Payment21® drives B2B payments in the e-check sector
Although we live in a high-tech world, the majority of B2B transactions still involve a checkbook. This is simply because the user-friendliness of checks is clearly appealing. Despite all prophecies of doom, check payments will not disappear; they are just evolving from paper to Check 21 and ACH. In line with this trend, Payment21.com makes it possible for businesses to handle any corporate check payment over the Internet, thus turning the time-weary paper check into state-of-the-art electronic payments. In today’s fast-paced technological world, streamlined efficiency is critical for all businesses’ cash management activities.
At the end of 2007, more than 70% of business payments were still being made by check, according to a survey by the Association for Financial Professionals. Despite indications from NACHA and the major credit card companies that this trend is shifting, one can’t help but wonder why the changeover from paper to electronic business payments seems to be moving at a snail’s pace.
Contrary to the prevalent view that B2B payments are complicated, in most cases it is an easy process to implement electronic payments in the place of papercheck payments, causing minimal disruption to a business’s usual work processes. Payment21.com facilitates and accelerates this process by delivering the best of both worlds: the convenience of using a traditional check and the reduced cost of using an electronic payments system that allows you to control the timing of your payments and your communication.
Payment21®: The complete billing solution for corporates
Payment21’s E-Billing Solution lets you take advantage of the value-added benefits of electronic payments – such as lower costs, increased efficiency, improved cash forecasting and reduced fraud – while continuing to benefit from the advantages of regular check payments. The user-friendliness of classic check payments is timeless and time-proven; all that is required is an address – a far cry from the profusion of information needed for other payment methods, for which you have to contact your supplier for card numbers, account numbers, etc. And it doesn’t stop there; this information then needs to be safely stored, maintained and updated.
Payment21® E-Billing overcomes one major hurdle in the corporate-to-corporate payment arena: that of the collection and management of suppliers’ bank account information. Businesses using our system are not required to collect and manage their payers’ bank account information. Our system will automatically notify payer and payee by email and allow your suppliers or clients to manage their sensitive financial data themselves.
The system supports both credits and debits. Payroll payouts or credit payments to settle supplier invoices are a piece of cake using Payment21®’s user-friendly features. The Instant eCheck™ solution is designed to facilitate straight-through processing of business-to-business electronic payments, ensuring compliance with the applicable rules and regulations. Security is guaranteed, with the processing engine masking your real bank account number, so you can rest assured that your bank accounts are protected.
Best of all, with Payment21®’s Instant eCheck™ solution, you can write invoices through our virtual terminal and request payment via an online check form. The paid item can be processed either via electronic payment through ACH or as a digital image using the Check 21 data format. Bottom line, Payment21.com makes it possible for businesses to pay all their business expenses and receive transactions electronically, turning time-weary paper checks into electronic payments.
Electronic check payments such as Instant eCheck™ by Payment21® are steadily becoming the preferred way of doing business. That’s because online payments boost efficiency and reduce risk for both the payer and payee. For the payer, e-check payments eliminate operational costs, reduce bank fees and remove reconciliation costs for account payables. For the payee, benefits include automated account receivables processing, reduced banking fees, and improved working capital.
With Payment21®, payers still benefit from check float while payees enjoy the low cost
Because payers incur no fees when making a payment using Payment21®, they save on average $4 per payment - as opposed to the printing, mailing and processing costs of a paper check. Payment21® also enables payers to optimize working capital by scheduling their payments. Payers can control settlement dates, and as a result benefit from check float. This means they can have use of their money for as long as or longer than they would with a paper check.
Payment21®’s easy-to-use boarding program ensures ease of adoption. Payers are not required to register their bank account with the payee – they simply access the free secure online payment gateway that handles all the invoice and payment details. The service integrates effortlessly with major accounting software.The Payment21® gateway converts common check payments into electronic payments – business and personal checks alike; it executes fraud prevention, matches transactions with invoices, clears payments, and performs settlement – same-day, all-inclusive. Furthermore, it gives you full control of and visibility into the payment process. With Payment21®, you always know the status of your outgoing and incoming payments, and you can easily communicate with your business partners at any point in time.
With Payment21®, payers can include a note with the business check, just as they did with the paper check.
Our B2B payments system effortlessly streamlines the communication channel with your supply chain, ensuring consistency and regularity. It also allows you to trace and view your account payables and account receivables instantly. You can even add a personal note to the payee along with the electronic business check – as it used to be in the paper days.
Internet merchants, service providers, and freelancers tend to invoice the same customers more than once. Payment21® Recurring Billing offers a convenient and automatic way for you to save time by implementing recurring billings and installment charges. For merchants, this feature builds customer loyalty, increases customer usage, improves customer satisfaction and hence increases customer retention. E-check payments are particularly suitable for companies looking for a way to make the payment experience more convenient and at the same time more cost-effective. Industries such as property management, medical, insurance, utility, and collection via call center all qualify for the service.
Payment21® is easy to use, secure, and will cut your costs in the B2B payment process. Businesses can send and receive invoices via email combined with electronic check payments – fast and straightforward. Payees can start to accept Instant eCheck™ payments in just 5 easy steps.