71% of CFOs have accelerated digital payment acceptance during the pandemic

About seven in ten CFOs have worked to ramp up efforts to digitize payments for their businesses since the COVID-19 pandemic began in March 2020, a new survey shows.

The results of the survey indicate that more and more businesses are turning to digital records as a way to streamline record-keeping, with 38% of CFOs saying that improving the balance sheet accounting is the reason behind their digitization.

This trend is another sign that new normal for businesses and customers will look very different from the old usual, with the onset of the ongoing pandemic marking a major cultural shift.

CFO and Pandemic

New stats coming from a survey of 400 CFOs, conducted between August 16 and September 15 by payment software service Corcentric in conjunction with trade publication PYMNTS. These CFOs are no small fries. They all come from organizations that generate $400 million to $2 billion in annual revenue, operating in five industries – retail and commerce, finance & insurance, industry/manufacturing, healthcare and travel/transportation.

Now, 18 months after the pandemic, 85% of them say their business processes more card-enabled digital payments now than in the past.

“CFOs are investing in digitizing payments in large part because they believe doing so can improve the health of their balance sheets,” the survey stated. “Most CFOs believe that digitizing payments is integral to a healthy balance sheet, and 38% say they have accelerated digitization with their balance sheets. CFOs invest in payments digitization for other reasons as well. “

Other key reasons behind the push to digitize payments include improving efficiency and both attracting and retaining customers.

Virtual card payments are also increasing, while more than half of CFO contacts are sending and receiving fewer physical checks and cash payments.

We’re friendlier from afar

The pandemic has pushed us all into a distant world of virtual Zoom meetings and sweatpants, whether we like it or not. As a result, many businesses realize that their employees can actually thrive in a remote environment, and that could be the biggest cultural shift the business world will see from the impact of this pandemic. pandemic in general.

As a result, the importance of internet infrastructure is increasingly recognized. Just this month, Airbnb introduce the “WiFi Verified” feature, a speed test tool that verifies the accuracy of listed WiFi speeds – it’s a big boon for telecommuters who can need a reliable connection to conduct video meetings.

Digital payment records can be accessed online, making The evolution of remote work a natural fit for the growing interest in these types of payments.

Apply Digital Payments

Not all businesses can make $400 million to $2 billion in annual revenue, but for smaller operations, the shift to digital payments and the benefits of a balance sheet Accounting counters going with them is easier than ever.

Retailers or restaurants only need a Point of Sale system to track all digital payments while also recording cash payments digitally. All of POS system we reviewed also provides data tracking and analysis, allowing companies to generate P&L reports and collect other data with the click of a button. Here’s a table with a few options worth considering, with prices and features listed for easy comparison: 71% of CFOs have accelerated digital payment acceptance during the pandemic

Caroline Bleakley

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