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Over the last few months, I have obtained a ground view of a exciting change in electronic payments. As I search for a new position in the transaction processing arena, I’ve been speaking with CFOs, CEOs, Accounting Managers, and business owners. Most of them are excited by the prospect of faster collections, less paper, and lower fees - all of which usually come with switching from primarily traditional transactions and moving to electronic funds transactions.

Smaller businesses are opening up to the idea of electronic payments. As indicated in this article from CPA Practical Advisor, Bill.com is offering an innovative new service, but the transition is not limited to just their customers. This recent trend affects a wide range of small to mid-sized businesses. I don't mean just credit and debit cards over the Internet. I don't mean the companies that have outgrown the basement and need to rent their first real office.

I mean online one-man operations. I mean mom-and-pop neighborhood stores. I mean the fruit stand at the Saturday morning farmers' market. I mean everybody!

There was a time when anything other than cash was reserved for the chain stores and the ‘big guys’. B2B transactions were by check. Only. But the game has changed and now anyone can sell or buy goods through one of the fast, convenient and safe electronic funds channels - ACH, digital checks, cards, or wire transfer.

Now, if only anyone selling or buying goods through ACH, digital checks, cards, or wire transfer understood how they work!

Don’t get me wrong - I love the fact that e-commerce and e-funds are finally moving in together. It was beginning to seem like people couldn’t see a connection between the two. The shift to greener, faster, more reliable, and safer money movement is a great thing.

My issue is the education. Many Consumers still don’t balance their bank accounts monthly - which makes ACH a danger to their financial stability. People who don’t understand how debt works are getting credit cards - and damaging their credit scores. Digital checks have some very serious fraud risks that don’t exist with paper checks. Businesses have legal responsibilities that they cannot contract their bank or transaction processors to handle for them. Do they know this? In many cases, no, they don’t. Often when asked what the difference between ACH and card payment is, managers don’t know. They’re annoyed by PCI compliance. They haven’t been educated by their processor on the hows and whys of electronic processing.

And this is where I come in. This is why I’m here. Electronic processing is good, but understanding where your money goes is better.

I am thrilled that more companies are looking at software like this - and that more accounting packages (I do not know anything about the quality of bill.com, so do your own due diligence before using!) are offering similar features - but the entire payments industry needs to step up. Using is not the same as understanding. Offering is not explaining. Both businesses and Consumers will reap the benefits of fully electronic transactions when both sides know what the joys and risks of e-processing are.

Before you use a service, regardless of if you are a consumer or a business, find out:

how it works

what are the fees and costs

can it be faster or slower (timing is important to your cash flow)

what are the risks

what are the benefits

what are your rights and responsibilities

Ask the service provider; they shouldn’t offer you a service that they can’t explain. Ask your financial institution; your bank or credit union should be able and willing to clarify all of the transaction networks. Ask the networks; ACH, VISA, and the rest have FAQs and information phone lines to help.

And of course, ask me. That’s why I’m here. I am your guide to the world of electronic finance (a bit like Virgil, but way more fun!)

More companies moving to electronic payments is awesome! Let’s all move there together.

Read the whole  article here:

See what Bill.com is about here:

Hope that helps!

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