Electronic payment services are available that can help you save both time and resources. Most applications can easily be integrated into your current operations to streamline collections and make your billing structure easier to maintain with fewer errors.

Look for reviews and information regarding the latest electronic credit card processing. Find systems that allow you to receive immediate reimbursements and avoid delays with check processing. Avoid errors and receive payment reports automatically with web-based providers of electronic check processing. There are a number of ways that you can begin making the most of electronic payment systems.

1. Find electronic payment systems online from suppliers that can set you up with easy-to-use programs.

2. Try web-based providers of electronic credit card processing to receive real time payment solutions.

3. Ask for referrals for an electronic credit approval system from experts in the field.

Action Steps
The best contacts and resources to help you get it done

Investigate electronic payment processing suppliers to find user-friendly options

In addition to talking to others who have taken advantage of the latest electronic payment applications, look online for information about the kinds of programs that are available to make your business more profitable and efficient. Consider which employees will be using the programs and look for the easiest platforms.

I recommend: EPS has a wide range of electronic payment systems for merchants as well as online updating and current information as developments occur. Members of NACHA are kept informed of changes and emerging issues that help them operate successfully.

Look for electronic payment services that are accessible online

Online providers of electronic payment systems can supply secure connections on which you can rely to process your payments with little or no expensive hardware or software purchases required. Consider the web-based applications that come with help desk services.

I recommend: Make the most of the resources available for professionals at the Electronics Payment Network. The Merchant Warehouse can set you up with an electronic payment system in 24 hours. They also offer tips and consulting services to help you make the most of their services.

Utilize an electronic payment solutions expert to help you choose the best systems for your business

Consider bringing in retail consultants who can review your operations and make recommendations about the best payment software for your uses. You may need extensive reporting capabilities, or just a basic payment transfer system that can be used easily for your online sales activities. Let the consultant get to know your business to guide your investments.

I recommend: Tap into the extensive resources, networking and expertise of a global electronic payment consultancy such as KeyPoint, especially if you do any global business. Glenbrook specializes in financial transactions and electronic payment solutions and can bring a full contingent of services from reviewing your current payment solutions to training your staff on using the latest software.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Consider using third party payment system providers, such as PayPal, that you can set up in minutes for relatively low costs to small businesses.

Electronic Data Interchange (EDI) gives businesses a secure, electronic, point-to-point connection to exchange documents — traditionally related to purchasing, but it works for all types of documents. Businesses become involved in EDI either to reduce their own costs or in response to a customer mandate. Often, it is a larger company pushing use of EDI onto its smaller trading partners.

If you are implementing EDI in response to a customer mandate, the customer may have contracted with an EDI provider to recruit its suppliers. In this case, that provider will lead you through the process. If you are implementing EDI on your own, you will need to choose an EDI supplier.

Either way, EDI should bring these benefits:

1. Remove costs of manual document exchange.
2. Decrease errors.
3. Maintain a fast and secure way to communicate with trading partners.
4. Move information faster in order to reduce inventories and respond to customers quicker.

Action Steps
The best contacts and resources to help you get it done

Find a vendor that's friendly to small business

Unless you have a staff that has expertise in building and running EDI systems, go with a vendor.

I recommend: Get It Done: Two that target small business include: Sterling Commerce and DCAS Software Solutions.

Find an application that's friendly to your software

Reduce the problems of ramping up EDI by starting with a system that's compatible with you already run and know.

I recommend: Get It Done: Intuit, the maker of QuickBooks, lists several EDI providers that integrate with its popular financial software. Search at the QuickBooks marketplace. Also, Microsoft is adding built-in EDI capabilities to its BizTalk server.

Negotiate your best deal

Cost isn't everything, but like anything else, negotiation can lower the price.

I recommend: Get It Done: Talk to lots of vendors. EDI systems can involve the Internet, or not. They can be custom-designed or off-the-shelf. One company that targets small businesses and offers a demo on its Web site is Covalent Networks. The Small Business Adminstration has pointers on how to structure an EDI deal.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Don't resist. Many small businesses still handle purchase orders by fax and phone. This adds expense and is more prone to errors. View an EDI mandate as a positive step toward making your business more efficient.
• •  How a company pays for EDI transactions varies. You may hear the term 'value-added networks,' which are third parties that generally charge a per-transaction fee and sometimes other fees. Other vendors charge a flat fee. Which model is best depends upon the issues that are most important to you and your partners, such as security, number of transactions and reliability.
• •  Chill out. Although you may hear a lot of technical jargon about the language used to exchange documents, don't get hung up on this. Think of EDI as an e-commerce program. Set clear goals when working with a vendor and make sure these goals are met. Keep it simple. Serve the customer.

