How to save time on payments
January 31, 2020
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All small business owners can agree that saving time is a priority. But when it comes to things that are so sensitive and essential to your business, such as payments, can you afford to risk the security of your business payments just to save a bit of time?
Truthfully, while payments are a necessary component of a business’ healthy cash flow, they don’t need to take so long. And, no, you don’t need to sacrifice anything. Not only that, but cutting down the time you spend on payments gives you peace of mind.
When working in a small team, it’s not uncommon to be overloaded with tasks. Oftentimes, bookkeeping, invoicing, and other financial tasks overshadow the time and attention needed for business growth.
Now, you’re probably asking yourself one of two things:
- How can I save time on payments? Easily.
- Do faster payments need to cost more? No.
Why do business payments take so long?
Payments take longer depending on the payment type, the method, and the location you’re sending to and from.
Luckily, there are many payment methods to choose from in order to find the right fit for your business. A better process means less time spent on your payables and receivables. Here are a few tips to follow.
Cut down on delivery times
In order to save time for both you and your recipients, switch to a payment method that cuts down on the time it takes for your money to arrive.
Paper checks top the leaderboard for slow payments. The tiresome steps of confirming sufficient funds, filling out the information, sending it in the mail, and (assuming it arrives) waiting for the payee to cash it can take 10 business days, or more. Of course, snail mail is unpredictable and payments can be delayed or lost.
Bank wire transfers are next in line. Domestic wire transfers (transactions within the country) can take a few minutes to complete, but international wire transfers can take at least 3 days. While that’s reasonably better than a paper check, consider the process of collecting all the information needed, going to the bank, and filling out forms. They’re a hassle to set up, they’re costly to track, and there’s not so much support from bank staff on account of a mistake.
The time it takes to do all that could be put to better use.
Are wire transfers safe? Download our white paper to find out.
Advantages of digital payments
Most things digital tend to be quicker, and payments are no exception. In fact, online payments processors are usually able to send international payments within 1-3 business days. Veem leverages multi-rail technology to send payments. By doing so, we’re able to select the quickest route based on this variety.
Signing up takes only a minute. We’ll verify you and your receiver, so you can start sending payments faster and easier than with any other payment method.
See how Veem can make your business payments simple. LEARN MORE
Of the many ways you can save time on payments, cutting down on deliverable times is king. The less time it takes to send a payment, the better.
There are a number of things you can do to help save time you spend on payments. While it may seem like you’re at the mercy of the bank, you have a lot of power over your money.
- Get rid of the middleman: banks often use intermediary banks to send money internationally. These take a chunk of your payment in order to process and forward it to your receiver’s bank. By switching to a provider that doesn’t rely on intermediary banks (the SWIFT network) to operate, you avoid this issue altogether.
- Stop wasting time waiting: when your cash flow is disrupted, your projects and plans are put on hold. Late payments have consequences, even if they’re not your fault. And they’re often preventable. Make sure your payment provider understands that speed is a priority. Not just in getting your money from A to B, but in the process of creating, sending, and tracking your money.
- Take advantage of resources: financial technology exists for a reason – finance is hard! Stop juggling your tasks and start using integrated resources with your payments, and taking advantage of any educational content your payment provider has to offer. Whether that be white papers, webinars, or anything.
- Pass on the task: Let Veem do the work. Whether that includes invoicing, following up with clients and customers, or finding the best and most affordable rate. That way, you can focus on greater ventures.
A better payments process
Payments are a process. And while that process is sometimes complicated with big banks, your business partners can also be a huge barrier. Collecting banking information, entering and reentering IBANs for each partner, waiting on late payments – these are only some of the frustrating steps involved with bank wires.
What’s more, once the payment leaves your bank, it’s often passed on to one or more intermediary banks that relay the information to your payee’s bank, each of which takes a chunk of the payment for processing. But aside from the lengthy wait and costs, you might not even realize it, since most banks don’t allow you to track your payments. Yet, this happens when the bank you send the payment from doesn’t have a direct connection to the payee’s bank, and it’s pretty common.
Make your payments simpler
Where banks and other payment methods take time, energy, and money, Veem’s process is simple and straightforward. Once you’ve signed up, you need only your payee’s email address. We’ll handle the rest. No more waiting on information. And the best part is, you’ll always know where your money is, since you can track your payments for free, and receive real-time updates. And, of course, no more middlemen.
Invoicing is a lengthy, daunting process. Aside from creating the invoices, sending them and waiting for them to be settled can take forever.
Take advantage of Veem’s resources, such as our invoice templates at no extra cost. We’ll even send your payer reminders, follow up on overdue invoices, and keep you updated the whole time.
Better yet, eliminate the wait altogether. Veem streamlines the payments process entirely with Veem Capital. Late-paying clients can harm your cash flow. Veem Capital will take over the invoice, so you can carry on growing your business. It’s our way of – literally – paying it forward.
Need payments now? Find out how Veem can help with Paid Now. Learn More
Join our network
Veem is a B2B (business-to-business) payments network, built to connect businesses around the globe, while simplifying payments. We make it easy to get ahead. Saving time is just one of the benefits of using Veem.
Simplify your business payments with Veem.