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Are You Set Up for ePayments?

One of the best ways to move money from one place to another in your business is with the help of epayments. With the right implementation, it’s possible for you to quickly and easily pay your contractors and vendors, without the hassle of paper checks.

ePayments provide you with a way to quickly send and receive money. Not only can it streamline your business, but your contractors are likely to thank you — and you can even use epayments in your business-to-business vendor interactions.

What are ePayments?

Essentially, epayments consist of payment that you manage electronically. This can mean automated payments using your company credit card. It can even refer to transactions that allow you to send and receive money using a smartphone app. The idea is that it’s possible to bypass third-party providers like PayPal, although if you are interested in sending money electronically PayPal can be a great help.

Banks and technology companies have been building an epayments system that allows you to send money directly to contractors or vendors without others intervening.

However, just sending money electronically can be a big help to your vendors and contractors. Many prefer not to receive checks since it requires an extra step to deposit the money. Electronic payment, deposited directly into an account, or at least sent via PayPal, can reduce some of that hassle.

Setting Up for ePayments

Technology makes it easier than ever to set your business up to send and receive epayments. In fact, the future of the payments industry is likely to focus around mobile payment that makes it easier to send and receive money on a smartphone. However, there are plenty of other direct electronic payment platforms, including Venmo, Square, and various digital wallets. Even PayPal offers a digital wallet that makes it easy to manage epayments.

You can save money with some payment platforms. A good example is Due, which allows you to send money online business to business, or even person to person, without charging fees. This means that you can save money over other payment platforms that take a cut of your epayments. And, of course, you save money because you don’t have to buy as many checks and hassle with those items.

An epayments setup that is compatible with your invoicing and payments program, as well as your accounting program, can also be a big help. Many platforms can interface with your existing apps and business software. This is important because it can take another layer of human error out of the equation. Plus, it’s easier to manage and see where you are at in the payment process when you make use of these extra tools and integration.

There’s no reason to keep cutting checks to vendors and contractors. It creates uncertainty as others wait for the money to arrive, and it can add extra costs to your business. Consider epayments. The changing landscape makes it easy for any business to take advantage of them, and it may even save you money.

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I’m Miranda and I’m a freelance financial journalist and money expert. My specialties are investing, small business/entrepreneurship and personal finance. The journey to business success and financial freedom is best undertaken with fellow travelers.

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