Payments 101: Electronic Payments
Despite technical advancements and the availability of a multitude of electronic payment methods, US businesses still make most, if not all of their payments by paper check. The reasons for the persistence of check based payments are well understood: vendors ubiquitously accept checks, checks are easy to produce, and checks include essential information accompanying every business payment – the remittance detail.
However, an increasing number of businesses are seeking ways to pay vendors electronically, and benefit from their advantages: They are less expensive, can be precisely timed to manage outgoing cash flow, and have a relatively low risk of fraud. While there is a lot of buzz around the different forms of electronic payments, it is often unclear how businesses can take advantage of those options.
This topic paper examines the electronic payment methods available, the advantages each payment type can bring to your business, and questions to ask when considering which are best.
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