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Moving to e-payments: Best practices for US middle-market companies

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  • Coven, Linda

Abstract

Today, sophisticated electronic payments systems are readily available. E-payments are much less expensive than paper cheques. They provide administrative efficiencies such as just-in-time disbursement and automated revenue collection. And they give companies the enhanced visibility that is so important for managing cash flow, budgets and, perhaps most significantly, compliance. Why, then, do cheques still represent more than half of all payments in the banking system? This paper will take a look at some historical considerations before moving to a survey of the e-payment options available to businesses today. Corporations should carefully evaluate whether transitioning to e-payments is right for them. It follows by looking at the disbursement side of the equation and provides some best practices for reducing the cheque volume by moving to electronic payments. The primary electronic payment types explored are the automated clearing house and commercial card/business credit card. The ways in which the bank's payment hub capabilities can help make the move to electronic are also addressed.

Suggested Citation

  • Coven, Linda, 2009. "Moving to e-payments: Best practices for US middle-market companies," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 3(1), pages 34-43, January.
    • Handle: RePEc:aza:jpss00:y:2009:v:3:i:1:p:34-43
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    More about this item

    Keywords

    business credit card; automated clearing house; international ACH transaction; wire transfer;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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