Entrepreneurs who’re concerned about the reliability and stability of their businesses will logically put up backup plans to support their important systems. This is obviously because industrial accidents, cyber attacks and blackouts are unpredictable and given no matter how cautious we are. So why not be just as defensive of your interests in your online or physical-location business? Here are the consequences of lacking a backup plan;
Disruption of normal operations
Customers hate the idea of waiting in lines only to realize that you’re shop’s credit card device isn’t operational? Not only because they may not complete the purchase for lack of cash but also because they spend more paying in cash, more so if it’s a costly item. Such inconveniencies will only leave your business aggravated and make you lose revenue.
If the above scenario occurs at your premise, chances are that the customer is more likely to shift on to your counterpart next time he/she needs to shop. Converting prospects to clients is a difficult task, why then would you allow trusted customers easily slip your fingers?
Having a backup payment system makes you as good as perfect; prospects may not even notice any interruptions, probably transforming into loyal customer.
Ways to Protect Your Company
So what’s next now that you know the disadvantages of operating minus a backup plan? First, in a web-merchant review Inquire from your credit processor the full details of the mechanisms put in place to protect your system in case of a crash. If the response is dissatisfying, consider discussing with a next provider as an emergency backup.
If you feel the DSL or cable web connections may break down, go for cellular broadband backing. But be sure to use it particularly for key functions like card processing because of the high monthly costs. In the worst-case events that may lead to severe outages, you can always transfer traffic to the backup system.
Shielding your company from such harm is rather easy. All you need to do is figure out exactly what to back up if you have to keep operating. Make sure your system automatically shifts to the backup plan in case of an outage. And lastly, pick an option that offers round-the-clock services.
Electronic payments expert Taylor Cole is a passionate entrepreneur who enjoys to write, produce music, and travel. Bestpaymentproviders.co.uk is the UK’s best web-merchant review company, serving both traditional and high-risk merchants.…
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There are millions of invoices exchanged between suppliers and buyers in the supply chain every year. Most small businesses transit these invoices either in paper formats which end up causing inadequacies for the buyer’s Accounts Payable (AP) organization. This leads to an increase of the Days Sales Outstanding (DSO) for the involved supplier which results from mail floats. In other words, the days that an invoice takes to get to the buyer’s AP team from the supplier are increased.
If suppliers can embrace the idea of using electronic invoicing in their operations they can realize considerable cost savings. Currently, there are quite a number of companies that offer such business processing solutions that can benefit your organization impeccably. Furthermore, when suppliers use the electronic systems to submit invoices or even pay their taxes, they can easily avoid errors with the buyer’s AP team and get paid faster. Buyers will also experience improved efficiency in their transactions as compared to receiving invoices in paper or email formats. Here are some of the benefits of using the electronic invoicing technology.
Capturing Digital Invoices
When invoices are submitted through paper formats they incur unnecessary costs and errors in the AP process. If the mails are submitted and received through emails, they’ll have to be scanned, sorted routed and opened before being keyed into the AP system. When there is no any imaging data extraction system in place, the documents received through e-mail have to be saved and printed and keyed.
Authenticating Automated Invoices
Many AP processes perform various authentications on the received invoices before the organizations can process and approve payments. Some of the authentications that they conduct include but not limited to ensuring that the supplier is legitimate and has an appropriate PO information, vendor name, and matching figures. Therefore, instead of complex data entry processes and manual validations, AP teams can utilize anchor links, business process management (BPM), and data capture technologies that are automated in performing such validations.
Suppliers don’t have to wait for checks from the postman once their invoices go out to the mail, or even queue at the bank to deposit the daily checks. It’s very convenient to get it all done conveniently with the click of a button. It’s simpler to process multiple invoices electronically as compared to preparing a single paper invoice manually. It also translates to lesser paper cuts. Cutting costs and avoiding wasting time processing paper invoices is one of the biggest advantages of embracing electronic invoices. Storing of the soft copy invoices is much easier than the massive paper invoices that can be quite inaccessible for reference whenever necessary. Moreover, the paper invoices can create a lot of clutter in the workplace than the electronic invoices that don’t require complex filing.
Staffing call centers or contact centers responsible for responding to vendor inquiries about payments once invoices have been processed and sent is a costly affair. The amount of time spent researching the status of the invoices and following …
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