Setting up an ACH requires a savings or checking account, routing number, and bank account number. An ACH direct deposit can not happen until this data is shared with the payer. The account information of the payee is always required to set up a direct deposit. Otherwise, how will a business know where to pay you?
The digital payments process needs to be secured with technical safeguards as much as possible. For example, businesses that rely on digital payment processing should only use secure networks to send and receive funds. They should also track both incoming and outgoing transactions to verify all payments.
Is real-time processing or batch payment processing better for your business? There are two main areas that should guide your decision. The first is whether or not you’ll need to make adjustments to transactions after sales. As with any other business decision, you’ll also want to compare the associated costs.
When it comes to global supplier management, things can get complicated quickly. Every country has its own regulations and you need to know it all. Changes can happen by the day or even by the hour. The task of managing all supplier data can be quite cumbersome and oftentimes, even challenging. So what are the best ways to ensure these global suppliers are market-compliant and on track?
Get a better understanding of how all three payment solutions operate and you’ll be better equipped to make the right choice. Understand there are options beyond Stripe, PayPal, and Square but we reviewed these for a reason. They all serve very different functions but are top of the market. Selecting the right software will see you to success!
If you’re evaluating how to improve accounts payable turnover ratio and related AP turnover in days, consider these strategies and best practices. AP automation software is an essential tool for achieving optimal AP turnover days. These recommendations will help your business cut costs, see trends, take early payment discounts, meet suppliers’ needs, recognize financing needs, and better manage cash flow.
State-of-the-art, online automated AP software apps are often designed with a seamlessly integrated API (application programming interface) for cloud ERP accounting software systems. Flat-file integration works well to transfer batch files for payment processing using SFTP (secure file transfer protocol).