Heading into the final stretch of the year, businesses have a unique opportunity to pause, reflect and recalibrate their strategies. Checking in on the year-to-date is the cornerstone for assessing progress, planning for tax season, preparing necessary reports and setting additional goals. This comprehensive guide will provide tips on how businesses can optimize their review. 

Efficiency is paramount for businesses to keep up with the speed of change. Yet, with the increasing complexity of financial transactions, along with the need for accurate and timely reporting, manual accounting processes can be time-consuming and error-prone. From tracking a company’s finances and paying vendors to receiving payments and invoices from clients, there are many necessary accounting activities that determine a company’s overall financial health. 

Technological advancements have reshaped the way we live, work and connect with each other — this is especially true when it comes to how we conduct business. Whether it’s shopping online for the latest tech software, supporting a nonprofit, purchasing a brand-new car, dining at a 5-Michelin-star restaurant, and more, technology has made the payment experience easier than ever.

The collapse of the Silicon Valley Bank (SVB) in March 2023 signaled an uncertain outlook for the U.S. economy and emphasized the need for businesses to consider several aspects of their payment processing approach while taking into account an ever-changing regulatory environment.

Merchant processing makes collecting on-time payments from borrowers easier and faster for consumer lenders. Consumer installment loans, typically provided by both the traditional storefront lenders and the newer online lending fintech companies, are attractive to borrowers for many reasons. 

The collaboration between REPAY and Quadient Accounts Receivable by YayPay is spearheading innovation in the realm of accounts receivable automation. Nicole Benitez from REPAY and Devon Lildhar from Quadient recently came together to discuss the emergent trends in this dynamic field.

In the age of technology and digitized processes, paper checks are gradually becoming a thing of the past. They were once one of the dominant payment methods, but today, roughly only 7% of consumers pay bills with paper checks. With the rise of electronic invoicing, mobile and digital payments, and online banking, consumers and businesses alike now have a wide range of options for making and receiving payments. 

From collection law firms to debt buyers to healthcare collection companies, collections agencies are always busy serving customers, inputting customer data, setting up payment plans and retrieving payments. Manually managing these processes is time-consuming and costs your agency more than just money. In today's digital age, integrated payments are a game-changer and crucial for the everyday functions of the collections industry. 

The healthcare industry faces strict regulatory controls when it comes to protecting practices and patients. Partnering with a payments processor who offers expertise in the industry and compliance can help alleviate the common problems experienced by healthcare providers when it comes to collecting and managing payments.

Timely payments from borrowers are vital to maintaining a healthy lending business. One way to increase payments is through an open and effective line of communication. No matter what type of loan you’re dealing with — car, personal or mortgage — lenders and borrowers should be able to easily communicate to ensure both sides remain in good financial standing.