Commercial card growth expected in European, Asian markets

Commercial card payments are gaining traction with businesses around the world. As commercial card adoption continues to grow around the world, suppliers that do business overseas have more incentive than ever to automate their payment processing. European businesses, for example, have not traditionally embraced commercial cards with any sort of regularity. However, according to a new report from Research and Markets, EU companies are using these cards for more and more procurement-related transactions. Driven in large part by recent changes to the EU's interchange regulations, researchers predict this growth to continue through at least 2020. Similarly, a growing number of businesses in the Asia-Pacific market are turning to commercial cards to manage their spending, according to a separate Research and Markets study. "The diverse … more

3 things every freelancer needs to know about payment processing

As an independent worker, you don't have time to spend tracking down missing payments. As a freelancer, you're forced to wear a lot of hats - from business administrator to marketer and everything in between. Managing these aspects of your business can feel like a full-time job apart from the billable hours you actually spend helping your clients. Nowhere in this hectic schedule do you have time to chase down delinquent clients, yet independent workers spend as much as 36 hours tracking down every missing payment, according to Freelancers Union. "An electronic payment processing system can make it much easier to get paid."Having an easy-to-use electronic payment processing system can make it much easier to get paid, but that's not to say it's easy to find the right payment processor for your business. And who has spare time to spend … more

Small businesses see cash flow struggles as customers take longer to pay

Delayed payments can lead to cash flow woes. Just as consumers rely on their FICO score to prove their credit worthiness, the PAYDEX index from Dun & Bradstreet Credibility Corp. evaluates businesses' payment habits. In the first half of this year, the national PAYDEX index is down as much as 3 percent compared to the second half of 2015, The Associated Press reported, indicating that companies are failing to make payment on time. As a result, SMBs around the country are struggling with their cash flow. For example, the owner of one public relations firm in California says her payroll, rent and other expenses have been tougher to make due to slow payment schedules from longtime clients. "I've had clients who used to pay on time like clockwork all of a sudden being more than 30 or 45 days … more

Achieve level 3 card processing in 2 simple steps

Qualifying for Level 3 interchange rates can save businesses thousands on their bottom line. Businesses that accept card payments often celebrate them for their convenience and the boost in business it brings, but those benefits come at a cost - card providers charge interchange fees on every payment processed from their cards. While insignificant on any one purchase, these rates can end up eating into business's bottom lines on a larger scale, causing some to steer their clients away from paying with plastic. Luckily for B2B wholesalers, however, there is a way to significantly reduce interchange rates without abandoning card payments. Wholesalers can take advantage of low interchange rates on commercial card payments. Level 3 interchange rates are awarded to merchants who pass certain line item detail on to card companies when submitting qualifying sales for settlement. … more

Why your business should automate its accounts receivable process

Allowing companies to pay with commercial credit and debit cards could speed up cash flow. In the business-to-business community, there has been a lot of buzz about the benefits of bringing your accounts payable process online. From reducing errors and process inefficiencies to mitigating fraud risks, removing paper from the AP equation can be an important spark for businesses looking to improve their bottom line. Less talked about, however, is the value of automating your accounts receivable process. Embracing a digital AR strategy offers companies many of the same benefits they seek in their AP departments and more. To see just how big a difference an automated AR workflow could make for your company, consider the ways in which your existing manual processes could be holding you back:Orders may be lost or misplaced.Orders are susceptible to user-error.Slow invoicing … more

3 ways you - and your customers - can benefit from recurring payments

B2B companies that accept electronic payments can set up recurring payments for added convenience. As a B2B wholesaler, you strive to deliver the quality and service that will make your customers want to return. Since your ideal customer is a regular one, shouldn't you have a payment system that mirrors that relationship? Recurring payments give wholesalers the chance to completely automate collections for repeat orders, streamlining the payment process for both you and your most loyal customers.Oftentimes, however, B2B companies can be resistant to change, as they fear they might alienate customers who have always done business a certain way. Luckily, implementing a recurring payment system will not disrupt any of your existing business, but can help improve your relationship with new customers. Even still, some older accounts may in fact thank you for offering them a simpler … more

Payment processing for the "small" small business

New businesses need to accept payments in a way that helps them maintain their cash flow.

If you're self-employed or manage a company of just a few other people, you probably think of yourself as a small business owner, a member of the all-important SMB class. However, if you look closer you'll find that the government includes organizations far larger then yours in its definition of a "small business." In fact, the U.S. Small Business Association will typically include any non-industrial company with fewer than 100 employees as an SMB. Although you both fall under that umbrella, your independent consultancy or online store likely has little in common with a company of 90 people that makes a few million dollars in annual revenue. 

To answer for this discrepancy within the SMB class, Observer author Shir Magen defines a new category - the "extremely small … more

Paper checks stand out as leading source of payments fraud

Checks cost businesses more in fraud than any other payment method. As businesses look for the most secure way to pay, more and more are turning away from writing paper checks. According to a recent report by the Association for Finance Professionals and J.P. Morgan, paper checks cost businesses more in fraud than any other payment method. The survey found that in a year that saw a record 73 percent of companies targeted for fraud, 7 out of ten said the fraudsters set their sights on paper checks.At a time when the number of companies making B2B payments with checks is shrinking, these findings offer wholesalers yet another incentive to give their customers an alternative to paying with paper. According to the AFP report, three-quarters of organizations now use purchasing cards for procurement, up from 71 percent last year. As more companies begin … more

Why every company is a tech company - and what that means for payments

Digital payment solutions are essential to a tech-based future. No matter what industry your business serves, embracing technology could be the key to success. In a recent article titled "Every Company is a Technology Company," Fortune author Alan Murray described the rise of Henry Schein, a Fortune 500 dental wholesaler whose digital approach to business has opened its doors to impressive prosperity. "Compared with an Apple, Amazon, or Alphabet, the 84-year-old Long Island company is about as cool as a root canal," Murray wrote. "But Henry Schein has managed to place itself at the center of a technological revolution. It has turned its dull-as-mouthwash catalogue business into the leading platform for digital dentistry, and increasingly for other medical practices." According to Murray, the … more

3 reasons you should start accepting commercial cards today

Accepting commercial cards can improve suppliers' bottom line.

For suppliers who don't accept commercial card payments, the reasons for resistance might seem straightforward: Your customers don't seem to mind, and you get to avoid paying interchange fees. While it may appear simple on the surface, this "if it ain't broke don't fix it" mentality can end up costing wholesalers considerably. 

In fact, making the switch to accept commercial card payments can open new doors for B2B companies. Here are three reasons every wholesaler should start accepting purchasing cards today:

Faster payment cycles Unlike paper checks, card payments can deposit to a merchant account much sooner.  No longer forced to wait weeks or even months for invoices to paid and cash to hit their accounts, accounts receivable departments gain unprecedented flexibility. … more