The payments process is one of the most vital functions of your day-to-day business operations, having a direct link to your cash flow activity. Which is why an occasional review of the process to ensure payments are being made and received as efficiently as possible is always a prudent step.
It’s also a good idea to consider other options that could potentially save you time and money. When you look around at how other businesses do things, you’ll quickly recognize there are a number of differences that exist in the way bills are paid.
This is particularly true when comparing how consumers and businesses make payments. For example, although ePayments – which are electronic payments made over the Internet – are now used widely by consumers, the options available for businesses to take advantage of this technology have been, until recently, quite limited.
It’s no surprise then that the transaction a consumer makes with a business is much different than the transaction one business makes with another.
As a business owner, those differences are important. Your payments process costs you time and money. You try to make it as simple and convenient as possible for your customer to pay you. Why isn’t that convenience available when you pay your own bills?
The good news is that, although B2B payments are considerably more complicated than consumer transactions, you are now able simplify that process.
Before discussing how, let’s first look at a few of the differences between consumer and B2B payments.
- Single/Many: Consumers pay one bill at a time; Businesses pay multiple invoices at once.
- Amount paid: Consumers usually pay in full; Businesses often make partial payments, deducting from the invoice when ordering, shipping, pricing or other issues arise.
- Remittance: Consumers don’t need to explain what they are paying for; Businesses provide an explanation with the check to tell the seller what the funds are for.
The variety and complexity of business payments has so far made it difficult for businesses to take full advantage of the benefits that ePayments routinely offer consumers. While many options for ePayments have now emerged, none of them offered a complete solution for business.
But that’s changing.
There’s a new option on the market–Deluxe® eChecks powered by VerifyValidTM–which offers businesses a quick, convenient and secure way to make payments. It allows remittance information to be included and doesn’t require a merchant account, additional software or investments in new technology.
Deluxe eChecks allows businesses to make payments from anywhere, at any time, offering more control and serving as a great first step into the world of ePayments. Ultimately, it’s a tool that will help your business operate more easily and efficiently, just like the consumer-payment world.
To learn more about ePayments and how they could benefit your business, don’t miss tomorrow’s webinar, ‘eChecks: The New Way to Pay Your Business Bills‘ at 1pm Eastern.
See you there!