Learning from the Pandemic
In our always connected world, managing cashflow and payments can be a 24/7 process. As noticed during the onset of the COVID-19 pandemic, the difficulty of this is exacerbated for companies that rely solely on paper-intensive processes. Now, more than 18 months later, it’s time for businesses to take a critical look at the challenges they face with paper payments, and how a switch to digital can reduce costs and increase efficiency. With Business First by First Commonwealth Federal Credit Union and Digital Banking, you’ll have more time to manage your business and not your payment strategies.
Problem 1: Paper Billing
At the start of the pandemic, account payable teams that relied on paper methods quickly threw together a way to digitize their payment approval process. One short-term digital solution was sending signed and scanned invoices via email. With this method, invoices and bills are begging to be lost in an email. In the long run, this can turn into a messy and unoptimized affair.
Account payable teams are better off with a centralized system, such as our Digital Banking platform to send business-to-business payments. By transitioning your invoices away from physical mail and email, you are less likely to miss a payment and miscommunicate. With one central system, teams will be less likely to double-up on work, streamlining the workflow in the meantime.
Problem 2: Paper Payments
Many companies were and are still heavily reliant on check payments. At the onset of the pandemic, companies looked for temporary solutions for check printing. Such ill-advised methods included account payable staff printing checks from their home or going into the office at regular intervals for printing. But with the growing culture of remote work, continuing to pay by physical check can lead to a loss in productivity and control.
First Commonwealth's Digital Banking gives your team a simple and secure way to pay vendors, employees, and customers. Our digital banking platform is complete with security features and firewalls to protect your company's accounts. Each employee has their own individual login, which allows the business to control employee access. Your payment methods will be safe and cost-effective. A digital solution is less costly than processing checks and credit cards, and you’ll receive the payments quicker and more reliably. Never have another check lost in the mail again!
Problem 3: Making the Switch from Paper to Digital
The process to go paperless may seem overwhelming, but as a business partner, you’ve already taken the first step. Contact our dedicated business solutions team where they will work with you to convert your paper payable strategy into a fully digital one.*
Visit us at https://firstcommonwealth.org/business-first/ for additional support that goes beyond your daily digital banking.*
*Fees may apply for some services.