Integrated Payables Get Faster with Wires
In our efforts to continuously provide you with better products and services, we are adding wire transfer initiation to our Spend Net Payables solution.
Wire transfers are the payment of choice for both high value and cross-border payments. They settle in real-time so suppliers get paid faster – a decided advantage in these times of potential cash shortages.
Since lockdowns started in mid-March, financial operations across America have experienced major disruptions. With workers decentralized, core business processes around paying bills and receiving money have required numerous work-arounds to keep business and supply chains intact. In the first quarter of 2021, Spend Net Payables will offer you the functionality to select between several payment types - ACH, check, virtual cards, and wire transfers.
A recent Mastercard study of small businesses' across the U.S. and Canada summarizes the urgency and evolution for businesses to become more digital with how they send and receive payments.
- 38% of responders say they’re experiencing cash flow issues associated with late payments and slow processing times for cash and checks.
- As a result, 67% of these small businesses have been prompted to upgrade to digital payments systems.*
These findings and insights are not just limited to small businesses, as many larger organizations are re-examining current processes and implementing solutions to create a more end-to-end digital cycle.
Source: Mastercard Small Business Study, July 2020
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