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According to best practices research by SunTrust, accelerating and streamlining your order-to-receipt process can have a big impact on your cash flow. Every business can improve its profits and cash flow by adapting to changing client behavior and leveraging a new generation of business banking technologies.
Almost one half of all payments were made electronically using cards and electronic payments last year according to the Federal Reserve. And over 30% of business owners surveyed by SunTrust added the choice of electronic or card payment in order to accelerate cash flow and expand revenues.
Here are four steps you can take to accelerate your receivables:
- Offer customers the option to pay by cards over the phone, on the web or in person
- Bill and collect electronically using e-check features in your online banking solution
- Get help depositing old fashioned “paper” payments by taking advantage of online check deposit of checks and lock boxes for cash.
- Consolidate all of your cash into an integrated business account so you can check balances online, any time.
To learn more about how you can take these steps today, read the best practices paper entitled "Automate Your Collections Processes." |
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