Traditionally, business-to-consumer (B2C) and business-to-business (B2B) disbursement involves paper checks and invoices. However, businesses should switch to a digital model to keep up with their competitors. Technological advancements in payment solutions allow customers to save money and reach more clients.
More Customers Are Going Digital
Online shopping and banking have led customers to digitally process many of their transactions. The Internet’s speed and convenience have also led clients to expect fast transactions. Waiting for a check to arrive seems like an eternity compared to online disbursement. Businesses that adapt to digital transactions appear modern, efficient, and dedicated to their customers, which builds client loyalty. Plus, digital disbursement can save companies thousands of dollars. Instead of paying to print and mail physical checks, companies send digital payments for a reduced or no fee. They also make the most out of their efforts because customers will remember to cash their payments.
Digital Disbursement Offers Security
Customers prefer digital banking because of the added transparency and security. They can opt into email or text notifications to know when their money will arrive. For extra transparency, companies could send messages for every step of the process, such as when they process the rebate. This creates a virtual paper trail that clients refer back to later.
Digital disbursement also gives customers more options. They can choose how and when to receive their money, which makes them want to keep working with the business in the future. Additionally, online transactions use encryption to secure their personal information.
For businesses, digital disbursement helps them comply with their state’s escheatment laws. When a customer doesn’t claim a payment, businesses sometimes have to send the money to the state treasury. Paper checks frequently go unclaimed, forcing the issuer to deal with the funds. Online disbursement sends the payment right to the customer so that the company doesn’t undergo legal issues.
Payment Solutions in Florida
FLCBank’s digital disbursement platform streamlines the process for business owners and customers. Companies can quickly distribute funds while their clients choose from multiple payment options, including automated clearing house network (ACH) processing and virtual prepaid cards. The platform uses cloud storage for easy access.
FLCB InstantMoney™ delivers funds directly to clients’ deposit accounts. Payments appear instantly, eliminating wait times and increasing customer satisfaction. To learn more, contact FLCBank today to discuss business-to-consumer (B2C) and business-to-business (B2B) disbursement options.