One of the most frustrating experiences for wholesale and eCommerce business owners is going through accounts receivable and payable every month. Keeping track of all your invoices, who owes you money, and what you owe to others is time-consuming and prone to error.
That’s why it’s important to have a streamlined vendor pay system in place for your business, like BlueCart Pay. An online payment processing dashboard makes it easier for businesses to pay their bills so that you don’t have to worry about it anymore.
This blog post covers the top four advantages of our new vendor pay feature so you can see how it benefits your business immediately. Keep reading to discover why BlueCart Pay is a great tool to add to your business tech stack.
What Is a Cloud-Based Vendor Bill Pay System?
Before we get into our specific features, it helps to know what a cloud-based vendor bill pay system is first. As a business owner, one of the most challenging parts of operations is managing expenses in a timely manner.
It's easy to lose track of all of your invoices, especially as your business grows and when some are paper invoices but others are electronic. A cloud-based vendor bill pay system solves all of these issues and more.
BlueCart Pay simplifies and streamlines all the bills you owe in one place. This means not just your wholesale suppliers and anything in your pipeline inventory, but also your electric bill, gas bill, and phone bill, to name a few. Let’s look at the specific advantages of using BlueCart Pay.
1. One-Click Preferred Method Payment
A significant advantage of using a cloud-based vendor payment system is the ability to quickly and conveniently pay your providers. With BlueCart Pay, clients pay us via ACH and we send a check to pay the bill. In the early stages of a business, many accounting and management staff stick to cash, check, and bank transfers if needed.
As a business and its customer base expand, credit card and ACH payments become increasingly common. This gives you more flexibility to pay vendors as they prefer, but it can be overwhelming if your payment info is scattered across multiple payment dashboards and tools.
That’s why BlueCart Pay keeps all of your invoicing and payment options in one place. We take the payment methods you’ve already used in BlueCart and give you the means to add more payment methods, such as ACH and credit card payments. Keep in mind that BlueCart pay only allows you to pay via ACH.
If you’re a vendor that uses BlueCart, BlueCart Pay’s one-click preferred method payment option allows you to designate your preferred payment method. As the payor, you can connect your funding source and pay your vendors with a single click.
This also reduces the amount of time spent on correspondence with multiple vendors. Since your vendors can designate their preferred payment channel right away and update it as needed, you can simply handle payments without tedious email or phone follow-ups.
2. Eliminate Paper Checks and Associated Postage Costs for Your Business
Another advantage of our cloud-based vendor bill payment system is it eliminates your need to send paper checks. Paper checks also require postage for mailing. However, BlueCart Pay does all of this work for you while you pay us via ACH.
The average small business spends about $338 each month on postage costs. By using BlueCart Pay, that’s an immediate average savings of $4,056 each year.
Printing new checks also incur a cost and these add up quickly when you use dozens of checks per month. If a vendor uses BlueCart for payment processing, BlueCart Pay eliminates all your check-related costs so you can utilize electronic fund transfers (a form of eCheck), debit or credit card payments, and even cryptocurrency payments.
BlueCart Pay makes it possible for clients to pay all of their vendors. This includes those that do not use BlueCart for payment processing.
This aspect of BlueCart Pay also improves the likelihood that all approved payments are as accurate as possible. Check payments run the risk of being lost, experiencing moisture damage, or bouncing if not enough funds are available. By using electronic payments only, you’re guaranteed to complete all payments or be immediately notified of insufficient funds.
3. Consolidate All Payments In One Dashboard
As a business owner, you’re constantly receiving multiple invoices from multiple customers. Invoices are often for different amounts and come at different times throughout the month.
That’s why BlueCart Pay consolidates your pending payments in one easy-to-manage invoice management dashboard. Instead of continuing to pay for all of the invoice management solutions you’ve used previously, see it all in one place.
Our streamlined dashboard saves a lot of time, especially if you send several payments on the same day. A vendor that uses BlueCart for payment processing can also use BlueCart Pay to see invoices in the portal once they send them. Keep in mind that if you don’t use BlueCart for payment processing, you are responsible for generating a bill or invoice.
4. Paperless Tracking of All Approved Invoices
Two of the biggest headaches associated with paper invoicing are tracking them and ensuring accurate payments. It’s also more difficult to submit payments quickly online when you have to cross-check information that’s offline.
BlueCart Pay’s paperless tracking of all approved invoices eliminates both of these hassles. Your vendors’ contact information, preferred payment method, pending invoices, and paid invoices are stored electronically.
You won’t have to worry about losing papers or keeping track of what’s already been paid. BlueCart Pay also makes it easy to close your monthly and annual books because all of your payments are recorded in the same place.
BlueCart Pay Is the Way
BlueCart Pay is the simplest way to streamline all of your vendor bill payments. It will help you make on-time payments and you won’t have to deal with tiresome paper checks or fast-growing postage costs.
Our vendor payment dashboard allows you to track your payments and see how much money you are sending at any given time. Ready to save time and money in your business? Email our sales team to experience BlueCart Pay for yourself and see how it can improve your bottom line.