgets resulting in less efficiency and productivity. This can also take the focus off core business work snowballing into even more loss of time and money.
E-sign’s new integrated payment processing means you can securely capture payments from clients upon document conclusion, with an even faster and more effective way to do business, rapidly improving document completion times and customer experience. Once your contract is signed you get the cash.
Deliver an improved customer experience by providing the ability to complete transactions and agreements instantly. Saving you, and your client, even more time and money with no need for multiple communications over contract verification and then payments.
Spend less time chasing and manually processing payments. This often takes multiple attempts, wasting time and decreasing productivity.
Real-time audit trails of payment capture and document completions. Agreed costs can be scrutinised immediately, if need be, with no need for confusion after a customer signs the contract.
This E-Sign solution allows you to take payments that are transferred directly into your bank account for improved accountancy and financial modelling. No need to stress over outstanding balances or hassling customers for money after completion and no need for debt collection.
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Create more certainty in your cash flow and give your customers a more streamlined and efficient service at the same time with E-Sign’s integrated payment processing service. Most, if not all businesses have the ability to accept electronic transactions, but what a lot don’t have is the ability to integrate document sign off and payment at the same time. Get ahead of your competitors and offer your clients a more simplified and effective service in turn giving you better cash flow and accountancy efficiency.
For more details on our Payment Processing service get in contact with us today, we can take you through just how easy it is.