These new payment alternatives could get payments in faster without more work.
No matter how customers buy, there’s a developing payment plan that could ease how your company handles Receivables.
Here are four options that could be used by even the smallest business in the near future:
Revolution Money — With their Revolution Card, merchants get the convenience of accepting credit cards without the high processing fee. They claim to save merchants up to 80% on credit card fees. They charge 0.5% as opposed to the 2% to 4% charged by most credit card companies. Consumers get some perks too: PIN based security, identity protection and merchant discounts and incentives. Currently 150,000 national merchants accept the card that started in 2007. But it’s gaining ground with businesses who want to give their customers incentives that’ll have more impact than the classic point programs. Revolution Money also offers Revolution Money Exchange — a free way for users to swap cash on third-party sites like Facebook, Ning and Craigslist.
Bill2Phone — Currently a growing trend in Asia and Europe, Bill2Phone and Bill2Phone-Mobile target customers uncomfortable with providing credit card info over the internet. Customers will be able to put purchases on their phone bill. Bill2Phone’s developer, BSG Clearing Solutions, is hoping to start working with online merchants this year. Merchants will be able to bill customers directly on landline or mobile phone bills.
eBillme — eBillme allows customers to buy with cash directly from their bank accounts, just like a debit card. Recurring payments can be set up and all bills can be turned into e-bills, eliminating the need for checks. A small business system is set to launch later this year. Business owners can also use the program to control company finances and employee spending.
Bill Me Later — With no spending limit, customers who continue to pay their bill on time can keep charging to Bill Me Later. Currently over 3 million consumers use the system, and there’s an average of 3,500 more signing up every day. There’s no credit card information involved and payments can be extended over time. Over the next year or two Bill Me Later plans to open services to businesses bringing in $1 million to $5 million in sales.