6 Payments Mistakes That Are Costing Your Business and How to Avoid Them- Infographic

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  • 97% of businesses said moving to the cloud produces the desired results-reduced costs & increased flexibility

    67% of companies believe personal mobile devices improve performance and productivity.

    Time saved Instant Search & Access -Invoices & supporting documents Unlimited storage Cloud-based- average $0.00-$20.00/month

    125% safer with an ePayment than a check

    Lower fees than Credit Cards ACH-average $0.50/transaction Reduce Payables Processing Costs by 67%

    Permission levels Backup & disaster recovery Bank level security Encryption Multifactor authentication Privacy certifications

    10,00

    0

    $ $ $$ $ $

    $ $ $$ $ $

    Referenceshttps://www.fedex.com/ratefinder/standalone?method=getQuickQuote

    http://postcalc.usps.com/

    http://www.amazon.com/Fax-Machines-Office-Electronics/b?ie=UTF8&node=172582

    http://www.verizon.com/smallbusiness/

    http://www.att.com/smallbusiness

    http://www.business.com/guides/charging-interest-and-late-fees-855/

    http://www.stamps.com/usps/postage-rate-increase/

    http://www.bls.gov/ooh/office-and-administrative-support/bookkeeping-accounting-and-auditing-clerks.htm

    http://www.bls.gov/oes/current/oes132011.htm

    http://www.afponline.org/mbr/reg/pdf/2013_AFP_Payments_Fraud_and_Control_Survey_-_Full_Report.pdf

    http://www.acfe.com/uploadedFiles/ACFE_Website/Content/rttn/2012-report-to-nations.pdf

    http://www.onlinefaxservice.com/

    http://www.myfax.com/

    http://www.efax.com/

    http://www.HelloFax.com

    http://www.bill.com

    http://shopper.cnet.com/4566-3141_9-0.html

    http://www.microsoft.com/en-us/news/Press/2013/Jun13/06-11CloudStudyPR.aspx

    http://www.channelinsider.com/c/a/Cloud-Computing/Small-Business-Embracing-Cloud-Computing-Mobility-637435/

    http://www.cardfellow.com/blog/average-fees-for-credit-card-processing/

    http://en.wikipedia.org/wiki/Interchange_fee#cite_note-Visa_rate_hike-12

    http://www.techcentral.ie/19443/empowering-workers-through-technology-and-mobility-drives-productivity-

    http://www.itbusinessedge.com/guest-opinions/identifying-and-prioritizing-the-business-benefits-of-mobility.html

    http://online-storage-service-review.toptenreviews.com

    Mobility

    :

    Backup Documents

    Get Buried. Invoices lost - Duplicate Paym

    ents

    - Poor Decisions

    - Late fees

    Losing Documents:

    Fax machine- $150

    Phone line- $26/month

    Print cartridges- average

    $0.33/page Toner average $

    0.42/page

    Envelopes $7.00/box of 10

    0

    Postage: First class stamp

    $0.46 Overnight: $60.00

    Cost of maintaining

    paper-based payables:

    Paper checks expose your account information & are vulnerable to interception. Billing schemes & check tampering account for 42% of SMB fraud cases. A typical organization loses 5% of its annual revenue to fraud.

    Lack of Security:

    Lack of collaboration Less control Not mobileChained to your desk

    Paying Manually:

    1.

    61% of organizations experienced attempted or actual payments fraud. 87% of affected orgs. Report checks were targeted.

    Fraud Vulnerability:

    `

    Frau

    d Pr

    otec

    tion

    & M

    ulti-L

    evel

    Sec

    urity:

    ePay

    men

    t (A

    CH):

    Clou

    d Do

    cumen

    t Man

    agem

    ent:

    Bookeeper: $16.36/hr. avg. Accountant $34.15/hr. avg. Chief Executive: $84-$101/hr. avg

    Wasting Labor: Valuable staff time wasted managing minutia

    2.

    4.

    3.

    5.

    6.

    6 payments mistakes that are costing your business.

    And how to avoid them.