More businesses are offering mobile and online payment options to meet customer demand for electronic options. Certainly, the announcement of Apple Pay with the iPhone 6 has magnified interest in new payment options.
Along with all the hype, it is important for businesses to be cognizant that some consumers may never be interested in switching from the traditional ways of paying bills (cash, check and credit card). As highlighted in the Fed's Use of Mobile Financial Services 2013 Survey, "76% of consumers who do not use mobile payments indicated that one of the main reasons is that it is easier to pay with cash, credit card or debit card, and 61% said they did not see any benefit to using mobile payments."
Although change is rapid in this digital age, it will be a long time before new payment options completely replace traditional methods. The challenge, therefore, is integrating new channels with traditional remittance processing. This task is driving investment in integrated receivables solutions that:
- Aggregate payments and remittance details received from multiple payment sources
- Provide consolidated AR feeds
- Automate consolidation of internal and external data sources
Businesses that implement an integrated receivables system will be well positioned to serve their customers and their shareholders.