Up-to-date processes and modern technology can help keep your financial health out of the red and put your business in a better position to grow — need we say more?
Before the days of online payments and banking, there were balance sheets with pen and paper. Although we’ve taken many strides since then, does it ever feel like your payments process is still as tedious as if doing it by hand?
For many businesses, it absolutely is.
Despite the fact that cash flow is what keeps a business afloat, companies continue to leverage archaic processes when reconciling payments. According to an article by Trintech, a whopping “3 in 4 European companies with sales over €10 million surveyed by EY still reconcile data with pen and paper, or by eliminating entries in Excel.”
Keeping your books up-to-date and accurate shouldn’t take hours out of your day; and with demands for payouts increasing for businesses, it’s necessary to consider adopting a more efficient and accurate way to reconcile payments and ensure the financial health of your business.
Save Time Reconciling Payments With Tilled’s Payout Report
From the beginning, one of our goals at Tilled has always been to simplify payments for B2B software companies so they can focus on running their core businesses. To do that, we developed a suite of powerful tools to streamline all aspects of payment operations, including time-consuming processes like reconciliation and payment analysis.
With our Payouts Reports, our partners can instantly review all data related to merchant payments and their associated charges, fees, and other key payment details. The report can be customized to show all or individual merchant data, adjusted to a specific date range, and then downloaded into a single spreadsheet. By having all of this data in a single location, partners can gain a bird’s eye view into their books and quickly identify and correct discrepancies while limiting human error.
Ultimately, clear visibility into payment data will provide valuable insights into spending patterns and cash inflow, helping you make more informed financial decisions and plan better for the future. Plus, speeding up the reconciliation process means you’ll be able to move money faster through your business and manage cash flow more effectively.
Simplify Payments from Start to Finish
As we said earlier, one of Tilled’s goals is to empower businesses to simplify payments. In addition to our Payout report, Tilled helps drive partner success by making it easy to accept multiple ways to pay, including credit, debit, ACH, and Apple Pay. Tilled also offers resources to qualify for lower interchange rates by collecting and transmitting any additional needed information for you. This could help lower your processing rates by as much as one percent or more – yowza!
To learn more about Tilled and how we can help your business simplify payments and reconcile data faster, reach out to our sales team here!