Accepting credit cards? 4 ways to keep fees low, collections high
A majority of businesses are now accepting credit card payments from companies — but how often?
According to a recent poll from the National Association of Credit Management (NACM), 81% of b-to-b companies say they now accept credit card payments.
However, those stats don’t tell the full story.
Reason: While eight out 10 companies take credit cards, most are very selective about just when they choose to do so.
Here are four key conditions that businesses in the NACM survey rely on to keep fees low (interchange fees, etc.) and collections high — when it comes to accepting credit card payments:
- Only up to a certain dollar amount and within a certain number of days after invoicing
- Only on deposits or COD
- Only for balances up to $1,000, and
- Only in emergency situations (i.e., extremely past due balance where the lien rights have expired or there are no lien rights).
Readers, does your company accept credit card payments from customers?
- Share on
Free Training & Resources
Further Reading
Failed B2B payments can be disruptive in areas beyond cash flow. For instance, if your bank has to repeatedly put in extra work to process ...
How did a diversity, equity and inclusion (DEI) program manager defraud Facebook and Nike of more than $5 million? With the help of crooked...
Among all the important tasks CFOs and collectors juggle every day is trying to reconcile accounts due. There may be more pressure this yea...
The 2022 End-of-Year Sales Tax Rates and Rules report by tax technology solutions provider Vertex Inc. has both good news and bad news for ...
Corporate bankruptcy rates are at Great Recession levels last seen in 2009-10. The worse news? The year’s only a little more than hal...
Sales and use tax shouldn’t just be the responsibility of your A/P and A/R departments. Although they’re the ones who are ...
