Debunking Common Myths About Payment Portals for SMBs

Payment portals have become increasingly popular for businesses of all sizes, offering 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.

Payment portals have become increasingly popular for businesses of all sizes, offering 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.

3 myths of payment portals

Myth 1: Payment portals are difficult to use

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

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 steep learning curves.

3 myths of payment portals

Myth 1: Payment portals are difficult to use

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

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 steep learning curves.

Myth 2: Payment portals are a security risk

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

Myth 2: Payment portals are a security risk

Leading solutions have strong security measures in place for online payments, such as data encryption, two-factor authentication, and continuous monitoring. This keeps financial information safe and protects against unauthorised 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 customisable features and settings, like payment methods, so the platform can be tailored to specific business needs.

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 customisable features and settings, like payment methods, so the platform can be tailored to specific business needs.

Benefits of payment portals

In addition to the ease of use, security, and control benefits discussed earlier in this article, SMBs that use payment portals can also take advantage of:

Faster payments and improved cash flow
SMBs can pay vendors from the convenience of the office or their sofa, rather than taking time out of their busy day to write cheques or go to the bank.
Better customer experience
Payment portals offer a 24/7 self-service option so businesses can view invoices, manage payment methods, and make online payments at any time and anywhere with an internet connection.
Automated payment matching and reconciliation
Many payment portals allow you to pick exactly which invoice(s) you want to pay, eliminating the need for team members to manually provide remittance information as the portal takes care of it.
Multiple payment options
Payment portals enable SMBs to securely accept or pay with a wide range of payment methods. This may include credit cards, debit cards or online transfers.
Reduced administrative headaches
By automating the payment process, payment portals free up time and resources for finance teams, allowing them to focus on more strategic tasks instead of chasing down payments manually.

Benefits of payment portals

In addition to the ease of use, security, and control benefits discussed earlier in this article, SMBs that use payment portals can also take advantage of:

Faster payments and improved cash flow

SMBs can pay vendors from the convenience of the office or their sofa, rather than taking time out of their busy day to write cheques or go to the bank.

Better customer experience

Payment portals offer a 24/7 self-service option so businesses can view invoices, manage payment methods, and make online payments at any time and anywhere with an internet connection.

Automated payment matching and reconciliation

Many payment portals allow you to pick exactly which invoice(s) you want to pay, eliminating the need for team members to manually provide remittance information as the portal takes care of it.

Multiple payment options

Payment portals enable SMBs to securely accept or pay with a wide range of payment methods. This may include credit cards, debit cards or online transfers.

Reduced administrative headaches

By automating the payment process, payment portals free up time and resources for finance teams, allowing them to focus on more strategic tasks instead of chasing down payments manually.

While myths and misconceptions about payment portals exist, the reality is that these platforms offer numerous benefits. 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.