04.06.15 |
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[Infographic] Out With the Old, In With the New: Electronic Processes Growing in Popularity

The Rise of Electronic Payment Processing

Electronic payment processing has grown exponentially since direct deposit was adopted in the late 20th century. Today, a variety of goods can be purchased by using mobile devices. It’s possible to live your life without seeing another dollar bill or coin ever again depending on where you shop. For example, in Europe, payroll is completely electronic as businesses deposit funds into employees’ bank accounts.[1] With the digital payment trend, there could be less need for paper currency.

Investment Cost vs. Savings

Some business owners are concerned that the cost of implementing electronic payment methods doesn’t justify the expense associated with it. But in reality, it’s often ultimately more cost effective to push out everything into the digital world. Aside from the paper and ink, other savings could include: Fewer errors from cashiers who may give out incorrect change by mistake and increased efficiency as cashiers and clerks can generally process more customers in less time.

Savings per Employee

Although direct deposit has been around for quite some time, not every business leverages this technology. A lot of money can typically be saved if employees opt for receiving their wages via electronic payment methods as opposed to printed checks.

To process these payments, you need a reliable electronic payment system. We can help you develop that capability to help your business engage in more efficient commerce. While your customers relish in the efficiency of your products, your business will have additional tools it needs to help it thrive. When it comes time to developing your electronic payment device, take a look at what we can do for you.
 

Learn More About Electronic Invoicing Solutions from ADP

 

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[1] http://www.financialexecutives.org/ferf/download/2014%20Final/2014-015.pdf



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