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Payments update and tips for improving efficiency

Latest developments:
    •    American Express loses key European Court of Justice fees battle and so co-branded Amex cards, e.g. with British Airways,  retailers cannot be charged more than 0.3% of the transaction value if the customer chooses to pay with a personal credit card auch as their BA card
    •    In January 2018 the UK payments results: GROWING: direct debit (4%). CHAPS (8%); Faster Payments Service - Single immediate payments (23%). Forward dated payment (11%); DECLINING: Cheques (15%)
Tips on payment collections:
    •    From Stripe - the payment processor - ensure your systems:
    ⁃    block invalid expiry dates
    ⁃    validate credit cards in real time including showing the image of card scheme to reassure cardholder they are inputting the correct details
    ⁃    enable auto-fill (held in the cardholder’s browser) correctly
    ⁃    provide mobile checkout: provide numerical pad to facilitate data entry, conversion rates can double if you get it right, e.g. the 150,000 Shopify businesses who switched on Apple Pay last year
Tips on making payments:
    •    From Previse (who use Artificial Intelligence to enable corporate buyers to safely ensure they can pay all their suppliers instantly):
    ⁃    pay your suppliers on time (Wax Digital research showed that 69% of companies in UK admit to being frequent late payers; other research shows that 27 per cent of invoices are paid late in the UK) because it puts your suppliers at risk and increases their charges to buyers
    ⁃    Provide early payment facilities for those suppliers that need them, the earlier the better, I.e. Funding from receipt of invoice or even from issuance of PO is much better for your suppliers than funding from invoice approval.

This item appears in the following sections:
Dynamic Discounting
Payments - Bill Collection
Payments - Collecting at POS
Card Payments at POS
Payments - Making
Accounts Payable Management

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