I had an opportunity to take part in a webinar yesterday for accountants that discuss the trends in electronic transactions and how they can impact the bottom line for a small business owner. Electronic transactions include ACH (Automatic Clearing House), EFT (Electronic Funds Transfers) and electronic checks. If you have not already implemented these functions into your small business, this may be a good time to take a look. According to data gathered from various banks, there has be a downward trend in the amount of checks that are pass at the counter, just one sign that there are additional ways to make and receive payments.
I know many of you are probably thinking “that’s okay, I’ll still make and receive payments the old fashion way and feel more secure”. Well using electronic transactions can provide you with the piece of mind that you need. Specifically, electronic transactions can provide the small business owner with speed, control, security, flexibility, and efficiency that they need to streamline cash flow, speed collections, and improve reporting capabilities.
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