In the digital age, businesses are increasingly moving away from traditional payment methods such as checks and cash, and adopting electronic payment methods for B2B transactions. Electronic payments offer numerous advantages over traditional payment methods, making them an ideal choice for businesses looking to streamline their payment processes and improve cash flow. What are the benefits of electronic payments for B2B transactions? Faster payment processing Electronic payments are processed much faster than traditional payment methods. With electronic payments, the payment is transferred directly from the payer's bank account to the payee's account, eliminating the need for physical checks or cash. This significantly reduces payment processing time, allowing businesses to receive payments faster and improve cash flow. Increased convenience Electronic payments offer increased convenience for both the payer and the payee. With electronic payments, businesses can make and recei
There are many different kinds of fees that go into credit card processing that the merchant may have to pay. Knowing the different types of fees can save you money. Discount rates The discount rate is the fee the merchant pays per transaction. There are different rates depending on the type of transaction. Qualified rate The lowest rate. This usually requires that the cards be electronically swiped and the transaction settled within 24 hours. Also known as Swipe rate. Mid Qualified rate This is the percentage rate merchants are charged whenever they accept credit cards that do not qualify for the lowest rate. Here are some reasons why this can happen. non-swipe transaction non-swiped credit card transaction foreign car, business card or rewards card batch not done in a timely manner (24-48 hours) Mid qualify is also known as a partially qualified rate. Non Qualified rate This rate will be the highest charged. Here are some reasons a transaction would fall into the non qualified rate.