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The Great Paper Escape: Transforming Accounts Payable for the Digital Age
- Legacy payments, in the form of paper checks, are costing the business world both operationally and financially.
- Check fraud is an ongoing challenge in the age of digital transactions, exposing vulnerabilities that pose a threat to business continuity.
- Despite this, the majority of companies are yet to transition away from paper checks.
- Digital payments offer a host of benefits, the most significant being enhanced cash flow, reduced operational costs, and stronger buyer-supplier relationships.
- Adopting digital payment solutions can lead to substantial cost savings and improve visibility into a company's cash position.
- Even though digital payments have numerous advantages, some businesses continue to resist them due to a lack of understanding and concerns about increased costs.
- Partnerships with AP automation providers can facilitate the transition to digital payments and improve supplier relationships.
- Finance leaders should evaluate processes, set clear goals, choose the right solutions, educate suppliers, and partner with automation providers for a successful transition.
- Digital payments offer opportunities for businesses to boost revenues, increase customer satisfaction, and meet the demands of a digital-first market.
- The digital transformation of B2B payments is essential, with paper checks representing a strategic liability.
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