Organizations are under immense pressure to do more with less in today's economy. After relying on traditional business processes and legacy systems for years, they're now having to step out of their comfort zones in search of ways to enhance operations and cut costs. Digital payment technology has emerged as a viable approach to improve and streamline back-office functions such as AP (accounts payable) and AR (accounts receivable), eliminating costly bottlenecks. 

REPAY partnered with a Florida school system to optimize its payments to vendors. As one of the largest public school systems in the United States, the system has over 270,000 students across 300 schools and educational centers.

As the world moves toward digital payments, some sectors have hesitated to shift. For example, when it comes to B2B accounts receivable (AR) and accounts payable (AP), you rarely see digital money transfers. Many businesses are still clinging to the friction-filled legacy systems that require manual processes such as cutting checks and initiating ACH payments. However, while these methods may be tried and true, they're also time consuming, unreliable and can hinder a business, especially in times of...

Customer demands and preferences are constantly changing. They value convenience and speed during the payment experience in today's fast-paced environment. As a business owner, it's essential to provide payment options that satisfy their wants and needs. Offering multiple payment options can expand your customer base while enhancing the customer experience. 

REPAY partnered with a North Carolina health system to improve and digitize its accounts payable processes. The 133-bed, non-profit community hospital has served both the north-central North Carolina and southwestern Virginia areas for over 60 years and provides acute care, skilled nursing and physician services. 

What's ACH?

ACH, or Automated Clearing House, is the technology that processes electronic financial transactions between all banking and financial institutions throughout the U.S. and is governed by Nacha. Within the network, ACH payments are composed of two electronic payment types: ACH debit (e.g., bill payments) and ACH credit (e.g., direct deposits such as refunds, government benefits and more). 

Hospitals, clinics and physician locations all over the country are scaling at increasing rates, and it has become necessary for providers to invest in systems that can sustain the companies’ growth. Large healthcare providers have recently reported they could benefit from the reduced operating costs, streamlined workflows, expedited payment processes and maximized efficiency that comes with integrated technology like accounts payable (AP) automation.

Customer expectations and demands constantly change. We live in a digital age where customers value seamless, convenient and flexible experiences that allow them to pay wherever they are and however they want. According to McKinsey, over three-quarters of Americans use digital payments, including contactless in-store purchases, browser or in-app online payments and person-to-person payments. 

In today's digital age, convenience, reliability and security are top of mind for companies wanting to keep their customers satisfied. 

Payment digitization has transformed how businesses and consumers pay. Consumers, including borrowers, are looking for faster and more convenient payment options and are not afraid to seek out providers who offer their preferred payment technology.