Accounts Payable Professionals: Beyond Checks, EFT/ACH, & Wires

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Automation Watch · Controls & Risk · The Close · Vendor Calls · Career Desk

Monday, August 4, 2014

Beyond Checks, EFT/ACH, & Wires

What am I talking about? An alternative payment method. Electronic payment through the VISA (or other credit card) Network.

Who can set this up?: I know of Commerce Bank and PNC, although there may be more.

Here are a few points:

* Vendor pays a 2% cost for accepting payment
* and 1% gets paid to your company monthly.
* Payment program can be done separate from other Automation products
* Some companies start with the payment by card only can bring in revenue to pay for further solutions.