Credit cards like American Express Credit card payment are one of the most common payment methods used because of their convenience. Almost 83% of Americans own at least one credit card in the U.S. This is because they help you cover unforeseen expenses and earn rewards and points. It will be a great option for B2B transactions when your cash flow is limited and need to do urgent transactions.
Imagine you have a small non-alcoholic beverage distribution company, and your cash flow is limited. You might prefer credit card payments to pay your vendor. However, your vendor might have avoided accepting credit card payments because of the associated transaction costs or additional fees. As you are not able to pay via credit card, you might need time to arrange funds. This can lead to late payments to your vendors. As a result of these late payments, your company might not get the beverages on time. This can easily affect the company’s operations as well as the vendor’s relationship with the company.
So, is there a solution for making credit card payments to your vendors even if they do not accept it?
Certainly! With Zil Money, you can make credit card payments to your vendors or suppliers even if they do not accept it. For instance, you can easily process American Express credit card payments with the platform for a vendor. Also, choose how your vendor wants to receive payments with the platform.
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How to Make Payments via Credit Card to a Vendor
Even though it has become common for vendors to accept credit card payments, some vendors still do not. This is because credit cards may charge the payee for accepting payments, which will be a loss for the vendors. Therefore, they still prefer options like checks, ACH, or wire transfers.
With Zil Money, pay your vendor with a credit card even if they do not accept it. All you need is the invoice from your vendor and upload it to the platform.
- Then, select ‘Credit Card’ from the ‘Pay From’ drop-down
- Choose the preferred payment option from the ‘Pay As’ drop-down.
- You may pay your vendor payment as ACH, wire transfer, or check mail.
- After you have made your choice, you can easily process the payment.
By utilizing the platform, vendor payments can be easily made via credit cards. As you can choose how the vendors get paid, it can help to avoid the card charges for them. Therefore, there is no merchant fee for the vendor, and you can keep the reward points.
Easily Fund Your Payroll with a Credit Card
Making your employees payments on time is very important to keep them happy and satisfied. If they are happy, there will be no hassle in your company’s operations. But when you are a growing small business, you might have only a limited cash flow. Therefore, paying your employees on time will be a difficult task.
With Zil Money’s payroll by credit card feature, you can easily fund your payroll with a credit card. When you are short on funds, this feature of the platform is a great savior. Easily integrate your payroll software with the platform and upload your payroll summary. Then you can choose the pay by credit card option and fund the payroll. You can fund a part of your payroll or full using the platform’s payroll by credit card feature.
Top 3 Benefits of Using Credit Cards for Vendor Payments and Funding Payroll
Convenience: Paying your vendors or funding payroll by credit card will be greatly convenient for small businesses with limited cash flow. You can avoid the hassles of late payments in critical situations by paying via credit card. With the cloud-based platform, you can pay via credit cards in a few clicks.
Earn Rewards: To get reward points on credit cards, you might need to do large transactions. As funding payroll or vendor payments might require large transactions, paying them via credit card will be a great benefit. Small businesses can easily accumulate reward points and cash back when carrying out credit card transactions.
Easy Cash Flow Management: By utilizing credit cards for payments, you can easily manage your cash flow. This is because credit cards can help you pay funds when cash flow is tight. As credit cards usually offer 10-15-day intervals after the due date, it is a great benefit for small businesses to pay back on-time.
Accept Credit Card Payments with the Cloud-Based Platform
Other than paying via credit cards, you can also accept credit card payments online with Zil Money. You can send a custom payment link to your clients via email or SMS from the platform. When they click on the link, they will be directed to the payment page. From the payment page, they can click on the pay by credit card option to make payments. The funds will be transferred to your Zil Money wallet after the transaction is completed.
By accepting payments via credit cards, businesses will be able to reduce the time for payment collection. This way, you will be able to improve your cash flow and will have quick access to your funds. You can also easily withdraw the funds from your wallet and transfer them to your linked financial account at any time.
Conclusion
Small businesses with limited cash flow can easily make credit card payments with Zil Money. You may make American Express credit card payments to your vendor even if they does not accept them. Also, the platform allows you to fund payroll with your credit card to make payroll on time. This is a great benefit when your cash flow is short. Furthermore, you can also accept credit card payments online from your clients with the platform.
