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Possibly the biggest factor in whether or not a small company survives and thrives is whether or not it collects business payments in a timely manner. A small business is often at the mercy of its customers or clients to make timely payments. When the checks don't arrive in the mail, the company can experience a cash flow crunch - or even a crisis - that can leave it unable to make payroll or meet its other financial obligations.
Even when a system is in place to generate a timely invoice, finance personnel often struggle to collect on those invoices. In a business-to-business transaction, the small business may be dealing with a large company that pays at 60-days or even 90-days. In a business-to-consumer transaction, there are simply customers who pay late or not at all. In the worst-case scenario, checks never arrive or bounce, leaving the small business to try and collect on the debt. Understandably, this process is uncomfortable for all parties, and has a negative impact on business income.
For all these reasons, small businesses are turning to check software to increase their business income and lower the incidence of non-payment. Essentially, this check software provides a mechanism to accept a customer's check payment by phone, by fax, or via the Internet. Over the phone, the person taking the payment simply requests the customer's bank routing number, checking account number, and check number. Accepting payment via fax involves asking the customer to fax their written check into the company. Check payment over the Internet requires the customer to look on their check and enter the routing number and checking account number into an online form.