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.