Businesses in all verticals are looking for ways to improve customer experiences and build loyalty. One sure-fire strategy is to make payment transactions as convenient and easy as possible. Dana Odom, VP of ISV Sales and Strategy for First American, says businesses are transitioning to electronic payments to provide those experiences. This trend gives managed services providers (MSPs) and value-added resellers (VARs) opportunities to sell payment processing services in a variety of markets.
Odom says a noteworthy shift is occurring in the business-to-business space. Vendors are moving away from the 90-day accounts payable cycle (and the time and costs associated with chasing slow payments) to the efficiency of electronic payments. Additionally, builder supply or other businesses that deal with contractors are changing processes to simply charge an account on file. Employees don’t have to carry cash or checks, and the vendor’s accounting department doesn’t have to invoice.
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