For the pharmaceutical industry, innovation extends far beyond the laboratory. While research and development steal the spotlight with continuous technological transformation, day-to-day operations are still conducted via outdated, slow, traditional methods. From paying global suppliers for essential raw materials to settling large invoices with distributors, many pharmaceutical firms still use manual methods. Sending electronic checks for settling your payments is one way you can enhance your financial operations.
Before looking at how eChecks can help pharmaceutical firms, let’s understand the common difficulties faced by these firms when using traditional methods.
- Manual payment methods can take a lot of time to get settled. This delay in payment can disrupt the supply chain and can negatively impact the business.
- A pharmaceutical firm may have to make large volumes of high-value transactions routinely. Waiting for ordered checks to get delivered and then sending them on your own is expensive and time-consuming.
- Traditional methods like money orders usually need to be bought in person, which can be time-consuming and inconvenient.
- Most traditional payment methods are uncertain. That is, you may not have a clear idea of when your payments will get delivered. This can lead to strained relationships with vendors and suppliers.
- Resolving disputes over payments made via manual methods can be slow and cumbersome, as only limited tracking is available.
The best solution that you could find to overcome these challenges is Zil Money. The cloud-based platform offers multiple payment options with which a pharmaceutical firm can easily solve all the obstacles they face while making payments. One among them is eChecks.
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What Are eChecks?
Electronic checks, or simply eChecks, imitate the fundamental characteristics of traditional paper checks but operate in the digital realm. Basically, they are the digital counterparts of paper checks. The Check 21 Act has played an important role in the emergence and adoption of eChecks.The act allows the electronic processing of checks by creating digital images of paper checks. This digitalization led to the development of eCheck systems, which are created and processed entirely online.
Why A Pharmaceutical Firm Should Use eChecks?
- eChecks from Zil Money allow for near-instantaneous payments. That is, a pharmaceutical firm can reduce the time that traditional methods usually take to process. This speed ensures that suppliers and vendors are paid on time, helping to maintain a healthy relationship with them.
- Compared to other payment methods, eChecks are usually cost-effective. This is particularly beneficial for an industry that has to deal with high-volume transactions routinely.
- eChecks often use encryption and digital signatures that make it harder for any fraudster to copy your sensitive financial information. Moreover, the cloud-based platform sends your eChecks as one-time printable PDFs. This added security helps pharmaceutical firms to handle large sums of money without any tension.
- eChecks from Zil Money allow for real-time tracking of payments, letting pharmaceutical companies manage cash flow more efficiently.
- The cloud-based platform can be integrated with your accounting software, which allows you to easily import data. That is, making eCheck payments with the platform allows you to eliminate manual data entry.
- You can create and process eChecks with Zil Money at any time and from anywhere. This convenience is particularly beneficial for firms working across multiple time zones or with varying supplier schedules.
How To Make eCheck Payments?
To easily make eCheck payments, kindly follow the steps given below.
- Click on the Payments button on the side panel.
- Select the Check you wish to email.
- Tap on the Send button.
- Select Email from the dropdown.
- You can enable the check box to send an SMS to your payee about the arrival of the check.
- Options to add Attachments are also available.
- You also have the choice to send multiple eCheck to a single email address.
- Now, you can send the Email.
Your One-Stop Solution
As mentioned earlier, Zil Money offers multiple other payment options in addition to eChecks. Printable checks, ACH, wire, credit cards, and virtual cards are the most prominent among them.
- With Zil Money, you can print checks instantly. That is, for paying vendors who only accept physical checks, you no longer have to wait for ordered checks to get delivered. You can print checks on blank stock papers on your own. Printing checks on blank stock papers helps you save 80% of check printing costs compared to ordering pre-printed checks.
- Making ACH payments is easy and affordable if you have a subscription to the cloud-based platform. The platform is an official member of NACHA, which is the regulating body that controls the ACH network via which ACH transactions are processed.
- Wire transfer is another efficient payment option available on the platform. You can make international as well as domestic wire transfers with Zil Money. One benefit of wire transfers is that it offers high transaction limits.
- You can make credit card payments with no transaction fees for the payee if the payment is processed using the cloud-based platform. The platform accepts your credit card payment and sends the amount to your payee via the method chosen by you. This way, you can have your credit card rewards without worrying about the interchange fees your payee has to pay.
- Virtual cards can be easily generated and sent using the cloud-based platform. For this, all you have to do is take a subscription to Zil Money and fill your wallet. Once the wallet is empty, you can easily recharge it and continue making payments.
Conclusion
A pharmaceutical firm can greatly benefit from the eCheck feature offered by Zil Money. Sending electronic checks helps the firm to make payments quicky, safely, and effectively. The other payment options on the platform can also help the firm to increase its profitability.
