By Mary Hughes
Senior Payments Consultant, Federal Reserve Bank of Minneapolis
The Business Payments Coalition recently released the third version of its Small Business Payments Toolkit. The Toolkit provides education about payments and encourages the adoption of electronic business-to-business (B2B) payments by small businesses.
Visit this link to download this free resource:
https://fedpaymentsimprovement.org/wp-content/uploads/small-business-toolkit.pdf
Breaking Up (with Checks) is Hard to Do!
Checks are the main way many small businesses make B2B payments. Checks are popular because you don’t need to know the account information of the person or business you want to pay. However, the Toolkit points out that small businesses should try to reduce their reliance on checks because they are expensive, labor-intensive and expose a small business to fraud. (more…)