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Today’s businesses realize that paper checks are the least efficient way to pay suppliers and service providers. Whether they’re setting up payment processing for the first time, or they’re considering migrating from an existing payment platform, electronic payments are always the best option. Unfortunately, the most popular solutions often come with hefty fees, cutting into a business’s profitability.
Fortunately, each year seems to bring a new suite of startups geared toward making things easier for business owners. Here are eight companies that are making payments easier for businesses.
1. CSI GlobalVCard
Businesses want control over their spending, but some vendors sneak in extra fees or recurring payments. CSI GlobalVCard’s virtual card payments issue a temporary number, good solely for the amount stipulated by the purchaser. Aside from the limit, the virtual card operates like any other credit card-based online purchase, allowing businesses to maintain a limit and earn points as they would with other cards.
Among the latest Y Combinator graduates is Kickpay, a startup that issues cash advances based on a business’s outstanding invoices. The company faces stiff competition from similar invoice-factoring businesses, including Fundera and BlueVine. While invoice factoring has its limitations, it’s a great way for a new business to get money quickly.
Businesses no longer limit themselves to specific geographic boundaries, which means they need to be able to pay clients and providers across the globe. With exchange rates and fees, that can be complicated. Payoneer makes it easier by giving businesses the option of sending payment on a debit card, which can then be used to buy items or withdraw cash at an ATM.
One of the biggest winners in the mobile payments market is Square, a platform that makes it easy for businesses to accept credit card payments on a smartphone or tablet. The solution has given small service providers like hair stylists and pet sitters the ability to accept credit cards. Businesses also have the option of using the card reader while on the go or attaching it to a tablet to create an in-store POS system.
This free invoicing software allows small, growing businesses to request payment for services or products. In addition to invoicing, Wave also has accounting and payroll features, as well as the ability to accept credit card payments.
This bank-transfer app specializes in moving money between bank accounts through ACH. Once all parties are signed up, Dwolla’s mobile and web apps can be used to transfer money in just a few steps. The app can be used to set up one-time, mass, or recurring payments securely. Best of all, the service is free.
PayStand lets businesses accept credit cards, e-checks, and e-cash on their websites, by merely adding a payment button. The interface can also be attached to an app to make it easy for customers to pay as they shop on their mobile devices. Businesses pay a flat monthly rate that allows them to accept unlimited payments fee free.
Peer-to-peer payments give consumers the opportunity to transfer money without fees or complications. Venmo is one of the more popular solutions, creating a social media type of setup for transactions. Since buying the company, PayPal has begun reaching out to business customers, who can let customers make in-app purchases through a Venmo button.
Related: Apple May Launch a Venmo Competitor
Getting paid quickly is a priority for businesses that need positive cash flow to survive. With the right technology in place, businesses will have the support they need to request and transfer payment from one account to another. If they can reduce transaction fees as much as possible by choosing the right solution, they’ll be able to stretch their monthly budgets even further.