Wholesale businesses play a vital part in the supply chain by connecting producers and consumers. They contribute over $454 billion to the GDP of the U.S. annually. For running a wholesale business successfully, making timely bill payments to manufacturers, suppliers, shipping companies, etc, is important. As wholesale businesses sell products in bulk, any delays in payments to their stakeholders can affect their operations. Depending on traditional methods to pay bills can further delay transactions. Therefore, pay bills with credit cards using the cloud-based platform to transfer funds efficiently and earn rewards.
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Credit Cards for Efficient Bill Payments
Wholesale businesses need to make bill payments to various entities involved in their supply chain and operations.
- Manufacturers or Suppliers – A wholesale business needs products in large quantities. Therefore, making timely bill payments to manufacturers and suppliers is crucial for maintaining a strong relationship with them.
- Shipping companies – Wholesale businesses buy products domestically and internationally; therefore, they rely on shipping companies to transport goods. Making payments to these shipping companies is important to get products on time.
- Rent Payments – Wholesale businesses often rent warehouse or office spaces. So, making timely payments to landlords or leaseholders is crucial for running their business smoothly.
Utilizing traditional bill payment methods might take time to reach your stakeholders. To pay these stakeholders on time, wholesale businesses can use their credit cards. With credit cards, you can pay bills immediately and also earn rewards and cashback. This is a better payment option when your cash flow is short.
Make Payments Via Credit Card Even If the Payee Does Not Accept
Despite the popularity of credit card payments, some suppliers or payees might decline them. This is because credit cards usually charge the payee for accepting the payments. This can be a significant loss for the payee, so they usually prefer other payment options.
With Zil Money, you can make bill payments to your payee using credit cards even if they do not accept them. You can choose how the payee gets paid using the platform. There by you can avoid the card charges for the payee and earn reward points for yourself.
How to Send Credit Card Payments to Payee Using Zil Money?
- On the home page, select ‘Credit Card’ from the ‘Pay From’ drop-down.
- Select the preferred payment option from the ‘Pay As’ drop-down. You can pay as ACH, wire transfer, check mail, or virtual card.
- Enter the amount you want to send to your payee.
- Add the credit card you want to use and then enter the payee details, invoice number, and other details.
- You may also add any necessary attachments along with the payment.
- Once you have added all the necessary details, you may process the payment.
Other than paying bills by credit card, let us see what are the other credit card features on the platform.
Easily Accept Credit Card Payments
You can pay as well as get paid via credit card using Zil Money. Credit card payments can be accepted from your clients by sending a custom payment link from the platform. You may send the payment link via email or SMS. Your clients can click on this link and they will be taken to the payment page. They can click on the credit card option on the payment page to make the transaction. The transferred money will be available on your Zil Money wallet and you may withdraw the funds anytime.
A wholesale business might need to collect payments from many retailers. Sending a payment link and collecting credit card payments from retailers can reduce the payment collection time for wholesalers. This can help them improve their cash flow and access funds quickly.
Fund Your Payroll Using a Credit Card
To run any business smoothly, efficient employees are crucial. When it comes to a wholesale business, employees are important for managing the inventory, marketing, monitoring the product qualities, etc. As they contribute to the smooth running of your wholesale business, paying them on time is significant. However, there can be funding problems that sometimes delay employee payments.
Not anymore! With the payroll by credit card feature of Zil Money, you can easily fund your payroll. If you are short on funds, this feature of the platform can be a great benefit. All you need to do is integrate your payroll software with the platform and upload the payroll summary. Then, you may select the pay by credit card option and fund your payroll. The platform’s payroll by credit card can help you fund a part or full of your payroll.
An All-In-One Solution for Your Wholesale Business
Zil Money is an all-in-one payment solution for your wholesale business. You can use the platform for printing checks, mailing checks, sending eChecks, ACH, wire transfers, and card payments. You can also get customized expense reports, track your bills and invoices, and manage accounts payables and receivables. Moreover, the platform connects with more than 22000 financial institutions to simplify your transactions and make reconciliation easier.
Conclusion
Wholesale businesses can pay bills with credit cards using Zil Money. They can pay their manufacturers, suppliers, shipping companies, and landlords using the credit card even if they decline it. Other than paying bills, you can also accept payments via credit cards. Overall, the platform is an all-in-one solution as you can make payments via ACH, wire transfer, checks, and virtual cards
