There are a lot of business transactions that occur on a daily basis ranging from receiving money from the client to signing of agreements. If all these transactions involve paper forms, data entry and email, even a simple transaction will end up taking up a lot of time. A better way to perform transactions is through the use of digital workflows, which involves bringing together all the documents, approvals, payments, and signatures in one process.
One such example is the use of payment forms in the digital business workflow. In this type of process, all the payment transaction procedures are brought together in one online workflow.
Why Payment Processes Need Better Digital Workflows
The classic procedure of payment usually takes place in several independent procedures. The client may be obliged to fill in the paper form, submit it via email, have the information checked, and finally get the payment instructions separately. Each additional step means an extra chance of delay or lack of some necessary information.
The electronic payment flow may unite all these steps into one sequence. The customer submits the information electronically, while the businesses manage the documentation and approval procedure without any paper processing at all.
Such a procedure is especially useful for those businesses which deal with a lot of customer forms. A more structured flow of activities will help their employees focus on other business-related activities.
Connecting Documents and Payments
Payment forms are particularly helpful when payment collection is one of the elements of a more extensive document management process. A company might need the clients to fill out some information and accept the terms of the deal before making any payments.
A properly organized online payment process can be helpful for a company in such ways:
- Collection of information from clients in electronic form.
- Decreasing the necessity of data reentry.
- Keeping all the payment documents in order.
- Reducing delays due to the physical paperwork.
- Improving the client experience.a
It will also be easier to keep the information in order and accessible. Instead of digging through emails or filing cabinets, one can manage everything within a single digital process.
Electronic Signatures Add Another Layer of Efficiency
There may also be the need for signatures alongside payments in some of these processes. Electronic signatures give businesses a way of including signatures in the process of doing transactions without the need for printing, signing, scanning and returning the documents back to the company.
According to signNow, the company boasts of having 28 million users. Some of the fortune 500 companies using the services include Apple, Walmart, FedEx, Tesla and Xerox among others.
Businesses engaged in document-intensive operations should try integrating electronic signatures with their online payment systems.
Security and Compliance Matter
The other factor that comes into play because of moving these documents to the online environment is security. It is important for businesses to know that their information will be secured while transferred and stored as well as all key activities can be tracked.
In accordance with signNow data, the platform provides TLS 1.2/1.3 for transferring and AES-256 encryption for storing the data. Also, there are audit trails and two-factor authentication.
There could be great variations in compliance demands based on the industry and nature of information. The list of supported standards/regulations by signNow includes ESIGN, UETA, HIPAA (with BAA), SOC 2 Type II, GDPR, 21 CFR Part 11, PCI DSS, ISO 27001, CCPA, and eIDAS.
Improving Employee Productivity
The use of digital payments workflow is not just beneficial for the customers but can have value in other ways too. For example, signNow claims that its users can save six hours per employee per week and earn a ROI of 700% in the first year, as well as complete 80% of the documents.
Digital workflows can be used to:
- Save time spent on finding incomplete documents.
- Simplify the process of doing repetitive tasks.
- Make the management of completed documents easier.
- Minimize the use of email-based document exchange.
- Let the staff members concentrate on other tasks.
Although each company will have different results depending on the way it arranges its workflow, there may still be considerable savings achieved.
Predictable Pricing Can Support Adoption
Another factor which is considered while assessing digital workflows is cost. Fixed pricing will help in easy calculation of the suitability of the solution for the business operation.
As stated in the signNow details given above, the Business plan of signNow is priced starting at $8 per user per month on an annual billing cycle. Unlimited users and no envelope cap applies for the paid plans, compared to 100 envelopes per year as the maximum cap set by DocuSign.
This becomes significant in case of businesses with high volumes of document processing.
Where Digital Payment Forms Can Fit
Document workflow with payment capability is a valuable tool for different business scenarios. This includes such processes as customer onboarding, service contracts, order paperwork, applications, approvals, and others where paperwork, information, and payments have to be coordinated.
The best approach here would start with pinpointing the problem areas. Businesses need to look at how forms are filled out, information collected, documents reviewed, signatures needed, and payments processed. When all of these points are identified, it becomes obvious where redundant hand-offs exist and unnecessary tasks can be eliminated.
Building a More Connected Business Process
Digital payments are not just about giving customers yet another means of inputting data. It is all about connecting different stages of business processes.
If a company is able to organise its paperwork, signatures, approvals, and payment-related processes through digitalisation, the result will be streamlined business processes on one side and less hassle for customers on the other. And, of course, there are additional tools such as security controls, audit trails, and compliance if companies require any digitalised documentation.
In the ongoing process of eliminating paper from its administration, integrated documents and payment processes can be used to streamline business operations. The idea is rather simple – to eliminate unnecessary manual work.
Conclusion
Processes of payments using digital technology will assist in helping organizations transform their information gathering, documentation, signature, and process management tasks. The processes will be simplified through the elimination of unnecessary manual tasks and linking of previously distinct processes into one. Those organizations that are in need of transforming from traditional paper-based administrative processes into more structured ones can take advantage of the payment forms and electronic document workflow processes.
