Starting your own business comes with many benefits, like being your own boss, choosing your own hours, and working with your own team. Of course, being a business owner comes with an increased level of responsibility, including a mountain of paperwork and administrative tasks.
Making payments can be painful for businesses, and many want the payments industry to continue evolving. In fact, a survey conducted by Payments Canada showed that over 80% of Canadian small businesses want more payment options. It revealed that businesses want more options for their back-office payments to suppliers and vendors, such as e-transfers, e-wallets, and digital currencies.
Above all else, small businesses want their payments to be safe and secure. More than half (54%) of businesses believe they are spending too much time on payment processing activities, and 67% would be willing to move away from cheques — if they had other options.
Thankfully, they do. Ablii, an online platform for business to business payments, replaces cheques and wires for small to medium-sized businesses. It’s available in Canada and the US for domestic and international payments. Here’s how it could work for your business.
A comprehensive online alternative
In the same way that online banking works, Ablii will move money from your business’ account to your suppliers’ accounts (without the need for cheques or wires). While banks lack the features that businesses need to effectively manage their books, Ablii has them. A few of the major features include low-cost payments, automated updates to your accounting software and management controls.
It lowers your business expenses
Ablii costs just $0.75 per domestic transaction and $5 per international transaction, which makes it one of the most affordable business to business payment options on the market. It also improves the speed of work by eliminating manual processing, giving you more time to focus on growing your business.
It syncs with your accounting software
Does your business use Quickbooks Online? No problem — Ablii effortlessly syncs with your existing accounting software. You can upload contacts and invoices from your accounting software to Ablii. Once payments are completed, Ablii will automatically mark that invoice as paid, eliminating the manual data entry and reconciliation.
You can customize approval processes
By adding employees to Ablii and setting access controls, you can streamline your workflow. This allows you to delegate payables and receivables processing while maintaining full visibility and approval of the payment.