Madison, WI (PRWEB) April 18, 2013
TermSync, a cloud-based accounts receivable platform, announced today its partnership with payment processing solution provider Wind River Financial. The partnering will allow vendors the option of accepting credit card payments within the TermSync platform.
Wind River Financial specializes in designing, implementing and supporting payment acceptance and processing programs for businesses of all sizes. With its help, TermSync platform customers can pay pending invoices within the system using a credit card for participating vendors, providing an easier and more flexible option for B2B transactions.
This is increasingly important as more companies re-evaluate their acceptance of credit cards due to recent changes to payment card industry regulations. Effective January 27, 2013, merchants in 40 U.S. states can now charge customers a fee equal to the cost of accepting credit cards, usually 1.5 to 3 percent of the purchase price. The use of these “checkout fees” is an important consideration as more B2B firms debate allowing customers to pay via major credit cards.
For many B2B companies, finance teams have previously chosen to not accept credit cards due to the processing fees incurred and the inability to pass along these fees. With the new regulations, vendors can offer any customer the option to pay with credit card if they so choose. The vendor can choose to pay the fee themselves or pass it along to the customer. Many customers may be willing to take on the extra surcharge for the greater cash flow flexibility, streamlined payables process and possible reward points provided by credit cards.
“While credit card payments are mainstream in the B2C community, many B2B businesses have refrained from accepting credit cards due to the transaction costs, and utilization of old legacy systems based upon manual processes and paper checks,” Mark Wilson, CEO of TermSync, said. “With these new regulation changes, CFOs at B2B vendors should re-evaluate whether credit card acceptance makes sense. If the fees can be passed along to the customer and they provide other no fee payment options, why wouldn’t you at least offer it as an option to your customers? Not all customers will choose to pay that way, but plenty will for the efficiencies credit cards provide to their process or simply the access to product sooner.”
TermSync’s platform allows companies to manage interactions, including payments, with several vendors all in one location with one login. That streamlines the process for the end customer and eliminates the redundancy of contacting each vendor or visiting each of their websites every time they have a question or want to make a payment. It also leads to more proactive customers as they can use the platform to contact or pay for products and services rather than waiting for the vendor to call them about a late payment.
“TermSync is a great example of how allowing customers to manage several vendors from one location leads to faster payments and improved customer relations, “Peter Uselman, Project Manager at Wind River Financial, said. “Many B2B vendors are now reassessing the value proposition of offering credit cards due to the increasing demand from customers and new integrated systems. By offering credit cards as a payment option, businesses are able to confirm payments immediately, collect funds faster, and provide a better customer experience. With TermSync, we have created different pricing options that work for both vendors who want to pass along the fees and those who do not.”
About TermSync, Inc.
TermSync connects thousands of B2B vendors and customers through our standardized, cloud-based platform. Leveraging the collective power of the TermSync network as well as intuitive, non-disruptive technology, our clients are able to improve customer relations, reduce processing costs, and get paid faster. Our technology operates in tandem with existing accounts receivable workflows, can be up and running in about a week, and receives rave reviews from our clients and their customers. We are committed to finally bringing A/R into the 21st century! TermSync is located in Madison, Wisconsin. Learn more at http://www.termsync.com.
About Wind River Financial
Wind River Financial, based in Madison, WI, is a leader in the electronic payment space, focusing on designing, implementing and supporting payment acceptance and processing programs for businesses of all sizes. Our goal is to help businesses reduce their electronic payment processing costs by providing the reporting tools and company efficiencies they need to succeed. To learn more, visit us at http://www.windriverfinancial.com.