Debunking Common Myths About Payment Portals

Payment portals have become increasingly popular among businesses of all sizes. The online payment platform offers an easy and safe way to manage invoices with vendors. This can be a huge benefit and time-saver for small- and medium-sized businesses (SMBs) like yours.

However, there are still some misconceptions surrounding these platforms that are preventing some companies from embracing them.

Myth 1: Payment portals are difficult to learn

One of the biggest myths about payment portals is that they are complicated, but this couldn't be further from the truth. Modern payment portals are user-friendly, intuitive, and easy to use, even for those who are not tech-savvy.

Adapting to change can be difficult but most reputable payment portal providers offer comprehensive training and support resources. These resources ensure that team members can quickly get up to speed with the platform and avoid long learning curves.

Myth 2: Payment portals are a security risk

Today, SMBs continue to use traditional payment methods frequently but checks continue to be the most vulnerable payment method. In fact, 65% of organizations report that they faced fraud attacks of this type, according to the 2024 APF Payments Fraud and Control Survey by Truist.

Leading solutions have strong security measures in place for online payments like data encryption, two-factor authentication, and continuous monitoring. This keeps financial information safe and protects against unauthorized access or fraud. These platforms also adhere to strict industry standards, such as PCI compliance, which protect credit card information during transactions.

Myth 3: Payment portals reduce your control

Some businesses may not have adopted payment portals because they worry they will lose control over their accounts payable process. However, the opposite is true – payment portals can enhance control and visibility over financial operations, so invoices and payments don’t easily slip through the cracks.

Moreover, many payment portals come with customizable features and settings, like payment methods, so the platform can be tailored to specific business needs.

While myths and misconceptions about payment portals exist, the reality is that these platforms offer numerous benefits for businesses of all sizes. By understanding the facts and working with a reputable provider, you can leverage the power of payment portals to improve your accounts receivable process, enhance security, and maintain control over your financial operations.