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When looking for a new payment method for business, Venmo may not be the first option to spring to mind. After all, what does a peer-to-peer payment app have to do with business-related payments? Venmo can also be used by companies to provide their customers with yet another convenient payment option. What Is Venmo?
B2B payments is all too often a waiting game, one that can be damaging to the survival of a smallbusiness (SMB). With checks still so heavily in play, smallbusinesses must not only wait to receive a check, but banks often enact a holding period that forces a company to wait even longer to see the funds they’ve been paid.
In the evolving world of smallbusinesses, efficient payment processing is crucial. When a customer pays for a product or service with a credit card, the payment processor manages the transaction from the customer’s bank to your merchant account. Payment processing fees can pile up fast, especially for smallbusinesses.
The US Federal Reserve has introduced FedNow ; a new instant payment platform that will facilitate transactions at any given time. This is distinct from other customer-centric payment services like Venmo or Zelle in that its implementation hinges on the adoption by banking institutions.
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