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Digitising Invoice & Payment Processing: The Smart Future of Your Business
In the advanced economic world, it is accepted that the digitisation of information is one of the most effective and efficient developments. Digitisation, which means converting data into a digital format, is the key of shaping up our future of invoicing and payment systems.
Digitisation of invoicing and payment systems refers to the conversion of traditional paper-based or manual processes of creating and managing invoices and receiving payments into digital and automated workflow. This transition offers numerous benefits including increased efficiency, reduced errors, quicker payments and improved financial record keeping.
Outlined below are some of the many key advantages of digitisation of invoicing and payment solutions.
- Increased productivity:
One of the significant advantages of digitisation is that digital information can be accessed and shared easily and promptly. This saves your precious time and increases productivity.
Going paperless saves, you as an issuer, all costs related to printing. Moreover, you can reduce expenses for paper-based document management, such as manual data entry, processing, and archiving.
- Easy to access:
Digital documents can be accessed anytime and from anywhere. Especially, it is quite beneficial for the young generation who has already started seeking a comprehensive selection of digital invoice and payment methods.
- Enhanced security:
Another well-known benefit of digitisation of your documents is its security. Your digital information can be protected with a password. So that only authorized users can access the data.
- Enhanced information preservation:
It is easier to preserve your digitised documents than paper-based documents by keeping a backup for future.
- Disaster Recovery:
Paper-based documents can be destroyed over a period of time. With digital documents, an issuer can recover your relevant evidence from any loss and damage easily and quickly.
- Storage savings:
By opting for digital documents, an issuer can reduce the need of physical storage space, which can save money on storage costs. Paperless documents would be more beneficial for organizations that deal with large volumes of paperwork.
- Eco Friendly:
Digitisation is an eco-friendly initiative as this reduces organizations’ carbon footprint and helps them to contribute to environmental sustainability.
- Digital transformation:
Digitisation is a crucial step in the digital transforming journey. It enables your business to concentrate on cost savings and prioritization. With the help of this process, you can achieve operational efficiencies and remain competitive in the digital world.
Overall, digitising invoice and payment systems will enable the issuers to streamline the financial operation of their business with improved cash flow management. Moreover, it will ensure to enhance overall customer experience.
Orbyt has become a market-leading company in offering a modern, flexible, secure, and potential platform covering the whole value chain of invoice distribution and payments. By leveraging Orbyt’s platforms, you can use less resources in the entire process of invoicing and document distribution. It is easier to reach your customers following an end-to-end digital process without investing a huge cost and precious time.
Orbyt’s unique platform offers its issuers:
- Most cost-effective solution by providing the cheapest distribution and payment cost.
- Flexible and enhanced customer experience that includes catering to analog customers.
- Optimized cash flow with the best payment rate, complete transparency and reminder options.
Orbyt drives digitisation with significant success for customers. Our proven track record and Customer reporting say, since adopting the Orbyt platform:
- 98% digital distribution rate of invoice
- 10X more digital invoicing
- 4X less paper invoicing
- 36% increment of new subscribers by offering a new digital onboarding channel
- 2m€ in yearly savings
- 95% reduction in payment errors
- 36% improvement in Cash Flow
- 84% reduction in operational costs
First published 27 September 2023, updated 03 October 2023.