Businesses utilize a payment processor to handle the details of receiving credit card payments. It transfers card information to the banks and payment networks, including Visa, Mastercard, American Express, and Discover, from anywhere clients tap, swipe, or enter their card information. If your business has any plans to accept card or ACH payments - a payment processor is a must.
Maintaining a good relationship with your customers is crucial for long-term business success. However, when it’s time to collect payments, things can get challenging. Unfortunately, paying you is not top of mind for your customers. So, what can you do to reduce overdue payments and make it easy for customers to pay you on time? Here are 5 ways to collect overdue payments and protect your business from harmful losses.