Contributor: Matthew Dragiff
Why do companies continue to pay by check? In part four of the series “The top 5 reasons why checks still dominate B2B payments,” I explore the challenges surrounding the perceived need for IT resources.
Reason #4 – IT Resources. Every IT department will tell you that they have more projects to do than they have resources and budget to accomplish them. The mantra, “do more with less” pervades today’s business climate, and companies increasingly struggle with how best to allocate limited resources so they have the most impact. The elimination (or reduction) of paper checks is perceived as requiring system changes for which a business case must be developed and funding approved long before projects can even be considered for the IT development roadmap. But is this perception reality?
Fortunately, expensive custom integration is no longer required for SaaS-based payment execution solutions. Most ERP systems can be easily setup to output payment files containing all of the required data elements without custom programming. So with an existing report writer/data export tool and the establishment of an FTP connection, payment files can be generated and sent without requiring IT development resources. Typical implementations will take less than four weeks.
Is the perceived need for IT resources inhibiting your move to electronic payments? Are you aware that there are solutions on the market that don’t require custom development and significant IT investment?