CAI Software Adds Digital Payments to ERP Solutions for Protein Distributors
- By: admin
- On: 04/13/2023 10:21:55
- In: Member News
Digital payments can prevent companies from losing 4-10% of revenue on inefficient AR processes.American Association of Meat Processors (AAMP) member CAI Software LLC announced that it has added digital payment capabilities to its suite of ERP software solutions for protein processors and distributors.
Digital payments, either via credit card, debit card or ACH, enable CAI customers to improve cash flow, reduce invoice processing costs and offer their customers convenient payment options.
Ed Stone, Chief Customer Officer for CAI said, “Food and beverage businesses are moving rapidly to accept digital payments from their customers. In a recent survey*, 94% of CFOs are prioritizing digital payments projects. Another survey** found that B2B companies lose 4-10% of their revenue due to inefficient AR processes, with Finance professionals spending 6-10 hours per month managing payments,” Stone added.
“We wanted to make it easy and cost-effective for our customers to streamline payments, accept all payment types, and save money on exorbitant transaction processing fees that impact profitability,” Stone said. CAI Software's ERP products allow customers to add a handling fee to invoices if desired and provide their customers with a QR code to easily scan and pay an invoice from their mobile phone.
If you've been thinking about accepting digital payments – or your customers have been asking about them, these reasons highlight the importance of starting now:
- Improved cash flow: Digital payment methods help CAI customers get paid 24% faster, since funds are transferred electronically rather than being physically collected, and the payment process is much simpler.
- Reduced costs: A modern, automated solution can slash the cost and time spent on invoice processing by removing labor-intensive manual processes. This improves efficiency, reduces errors, and frees your team to focus more on growth and less on AR. For some CAI customers who process 10,000-50,000 invoices per year, this could mean $40,000-$200,000 in annual savings.
- Increased convenience for customers: Electronic payment options provide a convenient way for customers to make payments at any time and from any location, rather than being limited to certain hours or physical locations. Customers can pay via credit, debit card, or an ACH payment.
- Enhanced security: Digital payment systems can be more secure than traditional payment methods, as they use encryption and other security measures to protect your company from fraud and data breaches. Food businesses can also reduce exposure when accepting higher risk customers by requesting digital payment before delivery.
- Increased competitiveness: By offering digital payment options, businesses can compete more effectively in an increasingly digital marketplace where customers are demanding a consumer-style payment experience.