More companies are utilizing ACH cards and electronic processing in order to entice customers to products or pay freelance workers, according to Bank Tech. For example, instead of mailing a direct check to consumers who filed a mail-in rebate, businesses are able to simply debit a checking account or mail a reloadable card.
Electronic payments have been gaining steam in recent years, not only among vendors, but in B2B interactions as well. E-invoicing has become a common standard for accounts payable departments in order to lessen the reliance on paper, and the gradual turn toward digitization of records and correspondence has revolutionized transactions of all kinds. Payroll is becoming more efficient as well, and companies with a large amount of freelance staff, part time workers or travelling employees can issue ACH cards and link to a central bank account, easily transferring money to employees hassle-free. Rebate offers have also become more standardized using the technology. Businesses can offer a card with a certain value on it in exchange for a one year contract, a practice that many cable providers, including Comcast, have recently implemented.