The definition of an electronic payment system is a way of paying for a goods or services electronically, instead of using cash or a check, in person or by mail.
Keeping your Suppliers and Vendors happy with Accurate, on time payments is essential if your going to maintain a positive working relationship. By generating professional invoices and tracking all your payments electronically, you can stay on top of your purchases and keep your business organised. Companies are moving away from writing checks to pay their invoices and they want a streamlined solution that will allow them to easily send money to vendors and suppliers. The days of writing out a check, stuffing an envelope, popping it in the mail, and waiting for the check to clear are becoming a thing of the past.
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Electronic payment software lowers costs for businesses. The more payments they can process electronically, the less they spend on paper and postage. Offering electronic payment can also help businesses improve customer retention. A customer is more likely to return to the same e-commerce site where his or her information has already been entered and stored.
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