The radio industry has been taking advertiser payments for over a century. Those processes have evolved as financial capabilities have. In the modern world, consumers and businesses have quickly adapted to making online payments. However, paper invoicing and accepting checks are still prevalent.
Sticking to the same workflows that have been in place means no change friction for you or your customers. However, maintaining these manual payment channels is costly. Many stations feel that accepting electronic payments is too expensive, as credit and debit cards and ACH do come with a fee. But are the costs of paper invoicing and check receipt even higher?
Transitioning to Electronic Invoicing and Payments: Ditch Costs and Meet Client Preferences
Migrating to electronic invoicing and payments eliminates most of these expenses. It also streamlines processes and leads to faster remittance. It’s a secure and compliant workflow that’s proven to reduce days outstanding to as few as 23 days! The average time to pay in the media industry is 72 days.
Customers who still want to use checks over credit cards can do so via ACH payments. These transactions also have a much lower processing fee.
Giving businesses the ability to receive and pay invoices online can also positively impact overall cash flow and lower collection rates.
You can achieve this with PayNow, a modern, connected payment solution that integrates with traffic. Review its features today.
