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Bryan de Lottinville (@bdelottinville) shares how reducing operational costs for charities means accepting donations via ePayment instead of by check or cash. This allows charities to streamline donation acceptance and cut down on manual processing costs that eat away at the impact of charitable giving. The Huffington Post states: “Last year, more than 95 percent of the $380 billion that went to North American charities was paid to the charities by cash or check. Can you imagine what that costs to process?" When it comes to easy ways of reducing operational costs, nonprofits truly have everything to gain.
“Cash flow is king," or so says Rick Stadel, managing director at ProfitStars, an electronic payments provider for financial services organizations. Their software solution, RemitPlus Express, is an automated remittance solution that includes, scanning, depositing, and digital exporting features. The goal is as Stadel describes: “More expedient and reliable information on the accounts receivable side allows the merchant to maintain a close eye on their supply chain and funding needs." Shorter reconciliation times, better visibility, and less manual processing leverages better cash flow for businesses who use these solutions.
Those with startup aspirations can tune into the advice of Kasey Kaplan (@KaseyKaplan). The co-founder of UrbanFT, a fintech company, shares his 'do's' and 'don'ts' learned in the world of retail banking. Kaplan emphasizes the importance of anticipating customer needs beyond traditional offerings and keeping the technology team close and informed throughout early design iterations. Among the most valuable tips Kaplan divulged was the need to explain disruptive new technologies in the simplest way possible. He said: “Attending trade shows and exhibits is a great way to test your marketing message with key people in the industry. This exercise will also point to any weaknesses in your messaging so you can figure out what needs to be improved."
For accounts payable departments, the age-old “check's in the mail" excuse to vendors who haven't received payment yet, is on its way out. In a new whitepaper, MineralTree describes the “AP anxiety" associated with receiving paper checks, reconciling them against invoices, purchase orders, and triple-checking to ensure that buyer discounts have been correctly applied. The report shows how companies who embrace an “If it's not broken, don't fix it" philosophy toward automation undermine “the mantras of progressive businesses".
The Securities and Exchange Commission Chair Mary Jo White shares which technology the SEC believes is poised to transform the securities industry. The short list includes robo-advisors offering investment advice, blockchain, as well as online lending and crowdfunding platforms. While the general sentiment toward fintech innovation in the U.S. is promising, restrictions are more stringent than for European fintechs. Helping fintech grow is the hopeful outcome of the SEC's efforts to support these budding technologies.
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