Signs it’s Time to Consider Electronic Payment Options AND Options to Consider
November 18, 2020
by Amy Donaghue, AAP, APRP, NCP, Director, Advisory Services – Risk & Third- Party Services, EPCOR
Is it time to consider electronic payments? If you’ve experienced any of the five warning signs below, it might be time for your company to make the move!
- You’ve turned clients away who didn’t have cash on hand.
- Donations or sales have plummeted during the pandemic.
- You’re running out of coins to make change.
- It’s getting harder to make runs to your financial institution.
- Your clients are asking for it!
The COVID-19 pandemic has challenged the way we live, including how we make and receive payments. Luckily for small businesses, there are more options than ever to send and receive money. Long gone are the days when accepting debit and credit cards were the most common (and often expensive) payment alternatives. And, your financial institution is the perfect partner to help you find the payment alternative(s) that best fits your company’s way of doing business and budget. Here are just a few payment alternatives financial institutions have reported helping companies like yours implement since the world changed drastically this spring:
ACH Credit Push/Pull: Did you know you can accept payments from your clients and pay your vendors electronically – without using a card or check? ACH stands for Automated Clearing House and the name says it all. By using simple account information, you can send and receive payments electronically without ever having to touch a physical form of payment. Additionally, your financial institution may offer the ability to process ACH payment activity the same day the receiver’s information is obtained. Everything happens behind the scenes without anyone having to go to their financial institution or your place of business. It’s also a great way to accept donations or payments online.
Remote Deposit Capture: If you can’t envision life without paper checks, then Remote Deposit Capture can at the least save you endless trips to your financial institution to make deposits. This handy check processing method is available in a variety of formats that can include hardware provided by your financial institution that reads information from the checks. Or, it may be as simple as taking photos with your phone! No more trying to sneak away before closing time to make a run to your financial institution.
Card Payments: If the cost or hassle of handling card payments has deterred you in the past, it may be time to look again. New technology and integration with payment apps now provide new ways to minimize some of the traditional risks.
If you are interested in exploring new payment options, please contact a Branch Manager listed below. We can take care of it!