By Mary Hughes
The Remittance Coalition has released the first volume of the Small Business Payments Toolkit, which is intended to encourage the adoption of electronic business-to-business payments and remittance information exchanges by small businesses. Many small businesses continue to over-rely on paper checks, which are labor-intensive, expensive and prone to fraud. The Remittance Coalition is a group of payments industry stakeholders (including Federal Reserve Banks) that works to increase the efficiency of business-to-business (B2B) payments made and reconciled by US businesses. The toolkit provides a host of useful information that can be leveraged by small businesses, SBDC consultants and trainers, financial institutions, vendors, and anyone interested in learning more about payments.
Here are the top five takeaways from the Small Business Payments Toolkit:
1. Adopting B2B electronic payments and remittance information exchanges may make life easier for small business owners
Although it may not currently be a top priority, small businesses that choose to enhance the efficiency of their payments processes can yield benefits in a number of ways: (more…)