Project Description

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As a supplier, your business relies on strong customer relationships and solid cash flow. Accepting credit cards can help you improve both. In fact, here are five good reasons why it’s smart to let your buyers pay your invoices by card.

First, accepting Visa and MasterCard payments is good for business. It gives you a marketable advantage that matters to your B2B buyers.

By 2019, North American companies will pay $110 billion in invoices with credit cards.

That’s a big total, but the average B2B invoice payment is just under $5,000.

The majority of buyers now actively look for suppliers who are willing to accept cards.

And for the first time, suppliers who don’t take cards are in the minority.

That means over time, a no-card policy could put your hard-earned sales at risk.

Accepting credit cards means you get paid faster than with checks.

That’s because card payment is immediate and electronic.

There’s no mail float, no time wasted with trips to the bank, and no risk of a bounced check.

Many buyers even offer preferred payment terms to suppliers who accept cards.

Imagine the impact on your business if your buyers paid their invoices two or even three weeks faster.

Processing a card payment is easy.

You set up a merchant account with your bank, then notify your buyers that you’re ready for card payments.

When you submit an invoice, your customer will send you payment instructions in a secure email.

It will include remittance details so you can post and reconcile your payment.

You can process your payment immediately, right from your office.

It will deposit automatically to your merchant account, usually within 24 to 48 hours.

Electronic card payments are very secure.

Every transaction uses a unique, virtual account number that’s valid for only one payment, and only for the exact dollar amount of your invoice.

You never receive your customer’s actual account number, and there’s no financial data for you to store or protect.

Cards are far less susceptible to fraud, compared to checks or wires.

Finally, card payments cost less to process than you might think.

You can reduce or eliminate many costs associated with checks.

Working with the right merchant provider will help make sure your rates match your business needs.

Visa and MasterCard have several programs just for business-to-business transactions.
While you will still pay a small fee to process each card payment, your benefits should easily offset these small charges.

Now is the time to begin accepting B2B card payments. Card payments are fast, secure, and good for your business.

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