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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The State of Credit Card Fees 2023
Jun 13, 2023 by Kelsey Banerjee
Merchants are paying more than ever in credit card fees. By the end of 2022, businesses spent $160.70 billion in processing fees. This amounts to 20.2% more than what they paid in 2021.
How to Save Money on B2B Credit Card Processing Fees
Jun 2, 2023 by Brandon Jones
High credit card processing fees can significantly impact the profitability of B2B businesses, cutting into profit margins and harming competitiveness. However, effective and budget-friendly payment options can keep processing times short without triggering excessive fees.
Pros and Cons of Accepting Credit Cards for Your Business
Apr 3, 2023 by Brandon Jones
In today's fast-paced digital economy, businesses must adopt new technologies to stay competitive. Credit cards offer many advantages to businesses, but they also have disadvantages. What should companies consider to accept or decline credit card payments?
Myths & Facts About Credit Cards
Jan 24, 2023 by Sage Thee
For better or worse, we’ve accepted credit cards as a business necessity. But how much do we really know about them and their complicated processes and fees? Are there better options out there for B2B payments than credit cards?
Demystifying Interchange Fees
Aug 3, 2021 by Mark Fisher
Interchange fees are inherently tied to the legacy payment system. In fact, if you're a business owner, there is a 100% chance that at some point you've been paid with a credit card, and – you guessed it – that means you've also been subjected to pay a transaction fee for the process of accepting that payment from your customer. While most merchants accept interchange fees without batting an eye, the truth is that very few businesses truly understand what interchange rates are or how they work. As a result, that means most of them are missing out on critical information that can help boost their company's margins, ROI, and revenue in the long run.
How Visa Interchange Rates Are Changing in 2020 and What That Means for Merchants
Sep 8, 2020 by Daniella Bourguetts
Earlier this year, Visa announced the biggest change to its interchange rates in 10 years. Under the new restructuring, credit card processing fees are either going up or down depending on your company's merchant category and how your customers swipe their card. This could have a huge impact on any business that has been hit hard by the pandemic.
“Going Digital” Means More Than Just Accepting Credit Cards
Nov 29, 2018 by Mark Fisher
What does accepting credit card payments really mean for your business? To some companies, credit card payments translate to expansion into new markets. To others, credit card processing signals unaffordable transaction fees or more complex technical integrations. Fill in the blank with your own answer. But the one thing credit cards definitely don’t mean: that the business has joined the digital era just by virtue of accepting them as a method of payment.
How the Interchange Fee Affects Business Revenues
Aug 15, 2017 by Kenzie Earle
What is the Interchange Fee? An interchange fee is a varied cost that is tied to each credit card transaction. To the consumer, this charge is usually invisible (unless the fee is surcharged). Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank"); and for cash transactions the interchange fee is paid from the issuer to acquirer, often called reverse interchange. To the merchant, this is a constant thorn in the side of their ROI. Merchants are constantly seeking the lowest interchange fee. At the same time, the technology associated with interchange has transformed rapidly over the years. Merchants should be aware of this change and how it affects the interchange fee… Currently, an interchange fee includes an upfront charge ranging from $0.30 to a few dollars and then a percentage of the transaction, often between 2% and 4%. The vast majority of this money goes to the bank where your account is held or the credit card issuer. The remaining 10% to 20% of the fee goes to the credit card company with the logo on the card. Currently about $40+ billion per year is spent on interchange fees by merchants and consumers in this transaction. It facilitates over $2 trillion in annual spending.