Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.
Why You Need an Accounts Receivable Process Flowchart
Feb 28, 2024 by Zazil Martinez
Consider creating a flowchart if you're looking for ways to improve your accounts receivable process. An accounts receivable flowchart visually represents the collection process, highlighting areas of inefficiency and opportunities for automation. Accounts receivable flowcharts are excellent for helping accounts receivable departments to visualize their processes. They often help pinpoint which areas are ripe for automation or improvement. Not only can they effectively keep your team on the same page and train new employees, but they can also help you see areas of inefficiency.
How to Find the Best AR Automation Software for Your Business
Feb 23, 2024 by Zazil Martinez
Finance professionals always search for ways to enhance efficiency and streamline financial operations. One powerful solution to address these challenges is finding the best AR automation software. But what exactly does this mean for CFOs and finance teams? Imagine that tedious tasks of manual invoicing, chasing payments, and reconciling accounts are in the past. The best AR automation software offers a solution that automates and optimizes accounts receivable management. This lets finance professionals focus on strategic initiatives rather than mundane administrative tasks. But with so many available options, choosing the best AR automation software can be daunting. Here's a comprehensive guide on what to look for to select the best one for your business.
Top Challenges Accounts Receivable Teams Face and How to Solve Them
Feb 20, 2024 by Zazil Martinez
In today's fast-paced digital marketplace, accounts receivable (AR) teams face numerous challenges that impact a company's cash flow and growth. Even with an optimal rhythm, some remain significant. Common accounts receivable challenges include high DSO, ledger disorganization, poor communication, and inadequate policies. Streamlining processes, offering multiple payment options, going paperless, updating customer information, and automating AR can overcome these. A structured credit policy can help identify suitable customers. A weak accounts receivable management process can cause several other unintended consequences, including:
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Surcharging: A State-by-State Guide
Nov 27, 2023 by Zazil Martinez
Note: This article is for informational purposes only and does not constitute legal advice. Paystand offers several methods to help offset or eliminate transaction fees. Surcharging is not one of those methods. Can businesses surcharge customers for credit card payments to compensate for processing fees? The broad answer is "most of the time."
What is a Credit Card Hold? A Closer Look
Sep 6, 2023 by Zazil Martinez
Today, credit cards have become the preferred payment method for most Americans, thanks to their convenience and tracking capabilities. However, certain features of credit cards can have unintended adverse effects. One example of these effects is credit card holds.
Optimize Your Revenue with a Zero-Fee Payment Strategy
Sep 4, 2023 by Zazil Martinez
In 2022, U.S. businesses paid a staggering $160 billion in credit card processing and transaction fees. To boost revenue in 2023, accounts receivables professionals need to cut these costs. Discover how you can save money and optimize your accounts receivable strategy.
The Evolution of Corporate Card Rewards: What's Next?
Aug 4, 2023 by Daniel Escudero
Corporate credit cards have been a standard tool in the arsenal of businesses for decades. However, in recent years, the way companies use and choose their corporate cards has undergone a significant transformation.
Everything Your Business Needs to Know About Convenience Fees
Jul 25, 2023 by Zazil Martinez
We are at a time when money is digital. Cash payments are considered obsolete, and paying by credit card is the new normal. Yet, many businesses make an extra charge for this payment method.
Making the Switch: Why You Should Use Virtual Corporate Expense Cards
Jul 24, 2023 by Daniel Escudero
Managing corporate expenses effectively can be a daunting task, especially in a fast-paced world where businesses need to cope with rapid technological advancements. Accounting and finance teams have been relying on traditional credit cards to streamline the process of expense management, but it is time to move on to something better.
Why Enterprises Should use Virtual Cards for Managing Opex
Jul 20, 2023 by Daniel Escudero
In the aftermath of COVID-19, businesses have had to make significant adaptations to their financial and operational structures to thrive in the evolving business landscape.
How to Offset Credit Card Processing Fees for B2B Companies
Jul 18, 2023 by Kelsey Banerjee
Consumers widely use credit card payments. The processing fees associated with these transactions can significantly burden businesses. B2B organizations face higher costs due to credit risk, back-office expenses, and extended payment terms. Developing strategies tailored to this model can reduce costs and boost revenue.
The Future Beyond Credit Card Fees
Jun 22, 2023 by Zazil Martinez
Credit card processing fees can significantly impact profits in today's highly competitive markets. With struggling economy challenges and the need to attract skilled professionals, businesses are shrinking their profit margins. It's time to move beyond credit cards and explore alternative payment methods.
Benefits of Splitting and Passing Credit Card Fees
Jun 16, 2023 by Zazil Martinez
If you're a B2B company heavily reliant on credit card payments, you understand the impact of fees on your revenue. By passing on or splitting credit card fees with your customers, you can cover this cost while minimizing the impact on your bottom line.