Technology has transformed the payment industry. Discover how payment digitization can revolutionize your business, and begin your transition today!

Long gone are the days of fumbling around at the register with crumpled paper and too many coins. Thanks to years of tech advancements in the industry, businesses and consumers now have a multitude of payment options!

Since the advent of smartphones, peer-to-peer (P2P) applications, where customers simply log in to make a payment (think Venmo, Zelle, and PayPal), have become a staple in online shopping and money transfers.

The digital payment revolution has even made its way into physical transactions as well. Virtually all cards now have EMV chips, and in many cases, shoppers can simply tap their cards to pay. And in more recent developments, businesses have introduced payment methods via QR codes and biometric technology to simplify transactions further.

E-commerce has exploded thanks to these cashless payment tech advances. Consequently, transactions are less and less limited by geography, brick-and-mortar institutions, and slow turnaround times with mailing. It’s time for businesses to jump on board the digital revolution!

How Can Businesses Take Advantage of Payment Digitization

Digitization has completely changed the payment industry, and businesses stand ready to take advantage of these innovations—or fall behind if they don’t. Anyone who has an electronic payment app can send or receive payment from anywhere in real time. Why wouldn’t businesses want to avail themselves of this same technology? You can even use electronic payment systems for payroll. For instance, NatPay Payroll Direct Deposit Plus can digitize your entire process, so you can upload payroll files from anywhere.

NatPay also provides electronic pay stubs and pay cards, so your staff has options for how to receive payments instantaneously.

In addition to speeding up the payment process, electronic payment also ensures that both parties have a reliable transaction record. NatPay’s Doculivery online document management system of e-statements makes record-keeping easy, so you can avoid disputes and keep track of cash flow. These digital documents also make onboarding a fast and painless process. Instead of sifting through endless paperwork, the most you’re asked for is an e-signature.

The removal of physical currency from the equation also lessens the risk of theft. Cash can be stolen, but electronic payments are secured in a multitude of ways: tokenization, encryption, Secure Sockets Layer (SSL), and more.

Digitization helps both customers and operators alike. Customers no longer have to enter their card details every time, as they can save card details or complete transactions with a One-Time-Password (OTP). Meanwhile, on the business end, operators also save on processing costs. Instead of charging per transaction, some electronic payment systems simply charge a subscription fee.

New Means of Sending Invoices: From Old School to Digital

Before e-payment, clients and businesses had to rely on paper checks and the slow, costly turnaround of using the postal service to deliver invoices. Now, businesses can use e-statements, which virtually eliminate printing and mailing costs.

Along with cost reduction, e-statements also increase efficiency by cutting delivery time, as they are readily accessible from any web browser or email. E-statements are also a far more secure industry alternative to physical statements—for instance, NatPay’s processing center automatically encrypts client payment data using SSL.

And yet, despite how revolutionary digitization has been for consumers, the B2B space has yet to fully embrace its advantages. Many accounting and finance departments still rely on paper-based methods and in-person processes, which eat up valuable time and labor. Thus, digitization can save businesses on both materials and the clock. As the pandemic continues to radically change the business landscape, employers must urgently find contact-free ways to process invoices.

How Businesses Benefit from Digitizing Payroll

Digitizing payroll brings many of the same benefits as digitizing invoices. Moving to e-documents saves time, increases data security, and automatically creates an audit trail. Furthermore, digitized payrolls can help boost employee morale. Online payroll software allows employees to access their pay stubs and other documents quickly, from anywhere, with the assurance that their data is secure. These benefits are especially helpful for smaller companies that may have less human resource capacity.

Consider the case of Butler County School District in Kentucky. The district was tasked with overseeing over 300 full-time employees, an unwieldy task even in the best of circumstances. Like many school systems, Butler County needed to find a way to streamline and improve processes to fully maximize its budget.

After much research, Travis Johnson, the payroll manager for Butler County Schools, chose NatPay as their paperless statement solution. The school system now not only uses NatPay’s Doculivery online pay stub service but also utilizes NatPay’s W-2 online services.

The deciding factor was Doculivery’s user-friendliness and simplicity, making it easy for employees to adopt. “Doculivery is very user-friendly. Setup only takes a few minutes, and there is almost no learning curve,” said Johnson.

Any company, whether it has 300 employees or 3,000, can benefit from cutting material costs and saving time by digitizing. Paperless documents are quickly becoming essential if a business wants to remain competitive.

NatPay Helps Businesses With Digital Transformation

Digitization has helped businesses expand by helping them conserve resources.

Online payment methods cut down costs by eliminating paper and processing fees while freeing up employees’ time and boosting morale. In turn, the money and time saved by going digital can be used for other tasks. Businesses looking to keep up with payment industry trends need an ACH service provider that can offer everything one needs to go paperless.

A comprehensive ACH provider like NatPay provides services for the entire payment process. With services like Direct Deposit, online paystubs, pay cards, W-2 online forms, e-statements, and online forms, NatPay covers the payment process from beginning to end.

If you want to expand your business, digitizing payments is the simplest way to maximize efficiency and bring your business to the forefront of best practices.

Contact NatPay to start streamlining your payroll operations today!