Many of us expected a more gradual shift to a virtual world. But as we’ve seen recently, change can arrive before we’re fully ready. Modifications to how we do business on a day-to-day basis have challenged us, but also offered unexpected insights. We’ve had to think creatively about everything from how to stay productive while working remotely to how we pay our employees and customers outside of routine processes.
Of late, many businesses have had to act quickly to pay employees outside of the normal payroll cycle. In addition to paying your employees, you might need to send reimbursements for home office supplies, much-needed stipends, or other gestures of kindness and support. The same goes for issuing your loyal customers timely refunds or incentives. Whatever the case, making on-time payments has never been more important to keep morale high and business operations running smoothly.
The good news is that paying your workers and customers can happen quickly and easily with virtual payments. The technology exists already. Now, it’s just a matter of moving fast to implement the solution.
Benefits of going digital
Right now, many businesses still rely on checks to pay employees who don’t use direct deposit, or to issue customer service refunds. Sure, this method is tried and true. But it’s also slow and requires a lot of manual work. Checks need to be printed and mailed, and they take even more time to process and clear. Even with direct deposit, most payroll and HR professionals know the challenges of setting up and executing an off-cycle payment. It’s time consuming and something of a challenge to articulate the purpose of the funds once they are in a bank account.
Paying workers or customers via a virtual card eliminates most of that labor and wait time — not to mention the resulting expenses. It’s not only an instant, more secure process; it gives your business greater flexibility, since nobody has to be on site to cut and mail checks, or insert a new payment into your current payroll or direct deposit processes.
Eliminate payment delays
Just as screen-sharing software closes the distance between remote workers, and live chat makes it possible to provide service with a click, virtual payments give recipients instant access to funds.
That’s because businesses can deploy virtual payments in near real time. There’s simply no faster way to pay.
Just as importantly, recipients can start using their money right away. That means no more treks to the ATM or time spent waiting for a deposit to clear. Funds are immediately available for online shopping or billpay. Users can also add virtual payments to a mobile wallet for seamless spending. If they want to make a transfer, that’s also quick and easy.
Payments made portable
Consumers are eager to get on board with virtual payments.
These days, most people have a smartphone or another means of accessing the internet, while not everyone has a permanent address or bank account. Virtual payments solve challenges related to delivery, because they’re accessible to the majority and easy to redeem — online, via mobile, or through peer-to-peer payment apps. Recipients appreciate these flexible spending options, which make it possible to use their funds without even leaving the house.
The last thing an employee or customer wants to worry about is the logistics of receiving and using a payment. As a business leader, you have the power to streamline payment delivery across a range of use cases, future-proofing your ability to pay workers and customers with evolving needs.
Yes, sudden change can be daunting. But sometimes, it opens our eyes to old processes that aren’t working as seamlessly as they should. Adapting to an increasingly virtual world calls for immediate action. Fortunately, implementation can be relatively quick and simple. And likely, you’ll see business advantages that far outlast the current shakeup we’re experiencing.
