4 Reasons to Accept Electronic B2B Payments
Is your company accepting electronic payments from other businesses yet? If not, here are four good reasons to get started and help you grow your business.
Reduces Your Risk
Accepting electronic payments allows you to grow your business faster as it minimizes the risk of fraud associated with cash sales to unknown purchasers. Reducing paper records also minimizes the risk of sensitive financial information (such as your customers’ credit card numbers) falling into the wrong hands
If you accept electronic payments from customers, whether credit card or some form of virtual payment, you will generally receive your money within two days. This is more efficient than waiting for your customer to receive an invoice, approve it, have the cheque cut, and then mail it out.
Your customers may also enjoy additional security when using a virtual payment product. A payment solution like American Express® vPayment, for instance, lets you assign a specific-use virtual account number to each transaction that can’t be reused for future transactions and verifies the charges against pre-authorized controls set by the customer.
Accepting electronic payments may improve processing and reconciliation times and free up your accounts receivable team to work on more strategic initiatives. Not to mention the added environmental benefit of reduced paper waste.
Helps Improve Your Business Cash Flow
Being able to predict when your customers will pay you is important. It allows you to better forecast when you’ll have money available to make purchases for inventory, pay staff, or make a big investment to grow your business. Accepting electronic payments can go a long way in having this laser focus on how, and when, cash is flowing in and out of the company, since you may be able to predict when a payment is being made and money is deposited into your account.
Want to learn more about electronic payment solutions that allow for better efficiency and security while processing payments? Contact our dedicated RevolutionHER™ American Express Representative today!
Account Manager / Directeur de Comptes
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