Why you need to offer multiple payment options

Now days, It’s most customers are surprised when companies say they don't offer electronic payment options. In a world where you can pay a friend back for dinner using a credit card or ACH transfer, many customers will wonder why they can't do the same with your invoice.

While electronic payments come at a cost, they are far outweighed by the benefits. Offering the option credit card or ACH payment options reduces the need for lengthy payment terms, they eliminate the need to wait for a check in the mail, and then alleviate the hassle of cashing it.  Plus many solution providers (like Armatic) offers the ability to passthrough the cost of electronic payments to the customer.

Companies that offer longer payment terms statistically have more issues with late payments, which could potentially be problematic. If you have more time available to pay, one would think that squeezing it in before the deadline would be easier, but unfortunately, that's not always the case. If you don’t offer EFTs, you have to stick to the longer payment terms. Not having an EFT system is costing you money and time.