With the Major League Baseball season kicking off this month, it's safe to say teams are experiencing a number of "firsts" for the year. While players and fans might be concerned with their teams' first wins, strikeouts or home runs, back office managers are worried about first road trips, paychecks and sponsor agreements.
As they begin paying for these and countless other items and services this season, more franchises than ever are using electronic payment methods to do so.
The Texas Rangers are among the latest teams to make the switch, embracing electronic payments across their accounts payable operations, reports PYMNTS. According to Kellie Fischer, the franchise's Chief Financial Officer, going electronic has enabled the organization to pay its vendors in as little as two weeks. This represents a massive step forward in shoring up relationships crucial to professional sports teams' payments and finance strategies, Fischer said.
That this innovation is taking place in the notoriously slow-to-change world of professional baseball is yet another indication of the inevitability of B2B payments' eventual transition to be completely electronic.
"Accepting electronic payments gives companies a significant head start over slower competition."
Rather than alarm companies, this should inspire them. Those who are able to accept electronic payments now will have a significant head start over their slower competition when it comes to acquiring customers looking to exercise their new electronic procurement power. However, rushing to be an early adopter without fully understanding the payments landscape can actually leave companies worse off.
For example, while it is important to be able to accept your customers' card payments, it is integral that you do so only with a payment processor built specifically to handle B2B transactions. Otherwise, by using a payment gateway designed for B2C card payments, you could end up paying thousands of dollars in interchange rates you could have easily avoided. Using a B2B payment solution outfitted with Level 3 processing technology can ensure every corporate card purchase qualifies for the lowest possible interchange rates.
For more information on how to reduce your business's processing fees, or to discover business solution providers that support Level 3 processing, contact Vantage today.