Ten years after the iPhone was introduced, technology continues to change the way we play, think, communicate and work. Today, user-centered design principles drive businesses and consumers to reconsider how they transact with each other.
From insurance companies and governments to corporations and nonprofits, organizations of all types make and receive payments. An AFP Electronic Payments Survey found that in 2016, 12 percent of organizations reported using mobile tools to initiate payments, while another 26 percent said they plan to do so in the next three years. Similarly, 10 percent said they currently accept mobile payments from consumers, while 28 percent indicated they plan to start in the next three years.
Despite upticks in cyber fraud, criminals continue to use checks as their primary route to commit fraud, with 71 percent of companies experiencing actual or attempted check fraud.
Fraud—whether intentional or the result of an unintentional error—has negative implications not only on an organization’s bottom line, but also on its reputation and credibility. As a result, many organizations are migrating away from check use.
But fraud isn’t the only reason check usage is on the decline. Checks bog down organizations with unnecessary costs related to manual reconciliation, inaccurate accounting, strained supplier and customer relationships, expensive paper storage and processing—not to mention escheatment headaches. Many organizations are ditching checks in favor of more efficient electronic transaction alternatives, which solve for those problems and more.
Electronic cash management technology is a game changer in the B2C world. Revolutions in technology areas such as social networking and smartphones create more urgency for businesses to upgrade the way they pay and collect from consumers.
Fifty percent of millennials use non-traditional, electronic payment methods. This generation is putting pressure on organizations to shift toward web-based solutions to deliver a client experience that isn’t necessarily better, but is simply already familiar. But consumers don’t get all the perks; organizations have a lot to gain from going electronic, too.
Electronic cash management solutions can help your organization save time and money, improve accuracy and reconciliation, reduce fraud, lower overall costs and improve the customer experience.
Corporate Quick Pay and Corporate Quick Collect are email-based payable and receivable solutions designed for organizations of all types. Corporate Quick Pay enables email payments for refunds, commissions, legal settlements and any other one-time payment situation—without requiring individuals to provide you their bank account information. Corporate Quick Collect enables email-based requests for one-time or recurring payment scenarios. With an integrated platform that includes a shared directory, your organization can securely manage payments and receivables on a single platform that complements your other existing electronic payments channels.
Email-based payment methods can enable you to:
Transitioning to integrated, electronic payments and receivables can be a quick, simple solution for your organization’s most pressing cash management challenges.
Chase, J.P. Morgan and JPMorgan Chase are marketing names for certain businesses of JPMorgan Chase & Co. and its subsidiaries worldwide (collectively, “JPMC”, if and as used herein may include, as applicable, employees or officers of any or all of such entities irrespective of the marketing name used). Products and services may be provided by commercial bank affiliates, securities affiliates or other JPMC affiliates or entities. Products and services described herein are offered by JPMC or its affiliates subject to applicable laws and regulations and service terms. Not all products and services are available in all geographic areas. Eligibility for particular products and services is subject to final determination by JPMC or its affiliates.
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