Every business needs to make and receive payments in order to operate. A child’s lemonade stand on a neighborhood street corner may only need a shoe box and a few dollars in change to be open for business. Most companies, however, need far more sophisticated tools to manage payments effectively, for sales and purchases alike.
In today’s economy, customers (both consumer and B2B) expect the businesses they purchase from to accept a method of payment that’s convenient for them. These methods can include credit cards, debit cards, online, mobile, electronic checks, and more. While necessary to bring in revenue, these systems create costs for merchants. In addition to the investment in technology and systems, these forms of payment carry transactional and fixed fees that may be as high as 5 percent per transaction.