Payments solutions provider Helcim debuted a tool to help businesses automate their payment collections.
Recurring Payments allows businesses to create tailored billing schedules for clients, collecting payments automatically as they’re due and removing the need to worry about manual billing practices, according to a Tuesday (Oct. 29) press release.
“At Helcim, we’re committed to providing businesses with the tools they need to thrive,” Helcim CEO Nic Beique said in the release. “With Recurring Payments, we aim to take the burden of repetitive billing off our merchants’ shoulders, allowing them to put their payments on autopilot.”
The tool offers capabilities such as auto collection, customizable billing cycles and payment recovery, the last of which lets businesses avoid missed payments by automatically retrying failed transactions, per the release.
The launch comes as adherence to manual billing practices is costing businesses money.
The PYMNTS Intelligence report “Businesses at Risk: The High Cost of Manual AR Processes and What to Do About It” found that 59% of U.S. businesses link poor cash flow and forecasting capabilities to outdated accounts receivable (AR) methods.
Companies are finding themselves overwhelmed by the volume of invoices, with projections indicating a 46% increase in that volume over the next three years.
“This impending crisis is underscored by the fact that 35% of firms have not automated their AR processes and 24% still rely on outdated spreadsheets,” PYMNTS wrote this month. “The resulting inefficiencies can cripple organizations, leaving them vulnerable in a digital-first economy.”
Despite the need for automation, many companies are reluctant to adopt new systems, often due to cost concerns.
In addition, 37% of executives reported that they have paused or abandoned projects over fears about the time required for employee training, a hesitation that places companies in a precarious position as competitors embrace automated solutions.
However, Trina Dutta, vice president and general manager of B2B solutions and global commercial services at American Express, told PYMNTS this month that businesses are increasingly shifting from manual payment methods to automated systems, with 68% planning to start or further automate their supplier payments.
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