One of the biggest complaints many SMEs have is in the complicated ways in which they are expected to balance their books daily, especially when they are involved in international commerce.
Taking payments in the UK can be trying enough but when that process is further complicated by the conversions between one or more currencies, it can be more than time-consuming. It can be frustrating, to say the least.
As the next generation of the UK’s Faster Payments Initiative, the way you do business can see radical changes not only in how you do business but the ease at which you can manage transactions. Here is a bit on how Payment Initiatives can alter the way you do business.
Fewer Steps Needed Due to the Payments Initiative Scheme
In an effort to shorten the time in which payments are finalised, the Eurozone and the UK have undergone changes in recent years. With a more centralised processing procedure, fewer steps will need to be taken. This will reduce a great deal of confusion and with the newer initiative that combines BACS, the Faster Payment Scheme and the Cheque and Credit Clearing Company, UK businesses will be freed to deal with other tasks that were once set aside due to lack of time.
Reduction in Time Spent Accounting
Speaking of time, the consolidation of BACS, the Faster Payment Scheme and the Cheque and Credit Clearing Company will automatically reduce the amount of time businesses spend on accounting. These will all go through a centralised application. Instant SEPA payments will make it possible to balance ledgers quicker and all of that leads to much less time spent in accounting.
Faster Transaction Times between Banks
Time is of the essence in business. Many times, business deals are unnecessarily delayed while waiting for transactions to be completed through a series of banks. Automated transactions through SEPA payments will enable transaction times between banks to be significantly reduced. While this has been a big part of the original Eurozone Payments Initiative, SEPA payments have been tailored to the needs of UK businesses large and small. No matter what the volume of transactions, SEPA payments ensure they are completed within the legislated timeframe.
Cloud-Based Application Accessible from Anywhere
Until quite recently, most business owners and accountants needed to be on site in order to balance the books. There were several programs for each department so that access to the central computer was imperative. The SEPA Payments technology through AccessPay is a cloud-based application that can be accessed from anywhere in the world. Now businesses can handle major transactions while keeping books straight no matter where they are. With increased security layers, business owners can work safely from anywhere without fear of being breached.
Benefits of Increased Competition
According to the Payment Systems Regulator in the UK, faster transaction times and fewer accounting tasks will lead to increased competition. There are a few reasons for this, among which is the fact that business administrators will now have the time to spend generating new business. Part of the problem in the past had been the sheer amount of time and effort that went into making and accepting transactions between multiple banks.
Also, as mentioned, when varying currencies are involved, those transaction times could be quite lengthy. In other words, the more tasks which can be accomplished in a shorter amount of time, the easier it will be to spend time analysing the competition and formulating new marketing plans.
The Bottom Line for UK Businesses – Expansion Made Easy
The bottom line in how payment initiatives can alter the way you do business is all about shortening times for everything from transactions to accounting and everything in between. With one processing application accessible online, travel time is reduced because the Cloud-based software makes it possible to work from anywhere. Now UK and EU businesses can safely and easily broaden their markets because of the ease at which international financial transactions can be accomplished.
The ways in which payment initiatives can affect a business boil down to expansion. Greater competition leads to new markets and new markets lead to added revenue. The bottom line for EU and UK businesses? Rapid growth made easy with a single pay Cloud-based application.
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