Customers and businesses both prefer faster, more secure, and more seamless transaction environments, especially in the face of innumerable technical issues causing payment failures, and a rise in cybersecurity attacks. Payment processing providers and tech companies are coming up with advanced innovations to facilitate a better digital payment experience. This way, you can stop worrying about cross-checking every piece of information manually. In short, paperless invoicing solutions automate all the core processes, ranging from capturing the vital information from every invoice, importing it to your ERP, creating vouchers for each invoice, etc. After verifying that all the expenses and charges are recorded accurately, you can finally integrate with ERP and prompt it to issue a voucher. Now that you have all the essential data, you can retrieve the purchase order or receipt to prepare your invoice. Next, you can import the required data and read the invoice to gain the necessary inputs. Using paperless invoicing techniques and solutions, you can instantly capture your invoices as you receive them via email. What’s more, it saves you from comparing all the information manually or verifying whether each line item is accurate. It eliminates the need to manually type each supplier invoice into an accounting program, thus saving time.
PAPERLESS PAYMENT MANUAL
With paperless invoice processing, which is a smarter alternative to manual invoice payments and approvals, one can use efficient Optical Character Recognition (OCR) software to record and import invoice and purchase data automatically. The process also encompasses other mobile devices that use NFC (near field communication) or RFID (radio-frequency identification).Įxamples of digital payment processes using these technologies include Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, and similar other banking mobile apps that support secure and fast contactless payments. Paperless payment processing removes the manual systems and touchpoints from your accounts workflows and replaces them with a seamless, automated, efficient, and electronic payment processing solution.Ĭontactless payment systems, another type of paperless payment, is a term given to solutions like debit and credit cards, smart cards, key fobs, and devices, such as smartphones, tablets, etc. Going paperless or digital also ensures greater accuracy in processing as it eliminates the risks of manual errors.
How Does Paperless Payment Processing Work?īusinesses and their customers are looking for more digitized payment processing solutions to facilitate faster and smoother processes. By freeing up huge piles of paper and folders of invoices and documents stored in your office, you can also have a cleaner and more efficient work environment. You will be surprised to see the amount of time, money, and even space saved by going paperless, and most importantly, it’s eco-friendly. Paperless payments may not be the best solution for all businesses, but some of the benefits offered by these processes can be totally irresistible. Going paperless offers a far more efficient and streamlined alternative compared to traditional payment processing systems, which were mostly manual. Recent years have seen a rapid evolution of online payment processing systems and contactless transaction modes, largely in an effort to prevent virus transmission. Please wait until the following business day after your WaterOne account is established to sign up for paperless billing.We have all used cashless digital payments at some point in time, even more so after COVID-19 spread across the globe in 2020. New to WaterOne or new to your service address? View three years of billing and payment history.Choose to get notified when recurring payments are scheduled, cancelled or approved.One-time bank draft from checking or savings account.Manage your own bank account information and payment schedule. Automatic draft from checking or savings account (Recurring Payments).Plus, with paperless billing, you can schedule payments without paying convenience fees: If you make your fee-free payment through your paperless billing profile, you can choose to get notified when your payment is made, cancelled, or rejected. Pay by text from your stored bank account, or simply log into your profile to view and/or pay your bill Text message to your mobile phone (SMS) notifying you that your bill has arrived and is ready to view.Simply log into your profile to view and/or pay your bill Basic email notifying you that your bill has arrived and is ready to view.Eliminate paper bills, keep control, and gain options on how your bill gets delivered:
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