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Payments Automation: Everything You Need to Know

Payment Savvy

Payment automation solutions have transformed the way businesses handle their accounts payable departments. With the increasing need for cost savings, efficient payment processing, and secure financial data management, payment automation has become an essential tool for modern businesses. from 2020 to 2027.

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The Most Common Types of Contactless Payment Methods and How They Work

Stax

These remain the same and redirect customers to a fixed payment page or account, often displayed at the counter. Customers enter the amount manually and confirm the transaction. Changes every transaction to specify the payment amount and details. Dynamic QR codes. Accessible via digital invoices or from the merchants app.

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How to Optimize Your Invoicing and Billing Processes

EBizCharge

Invoicing is the process of sending specific documentation to customers that typically includes a detailed account of goods or services rendered, payment terms, and an exact payment amount owed. Disorganized invoice tracking: Disorganized tracking of sent or paid invoices can lead to missed payments and billing mistakes.

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What ‘Work From Home’ Means For Paper-Based AR Departments

PYMNTS

Often, an organization will simply submit a check with their company name and payment amount on the physical document. Though that data can be digitized via lockbox services, there is no obvious way to link that information to an outstanding invoice, especially if there is any discrepancy or dispute in the payment amount.

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Free Credit Card Processing for Small Businesses: Too Good to Be True?

EBizCharge

Cash discounting: Prices reflect the cash payment amount and a higher price is applied for credit card transactions. So, while no-fee payment processing sounds great on paper, it’s more of a redirection of cost rather than the elimination of it. These requirements aren’t optional.

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State Farm Tests Blockchain Insurance Claim Platform

PYMNTS

The company will test the blockchain solution to find out if it can potentially reduce the time needed to complete the subrogation process by compiling all payment amounts, netting the balance and facilitating a single payment on a regular basis between insurers.

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What Are Virtual Terminals? A Guide for Businesses

EBizCharge

Enter payment details: The business owner or authorized user manually inputs the customers card information. This includes debit or credit card or electronic payment details, payment amount, and any additional payment information.