Electronic payment services can save you time and money with all the latest advancements in electronic credit card processing. From getting your payments quickly to avoiding credit risks, electronic credit card processing systems can help to eliminate errors and administer billing and collections control more quickly and efficiently.

Use an electronic credit approval system to follow every aspect of your financial operations. Get your entire team involved in ACH processing by making sure they know how to apply the electronic check processing solutions. Find quality providers of electronic payment systems and through peer referrals. Begin using electronic payment systems in a number of ways to make your company more profitable.

1. Use electronic payment services to manage accounts

2. Use web-based electronic check payment processors for collections

3. Use electronic payment solutions to keep track of resources

Action Steps
The best contacts and resources to help you get it done

Communicate better with electronic check processing

Rather than rely on lengthy waiting times for payments and staff reports that often are late or incomplete, utilize the latest electronic payment solutions to keep managers and workers in the loop. Use pieces of new software programs for specific tasks or incorporate an entire new IT system to manage your entire business.

I recommend: At eCommerce, you can read about the various schemes that have been infiltrating the electronic payment arena so that you can be prepared to avoid them. Check out the latest mobile payment solutions at Open Market.

Go live with electronic credit card processing

With web-based systems you can receive and send payments directly from a site while updating information as it comes to you live from vendors and clients. Integrate an Internet software system into your company to make quicker and more accurate decisions on the spot. You can get software that runs remotely and is updated in real time to run on desktop dashboards or through mobile units.

I recommend: Get a free consultation to show you how to best utilize electronic payments from Smart Payment Solutions. Continue your information gathering by reading up on the laws that govern electronic payments so that you can use them to your advantage at OZ Netlaw.

Stay in touch with electronic payment services

Keep track of your accounts and financial operations in real time so that you can contact clients and support staff to keep your team equipped with the record keeping information they need to get the job done in a timely manner. Hours also can be tracked with the software programs you can get online and for your desktop.

I recommend: The Federal Reserve offers papers and research white papers to inform businesses about how to use electronic payment solutions. Use the business advice and overview of the industry at Electronic Payments.org.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Let your managers and other key employees try out the free demos of electronic payment processing software before you make a final commitment to get their feedback and suggestions.

Learn electronic payment systems key terms to gain full understanding of how the payments work and how the equipment processing the payments work. Knowing key terminology helps you understand the process behind electronic payment systems.

When you know electronic payment systems key terms, you promote yourself in a more professional manner. Your knowledge demonstrates to others that you have expertise and know what you are talking about in this particular field.

Action Steps
The best contacts and resources to help you get it done

Electronic payment

An electronic payment is when one uses electronic money to pay a bill. Electronic money comes by other names including digital money, cash or currency; e-money; and electronic cash and currency. This system digitally transfers money from financial institutions to the payee through telephones, ATMs or computers.

I recommend: Cybersource details how clients use electronic payments for money transfers. It offers white papers for those interested in learning more about the subject.

E-commerce systems

Also called a financial electronic data interchange (FEDI), e-commerce systems facilitate online transactions for electronic payments by accepting the transactions.

I recommend: ITech offers information on choosing a proper e-commerce system for your unique business needs.

Point of sale terminals, POS

This term refers to hardware and software used at checkout, such as cash registers. Hotels, restaurants, supermarkets and other businesses use point of sale terminals.

I recommend: Business Software Solutions offers product reviews for several different point of sale terminals. It covers price ranges and specs.

Credit card

This small card, generally made of plastic, is part of a payment system. Payees offer payers credit based on a line of credit attached to the card. Reimbursement comes to the merchant at a later date.

I recommend: CreditCards.com offers a detailed history of the credit card. It includes links for further studies on credit card usage.

Debit card

This card, also called a check card or a bank card, provides an alternate way for payers to make purchases without using cash. Similar to a credit card in looks, it differs from the credit card in the fact that it draws funds directly from the holder's bank account.

I recommend: Stanley St Labs offers a detailed look into the debit card and the history behind it. It offers insight on statistics and trends.

Micropayment system

This system accumulates a number of micropayments, collecting the fund in one lump sum after or before transactions. Toll roads are a fine example of micropayment systems.

I recommend: The vBulletin forum offers a place where business people go to discuss various micro-payment system issues.