B2B businesses challenged with receiving payments on time need to adopt new ways for payment acceptance.
Picture this. You are sitting in your office sorting through mail, looking for incoming payments. You hope that there are at least a few checks in those envelopes to keep your business cash flow positive. However, you only find junk mail or non-payment correspondence. The next day, you go to the mailbox and look again. And this continues, day after day.
The slow adoption by B2B businesses of additional payment acceptance methods and lack of automation in the accounts receivable process is causing negative impacts on cash flow – impacting inventory, employee payroll, loan payments and more – resulting in highly manual work.
As a business owner in today’s changing world, impacted by a global COVID pandemic, new ways to do business must be implemented. The status quo is no longer acceptable or competitive.
Here are a few suggestions for B2B businesses payment solutions that will positively impact cash flow, resulting in a healthier bottom line.
There is no better time than now to reevaluate all business processes, including B2B customer payments. As a business owner, you’ll thank yourself when you have payments rolling in and additional time to focus on other, more important business initiatives.
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