Get paid on time, every time.(Related session at Credit Congress: Credit Card Processing (14072))(electronic funds transfer)

Smart money management is essential to the success of any business. Today, there are a myriad of services--often available from just one vendor, that can help you manage your company's receivables. Electronic Fund Transfers, Credit Card Acceptance, Online Bill Pay, Check Guarantee and Electronic Check Conversion are all transactions that can be usually be handled easily by a single service. Look for a vendor that will become your true business partner so you can do what you do best--and leave the financial transactions to them.

What Are Electronic Fund Transfers (or EFTs)?

EFTs process pre-authorized debits or credits from one bank account to another within a 48-hour period to handle your company's accounts receivable. This electronic computer-based process typically requires the use of special licensed software available from your vendor, and a modem. All transactions are governed by the Federal Reserve Banking System. Any business, regardless of size, can use EFTs to conduct a variety of financial transactions.

The benefits of EFTs are many. For receivables, benefits include prompt payment of your customer's bills each month and early notice of insufficient funds. You get your cash on time, every time. Thus, you could lower your costs for labor to prepare statements as well as postage and the cost of paper used to print statements. EFTs also reduce late payments and the need to send out reminder notices. EFTs can actually increase your customer retention. This is most likely to occur in businesses that bill the same amount on a month-to-month basis. Having the fee automatically deducted from your customer's checking account increases the retention of those who might otherwise let the service lapse. You can save thousands of dollars on billing and administrative costs, dramatically improve your cash flow and eliminate many of your collection hassles by using EFT services.

What Is A Credit Card Acceptance Program?

As popular as credit cards are already, their use is still growing: the exploding world of online commerce and the increasing use of credit cards in business-to-business transactions will continue to drive this expansion. If your company is successfully invoicing your customers, you may be put off by the small fee of accepting credit cards, which take a percentage of all your sales. However, avoiding potential loss from nonpayment can quickly make up for the expense. Plus, you will no longer have to spend staff time issuing late invoice notices or wait 30, 60 or even go days for invoices to be paid.

Accepting credit cards can increase sales by as much as 40 percent. Don't rose out on these sales! Accepting credit cards improves your bottom line and arrows funds to be transferred to your bank account in less than a week. This can be a welcome relief for businesses that experience a tight cash flow. Accepting ...