From remote workplaces to the metaverse, the world of business is becoming more and more virtualized. Digital business models are taking over, and companies are being led to unique optimizations, such as automatization, data-driven decision-making, and streamlined collaborations.
Amongst this digitization, e-pay software has become one of the most notable solutions. Not only does this software offer comprehensive tools to digitize your procurement process, but it also enables you to receive cash-back rebates—translating to thousands of dollars per property, per year.
To learn more about this tool, let’s take a look at utilizing e-payment processes to maximize cash-back rebates.
First Thing’s First: What is E-Pay Software?
Electronic payment solutions transform the high-cost, high-risk method of cash or paper check payments to safer, simpler virtual payments. Depending on the service, these payments can be processed in various forms, including ACH, digital check, and vCard.
While some organizations might deem this an unnecessary solution to add to their arsenal, e-pay software introduces a new host of benefits for all departments within your business.
Starting with your AP team, electronic payment methods can help them save the company time and resources. On average, an AP department spends over 6 hours per week preparing manual payments. Using an e-pay system, that number can be reduced to just 5 minutes thanks to automated tools.
For your HR department, consistent reporting and analytics on operational workflows are crucial. While manual payment processes can offer this to some extent, modern e-pay methods provide built-in data to help your teams keep up with industry shifts, supplier requirements, and employee demands.
Additionally, e-pay systems can offer 24/7 customer service from experts via email or phone at any time and any day. For your vendors, having access to this level of support not only ensures consistent, on-time payments but builds a stronger business-supplier relationship.
But this online billing system doesn’t stop there. Many companies in the hospitality industry are opting for these solutions due to their considerable cash-back benefits.
How Cash Back Rebates Work for E-Pay
If there is one thing company executives are always searching for, it’s ways to save on expenses and generate a more profitable revenue stream. Using e-pay, your company can accomplish both at the same time.
As we’ve mentioned prior, e-payment software offers easier and faster payment methods, which saves time and money previously dedicated to completing manual, repetitive tasks.
Meanwhile, e-pay can also generate a new, meaningful revenue stream through rebates from your business’s spend. With minimal impact on your company resources, you can start receiving rebates in just a matter of weeks.
While supplier onboarding teams shift suppliers to virtual payment options, your company can reduce the number of painstaking checks and instead, maximize your cash back.
Not only does this reduce paper checks by 40% and create savings from compliance improvements but your businesses can simultaneously benefit from an additional revenue stream through the e-pay rebate system.
Optimizing Cash Back with BirchStreet Pay
Writing checks, manually processing invoices, receiving inconsistent or incorrect transactions—these should all be things of the past. By partnering with BirchStreet’s e-pay software, you can allow a professional third-party to handle all supplier payments while gaining real-time visibility into spending and subsequent cash-back benefits.
Worried about integrations? With BirchStreet Pay, our team of experts takes care of the heavy lifting by shifting your pool of suppliers to accept virtual cards. On top of that, BirchStreet Pay has an easy-to-use interface to enable payments to be made quickly and easily from one central location.
With simple implementation, you can start securely outsourcing all payments digitally instead of burdening your AP team with stuffing checks—removing room for error and fraud, and maximizing your cash back benefits.