Four Ways Commercial Payment Cards Benefit Suppliers
Enterprise, B2B, Product Education

dota2直播ios下载平台

December 23, 2020 Calculating time...

When it comes to payments, suppliers are looking for flexibility and options. Many businesses are stuck using payment solutions like cash, wire transfers or cheques, which have not kept up when it comes to efficiency.

Part of the reason for continuing to use these slow and often risky methods of payment is the misconceptions surrounding more modern payment solutions, including physical and virtual commercial payment cards that could actually help improve processes, improve working capital, reduced risk, and increase sales opportunities. Is your business missing out?

Receive payments faster

Traditional cheque payments can typically take up to 60 days. By comparison, commercial payment cards typically only take between one and three business days for approved payment. This speedier process improves cash flow for suppliers, capturing the time value of money and reducing days’ sales outstanding. This means the supplier has quicker access to liquid money for use in day-to-day operations.

Improve your process

One of the most significant benefits commercial payment cards provide to suppliers is the elimination of costly processes. Not only are resources saved by eliminating background checks for new customers, but processing errors are reduced, manual cheque reconciliation is no longer needed, and the mailing or delivery of cheques is no longer required. On top of all of that, the hassles and risks associated with accepting cash on delivery are taken out of the equation as well. The automation and reporting that comes with accepting commercial cards also helps improve the reconciliation of Accounts Receivable processes and streamlines collections.

Reduce your risk

Suppliers have a lot on their minds, but they have one less thing to think about when they accept commercial payment cards. Unlike cheques, which can take a long time to process and carry a large amount of uncertainty, commercial cards reduce the risk of non-payment or insufficient funds. Simply put, if the card goes through then the supplier is paid. Suppliers no longer need to extend credit to potentially risky accounts, which means they also reduce the risk associated with collections.

Increase your sales opportunity

Accepting commercial payment cards isn’t just a smart way to perform transactions, it can potentially lead to more revenue for a supplier’s business. With the option of higher credit limits, there’s a potential for a buyer’s purchasing volumes and frequency to increase while also increasing satisfaction and decreasing buyer churn from those who prefer to use a commercial card. The likelihood of vendor inclusion and selection in RFP processes also increases, as many RFPs require the use of a commercial card.


The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed. 
® MONERIS and MONERIS & Design are registered trade-marks of dota2直播手机版 Solutions Corporation.
™MONERIS B2B PAY is a trade-mark of dota2直播手机版 Solutions Corporation.

 

Article filed under:

Enterprise B2B Education

Share

Recommended Articles

dota2直播手机版 uses cookies and other technologies so that we and our partners can understand how you use our websites and to provide you with tailored ads across the Internet. To learn more or to manage your preferences, please visit our Privacy Notice . Before blocking third party cookies, note that some websites use third party cookies to remember your opt-out preferences and that you may need to enable third party cookies for your opt-outs to be captured.
体育电竞数据0.2.2 蜂鸟电竞比赛投注 炉石传说抽注赛表(炉石传说现场直播网址) 英雄联盟竞猜观看投注 电竞体育(湖北)今日新版v7.7 竞博电竞(合肥)下注决赛平台