Consumers today have more choices to pay for the products and services they want, including credit cards, debit cards, personal checks, e-payments, electronic funds transfer, and good ole’ fashioned cash. While many consumers may prefer the convenience of credit and debit cards or PayPal for their online purchases, cash remains king for business owners.
Electronic Payment Funding Turns E-Payments into Cash
Receiving funds via electronic payment is great and is certainly much better than not receiving payment at all. But there is often a delay in processing and actually collecting on the e-payment or those from the Automated Clearing House (ACH) network. If your cash flow is low and you are in need of funds immediately to pay your bills, cover payroll or maintain your business operations, a delay in actual cash payment could put a dent in your business.
According to HowStuffWorks.com, the process of electronic payment financing also referred to as financing E-payments, provides financing for all types of electronic payments, including credit card, debit card, e-checks and all ACH payments. An e-payment lender, which may also serve as an invoice factoring company or other type of third-party lending institute, in essence turns your electronic payments directly into the cash that you need to maintain business operations and more. Electric payment funding can occur very quickly usually in a matter of days rather than a matter of weeks.
Financing Electronic Payments Is More Common to Those in Health Care
Though a number of business sectors can take advantage of electronic payment lending, many companies that are routinely financing electronic payments are those in the healthcare or medical sector as government insurance reimbursements can take a long time – several months – to process. Few businesses can afford to wait that long to get paid, even if they are operating in the black and have a steady stream of revenue coming in.
In order to qualify for financing electronic payments, a company must generally meet certain criteria, such as having a minimum dollar amount of e-deposits each month, a minimum number of monthly transactions, and positive monthly and daily bank statements. In most cases, you can decide how to handle the electronic payment financing, whether to process them all at once for a major, one-time purchase or in small amounts over time to better sustain your business cash flow.
So if your cash is frequently tied up in e-payments, consider electric payment lending and get your cash without the wait.
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