3 reasons to make the move to paperless payments

Now that most financial transactions have moved to digital platforms, paperless payments have become the preferred method for businesses and consumers alike. Adoption of convenient, contactless digital payment options continues to increase, fueled by several factors including consumers’ desire to quickly, easily and securely make payments, and business’ need to improve the efficiency of back-office payment processing.

As the number of online payment options increases, facilities like yours can now offer residents convenient, paperless options that not only elevate the resident payment experience, but also streamline payment acceptance and automate back-office operations.

Paperless payments offer many benefits to your business and your residents. We’ll explore three of the most compelling reasons you should consider implementing a paperless payment solution.

1. Resident convenience
   57% of residents say they choose paperless payments because of the convenience.¹

Residents are embracing online and mobile technology. Between 2022 and 2023, interest in receiving text message billing notifications increased from 45% to 59%.² Online, self-service payment options make it easy for senior living and long-term care residents—or their family members—to easily and conveniently make payments. Users are able to see, select and pay open statements, and they can also save payment methods for future use, set up automatic payments, and view payment history. What’s more, new online payment solutions feature fully responsive designs so users can access their secure payment portal from any device.

2. Consolidated view of all incoming payments
   Cash flow improves by one to  days when processing paperless payments.³

Online payment solutions give your organization clear visibility into the entire payment life cycle, from payment acceptance through posting and reconciliation. A single user interface allows your team to manage all incoming payment information and resident account data. This helps accelerate back-office review and reconciliation operations. In fact, organizations often receive funds from credit card payments in average of one to three days.³

Online payment solutions also help eliminate how often employees need to manually review a payment. Paperless options help ensure payments are accurately matched to open statement and resident data, which in turn leads to streamlined workflows.

3. Automated cash applications to back-office systems
   Paperless systems lead to 57% lower operating costs to process payments.¹

Automated cash application streamlines reconciliation by automatically transmitting incoming payment information to your back-office system. Using an online payment portal that seamlessly integrates with your systems lets you automate cash application of customer account data, enabling more convenient management of the entire payment life cycle.

The benefits of having a seamlessly integrated digital payment solution are clear: enhanced convenience and security for residents; clear visibility into all incoming payments; and streamlined back-office reconciliation processes.

As more businesses and consumers adopt paperless payment methods, now is the time to explore the technology that will allow you to offer your residents and your staff the tools they want and need. By offering convenient, secure, self-service digital payment options, you can elevate the customer experience your organization offers while also improving efficiency and gaining a competitive edge.

Learn about MatrixCare’s digital payment solutions for senior living and long-term care facilities.

1. 1. Visa Research SMB, “The Valuable Opportunities of Card Acceptance,” 2021
   2. 2023 Trends in Patient Payment Communications, Salucro Healthcare Solutions, 2023
   3. VISA/SHN white paper: Benefits of Paperless Payments in Senior Living