A long-standing cash flow dilemma is finding the right balance between getting fast receipt of customer payments and minimizing fees and discounts associated with collecting those payments as quickly as possible. Finding payment methods that fit the needs of your business and offering the options that are right for your customer base adds to the complexity of figuring out how to get paid fast without compromise to convenience or security.
Years ago, my clients loved payment by charge card; now, many trust and prefer third-party online payment providers. There seems to have been an inverse relationship between quickness and cost:: the faster the process, the higher the fee; the slower the process, the lower the fee. A check sent through the mail by your customer and its subsequent deposit in your bank account was generally cheap compared to alternatives.
Times have changed. Getting money faster may now be the least expensive approach.
Among the reasons for low-cost payment acceptance is the emergence of the e-check (ACH transaction). Eliminating some steps and quickening other processes for invoicing, payment acceptance, settlement, and funds deposit have also sped up collections and reduced administrative costs. Online invoicing and A/R management services can enable this approach.
There are many options, ranging from no cost for basic services to $100+ per month for premium services. Standard features typically include these capabilities:
Continues at: Taking Your Invoicing and Accounts Receivable Management Online : Money :: American Express OPEN Forum.
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