Become an expert at comparing the total costs of payment acceptance across channels (ACH, Card & Check) and balancing those costs against the value of faster cash flow.
In this explainer video, Billtrust Vice President of Integrated Payments, Justin Main will discuss how considering the size of your buyers will give you valuable information about how they want to pay.
SMALL BUSINESS: Small business buyers often have a single-person AP team and value simplicity in their payments. They may be irregular buyers and may not see the benefits of maintaining payment portal credentials with you. They will prefer to pay via check or a called in credit card.
MID-MARKET: Mid-market buyers generally have an AP team of 1 - 4 people and an ERP. They value dependability and are sensitive to cost. They are typically willing to use your billing and payments portal.
ENTERPRISE: Enterprise-sized companies have big AP teams with many automated solutions. They value consistency above all else. They will often require you to invoice into their AP portals. Your payment policies and processes should reflect the way your customers want to do business. When you meet your customers payment preferences, you can often find ways to get paid faster which reduces term. The AR savings of shorter term and greater cash flow can offset the costs of credit card acceptance.