Paperless Trail

Could B2B e-payments replace traditional transactions?
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If you're still using paper for your B2B payments, take a look at the hidden costs. According to a September 2000 study from Internet quality measurement firm Gomez Inc. in Waltham, Massachusetts, receiving payments via the paper-based route costs the average small business about $1,391 per month.
But small businesses can reduce labor by approximately 50 percent by moving the process to the Web and to e-mail, notes Naseem Tuffaha, CEO of Bellevue, Washington-based CheckSpace, an e-payments service.

On the retail side, San Francisco-based online debit payment provider Achex allows online businesses to accept debit payments from consumers via the Web. And soon entrepreneurs will be able to register their business checking accounts to pay for products without their credit cards.

C.J. Prince is a New York City writer who specializes in business topics and the executive editor of Chief Executive magazine.

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Edition: October 2016

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