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|How Digital Payments Enhance Efficiency In Logistics by EXIMA: 11:57am On Feb 15|
Shippers continuously look for methods to save costs, increase efficiency, and adapt to the ever-changing global market. Shippers are increasingly turning to digital payment methods to eliminate print, texts, calls, and emails in favor of a more efficient, tech-enabled method, whether they're attempting to deal with tariff changes, keep up with shifting client preferences, or reduce expensive transportation costs.
Below are five important ways digital payments improve efficiency in logistics.
Streamlined Employee Administration
Historically, logistics staff provided invoices for expenses incurred, which were then examined by administrators and compensated. Several digital payment platforms are capable of automating, monitoring, and streamlining transportation accounting. The logistics industry is the best place for RFID-based smart cards with chips that don't need to be touched.
Less Operational Disruption
The act of taking cash or checks for payments causes problems. Suppose a warehouse doesn't accept credit cards, for instance. In that case, a driver will need to leave the premises to withdraw cash, or if an operator pays in cash, a warehouse worker will be required to take time to make change, both of which will slow down procedures and divert resources away from more tactical and strategic endeavors.
Avoiding Lost Payments
Payment processing is simplified for all parties involved when invoicing, tracking, and collection is done digitally. Neither the customer nor the business needs to worry about losing a paper invoice or receipt, and the process of collecting money is simplified.
Improved Security And Transparency
Innovative payment platforms, especially those powered by blockchain technology when cash payments are made because they are untraceable and hard to track down. The increased transparency and traceability of digital payments reduce fraud and theft opportunities.
Minimize Human Negligence, Corruption, and Error
The use of digital payment methods not only makes paper checks easier on businesses but also lessens businesses' overall dependency on paper. This involves eliminating the need for paper invoices, data entry by hand, filing away outdated records on paper, and other touchpoints that might lead to mistakes or theft.
Organizations that shift to digital payment methods have more opportunities to improve the efficiency of their supply chains. Any web-based B2B system that can generate invoices and accept electronic payments is considered part of Electronic Invoice Presentment & Payment (EIPP).
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