With the current pandemic, it has become increasingly difficult to move forward with business-to-business transactions. While the admin and accounting staff of companies have started to work from home, the simple task of depositing a vendor check can be quite challenging.
One of the common obstacles encountered these days are the limited hours of operations of various financial institutions. Nowadays, with the pandemic still continuing to hamper business, you may find that even though a particular branch is near and open, it may still be difficult to effectively transact business.
Below is an example of the process when one business has to pay another business....not the most efficient, wouldn't you agree?
Step 1
Merchant receives Invoice
Step 2
Delivered to Accounting Department
Step 3
Check Created and Signed
Step 3
Sent to Mailroom to be mailed to Payee
Pre COVID, this process was normally completed in one office.
Now, during the pandemic, different teams are working from home, making it difficult to coordinate and work in a timely manner to get the check issued and out the door! Let's face it, cashflow is top priority in any business
To help resolve this issue, we need to move from the B2B model to A2A Solution!
A2A (Account to account) Solutions
A2A Solutions provides a frictionless process for the funds to be transferred from one account to another account.
A good example of A2A is ACH (automated clearing house). Think of a business that is using A2A solutions, such as ACH.
- The owner of the business will issue an invoice.
- Once the invoice is received and verified, the invoice amount will be debited from the bank account.
ACH is an easy-to-setup solution and is made available to all businesses. Whether you own a start-up company, a growing business, or a big firm, ACH is a good option for you. In fact, even a small business can establish an ACH account within two (2) business days.
Keep in mind that there are also other solutions that are available to businesses. Both MasterCard and Visa provide these solutions to enable the A2A solution.
In the future, we will discuss how all products like MasterCard Send and Visa Direct have enabled billions of real-time transactions that ultimately help businesses to have access to cash flow immediately.
Not accepting ACH? You need to!
If you have been putting off accepting digital payments....the time to do it is now. Start the process and start accepting both ACH and credit cards in as little as 48 hours....it's SIMPLE