A Digital Payment Solution Designed for Business

In today’s business world, roughly 30% of overall business payments (and more than 50% of small business payments) are still made via paper check. As consumers have become more comfortable using digital payments in their personal lives, they have also come to expect this from business-to-business (B2B) payments. In fact, over 85% of all businesses have reported they would prefer to receive electronic payments.*

By 2023, the Association for Financial Professionals predicts more than 6.1 billion people will use digital payments. How is your business positioned to handle the growing demand for digital payment offerings?

How to increase digital payments by overcoming barriers

Businesses note that the top three barriers to increasing the use of electronic payments and shortage of IT resources, a lack of integration and the high cost of change.

Deluxe® Payment Exchange helps businesses automate their outgoing payment processing with a technology solution that seamlessly integrates into current paper check processes, offers a choice of disbursement methods for the payer, and allows suppliers and customers a choice of how the payment is deposited.

Shortage of IT resources for implementation

Through easy integration, Deluxe Payment Exchange allows the payer to leverage the strengths of their existing check issuance and reconciliation processes with the speed of digital payments. This allows for more flexibility to the payee, while keeping the payment process fully compliant with existing check-clearing rules and regulations.

Lack of integration between payment and accounting systems

Deluxe Payment Exchange breaks these barriers by offering a solution that is specifically designed to plug into a company’s existing AP processes with minimal onboarding costs and without needing extensive IT resources.

High cost of making changes to internal systems

Deluxe Payment Exchange offers businesses multiple ways to create payments: issue directly through the Deluxe Payment Exchange platform, connect through a QuickBooks® add-on or utilize the API to seamlessly integrate into Accounts Payable (AP) systems for high volumes of payments. With no disruption to existing processes, the platform doesn’t demand a high cost to make internal system changes.

Meet increasing demand for B2B digital payments

The demand for digital payment options within the B2B space is continuing to grow. In fact, for medium and large businesses that plan on implementing real-time payments, and place a high value on improving the payables process, an incredible 58% say they would be willing to switch financial providers to do so.*

Industry leader Aite Group estimates that more than 75% of small businesses consider flexible payment options to be an important consideration when selecting a new bank partner. In addition, Aite Group estimates that 90% of medium and large businesses would rather receive an electronic payment over a paper check. 

Complete process of digital payment from payer to payee

1. Payer: With a valid email address, a payer can fill out all the same information they’d put on a traditional check, add any remittance data needed and send it to the payee within seconds.
2. Payee: Once received, the payee opens a secure link to the Deluxe Payment Exchange platform where he or she can choose from several deposit options, including direct deposit, print as a check, or deposit to PayPal or to a debit card.
3. If the payer doesn’t have the payee email address, Deluxe Payment Exchange offers Print+Mail, enabling customers to still issue an electronic payment, allowing Deluxe to handle the printing and mailing of the paper checks on behalf of the customer.

Benefits of digital payments for business

Here’s how your business benefits from digital transformation with Deluxe Payment Exchange:

• Implement payment change with zero disruption to process
• Eliminate the costs of printing, handling and mailing paper checks
• Decrease processing time and make payments quickly
• Optimize cash flow
• Reduce fraud risk

Download the eBook to read four case studies of well-known organizations that have transformed their processes with Deluxe Payment Exchange and the benefits they’ve experienced from using digital payments.

1. Emergency Assistance Foundation, Inc. was faced with a challenge to find a way to process and distribute payments to grantees as rapidly as possible during the pandemic when demand increased to 20x higher than normal.
2. AT&T needed to increase efficiencies while reducing the expense of mailing fees and costs associated with issuing paper checks.
3. Lincoln Savings Bank was looking for a digital payment solution that reduces the friction of requiring an end user to enter personal information to get money they are owed.
4. Alight Solutions needed a safe, secure payments solution to deliver off-cycle payroll payments (terminations, payroll changes, new hires, etc.) to employees within the required time regulated by each state.

*Aite Group, “Payment Trends: Embracing the Shift to Electronic Payments,” May 2021