Payments

Extended Credit Terms Creates Opportunity for AP

IOFM is hearing that B2B customers are asking for, and often receiving, extended contract terms on new orders. Across several industries, typical Net 30 terms are being replaced with 60, 90 and even 120 day terms (some have reported requests as long as 200 days). It’s a way for a company with cash reserves, and/or... Read more »
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The U.K. Tackles Its Late Payment Culture

Small Business Depends on Timely Payments Beginning in April of 2017, the U.K. will require larger companies and limited liability partnerships (LLPs) to report average time-to-pay metrics for their smaller suppliers twice a year. This was mandated by Margot James, the U.K.’s new small business minister, in an effort to discourage the practice by some… Read more »

Introducing the Business Payments Coalition: Former Remittance Coalition Broadens its Mission

In recent years, payment industry stakeholders in the U.S. have been collaborating to improve payments efficiency. A quest is underway to achieve the worthy goals of originating and receiving more payments electronically to reduce the average end-to-end costs of transactions and to enable innovative payment services for consumers and businesses. In the U.S., opportunities to... Read more »
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Virtual Cards: Many Benefits, If You Select the Right Provider

A virtual payment card is, as its name suggests, non-physical—it’s a 16-digit account number, just like a credit card, but there is no actual card. Generally, it is for a one-time use; that is, a card number is generated for the purpose of a single vendor payment for a specific amount and then never used... Read more »
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FedEx on the Pursuit and Capture of Discounts

When AP departments process payments timely and accurately, they not only keep management and vendors happy, they ensure that their companies garner valuable discounts from their vendors. One payments operation that is successfully capturing discounts is the FedEx Services: Global Disbursements in Moon Township, Pennsylvania, just outside of Pittsburgh, PA. Recently, FedEx transitioned its Office... Read more »
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ACH Enrollment Letter and ACH Enrollment Form

By Pam Miller, APMD Eliminating checks is a worthy goal. Checks are expensive in terms of raw material and labor. They also can get lost in the mail, fail to get deposited in a timely manner (which can cause all kinds of complications later on), and—worst of all—are prime candidates for fraudsters who are experienced... Read more »
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The e-Payment Advantage

According to a 2014 study conducted by the Federal Reserve System, the use of paper checks has declined on average 6.6 percent per year from 2000 through 2013, by about 2 billion checks annually. And that drop has been increasing in more recent years. NACHA – The Electronic Payments Association, reports that ACH interbank and... Read more »
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Going Big: Hackers Target Banks Via Wire Transfers

In 2015 and 2016, a number of cyberattacks on banks were conducted using the SWIFT (Society for Worldwide Interbank Financial Communication) network. SWIFT is a Belgium-based global cooperative of financial institutions that provides a network to send and receive international financial transaction information in a secure and standardized manner. SWIFT does not actually handle transfers... Read more »
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The Fed Noncash Payments Study: Checks Continue to Decline, Debit Cards on the Rise

The Federal Reserve has been conducting its survey on e-payment volume every three years since 2003. The most recent triennial study, conducted in 2013 for 2012, revealed that Americans are continuing to choose electronic payment methods over checks. Not only is check use declining, but it’s doing so at a rate faster than ever before:... Read more »
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ACH: Same-Day Processing, Steady Growth

NACHA (National Automated Clearinghouse Association) reports that automated clearinghouse (ACH) payments grew 5.6 percent in 2015 vs. 2014, to more than 24 billion transactions; this number has increased by about a billion transactions each year during the period of 2011 through 2015. The distribution between debits and credits has remained steady, at a percentage ratio... Read more »
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