The Best Payment Tools for Businesses to Boost Your Bottom Line

Estimated reading time: 10 minutes

Key Takeaways

Efficient payment tools are crucial for optimizing cash flow and reducing operational costs for businesses.
Platforms like Melio offer free ACH payments and the flexibility to pay vendors via credit card, even if they don’t typically accept them, enhancing cash flow management.
Comprehensive solutions like Plooto and SkyOS streamline both accounts payable and receivable, integrating seamlessly with popular accounting software.
Specialized tools such as Chargezoom focus on accelerating invoicing and reducing processing fees, while Nickel caters specifically to industrial small businesses with advanced AR/AP and trade credit features.
Adopting payment automation can lead to significant time savings, fewer errors, and improved security for business financial operations.

Introduction: Why Payment Tools Are Essential for Your Bottom Line
Melio Payments: Streamlined Vendor Payments
Plooto: All-in-One AP and AR Automation
Chargezoom: Accelerating Invoicing and Collections
Nickel: Built for Industrial Small Businesses
Other Noteworthy Payment Tools
Choosing the Best Payment Tools for Your Business
Common Questions about the Best Payment Tools for Businesses
Sources

Introduction: Why Payment Tools Are Essential for Your Bottom Line

In today’s fast-paced business landscape, managing finances efficiently is not just a necessity—it's a competitive advantage. The right payment tools for businesses can dramatically impact your bottom line by optimizing cash flow, reducing manual errors, and cutting down on processing fees. For many small to medium-sized enterprises, traditional payment methods are time-consuming and costly. This article explores some of the best payment tools available, highlighting their features and how they can help your business thrive.

Melio Payments: Streamlined Vendor Payments

Melio Payments stands out as a highly cost-effective and flexible solution for managing accounts payable. It's designed to simplify how businesses pay vendors and contractors, offering a suite of features aimed at boosting efficiency and saving money.

"A simpler way to pay vendors and contractors." - Melio Payments

Key benefits of Melio Payments:

No Setup or Monthly Fees: One of Melio’s most attractive features is its lack of setup or recurring monthly charges, making it accessible for businesses of all sizes.
Free ACH Payments: Send bank transfers at zero cost, significantly reducing transaction expenses.
Pay Vendors with Credit Card: Even if your vendor doesn't accept credit cards, Melio allows you to pay them using your card. This flexibility can help improve your cash flow by deferring payments and earning card rewards.
Seamless Accounting Integration: Melio syncs effortlessly with popular accounting software like QuickBooks Online and Xero, ensuring that bills, vendors, and payments are always up-to-date and simplifying reconciliation.
Automated & Scheduled Payments: Schedule payments in advance to avoid late fees and manage your cash flow more effectively. You can control when your vendors receive payments, including instant or same-day options.
Payment Flexibility: Choose to pay by ACH bank transfer or card, and your vendors can receive payments their way—either by check or bank transfer.
Advanced Features: Melio supports paying multiple bills together, splitting a single bill into multiple payments, and even making international payments in U.S. dollars.

According to Credit and Cents, Melio offers a superior balance of cost-effectiveness and flexibility compared to other platforms like Bill.com, Tipalti, PayPal, Square, Ramp, and Stripe, especially for domestic B2B payments.

Plooto: All-in-One AP and AR Automation

Plooto positions itself as an all-in-one accounts payable and receivable software designed to give businesses total control over cash management. It aims to simplify manual payment and accounting processes, allowing businesses to focus on growth.

"Automate Your Payments, Control Your Cash." - Plooto

Plooto's comprehensive offerings:

Centralized Payment Operations: Manage all your transactions—from physical checks and credit cards to international payments—in one secure platform.
Automated AP and AR: Automate your complete payment cycle for both payables and receivables, ensuring quick and efficient processing.
Team Collaboration: Add multiple users and easily approve business payments, supporting remote teams.
Accounting Software Integration: Enjoy two-way sync with QuickBooks, Xero, and NetSuite, automating reconciliation and keeping your books accurate.
Flexible Payment Options: Process money quickly via debit card, credit card, ACH, EFT, or instant transfer.
Invoice Management: Streamline invoice creation and management with automated processes.

Customers praise Plooto for saving significant time and preventing errors. As Emily Ahier, Finance Manager at Greenhouse, states, "Using the Plooto platform we save approximately 40+ hours a month."

Chargezoom: Accelerating Invoicing and Collections

Chargezoom focuses heavily on the accounts receivable side, promising to help businesses send invoices fast and get paid faster. It leverages AI-powered invoicing and payments to reduce payment delays, manual tasks, and processing fees.

Highlights of Chargezoom:

Faster Payments: Integrated invoicing, online payments, and automated reminders help invoices get paid up to 4x faster.
Time Savings: Automate invoicing, payments, and reconciliation to reduce manual tasks by up to 50%.
Reduced Processing Fees: AI enriches transaction data to qualify for lower rates, potentially eliminating up to 40% of payment processing fees.
Key Features: Includes robust invoicing, recurring billing management, flexible payment acceptance (credit cards, ACH, e-checks), seamless integrations (QuickBooks, NetSuite, FreshBooks), a convenient customer portal, and a PCI-compliant credit card vault.

Chargezoom aims to be a comprehensive solution for businesses looking to eliminate invoicing headaches and improve cash flow through automation and optimized payment processing.

Nickel: Built for Industrial Small Businesses

Nickel is a financial technology company specifically built for industrial small businesses in sectors like Wholesale & Distribution, Construction, and Manufacturing. It provides a unified platform to manage the entire payment cycle, including Accounts Receivable (A/R), Accounts Payable (A/P), and trade credit.

Nickel's unique advantages:

Unified Platform: Replaces multiple tools by consolidating A/R, A/P, and trade credit management.
Free ACH Bank Transfers: Send and receive unlimited ACH payments from any US bank for free.
Flexible Bill Pay: Pay any business or contractor by card, ACH, or check, with custom approval workflows.
Net Terms Management: Activate new customers and extend net terms with confidence, even getting paid upfront while customers pay in 60 days.
Seamless QuickBooks Online Integration: Automatically sync invoices and bills, with instant updates upon payment.
Customer Testimonials: Businesses like ILC Studios praise Nickel for making payments "so much easier and faster."

Nickel offers transparent pricing with a free "Core" plan and more advanced "Plus" and "Pro" tiers, making it adaptable to different business needs. It helps businesses save money, close deals faster, and extend cash flow.

Other Noteworthy Payment Tools

Talipay: Focuses on invoice financing for businesses powered by subcontractors, particularly in staffing and logistics. It helps unlock working capital, offers early payment programs for subcontractors, and automates invoicing and payables.
SkyOS: A modular operating system for real-world industries, offering features from customer management and payments to inventory and business operations. It aims to grow profits by simplifying complex operations and enabling faster digital invoicing.
On Point Payment Solutions: Specializes in helping businesses achieve 0% credit card processing fees through a cash discount program. They offer free equipment, next-day funding, and transparent pricing with 24/7 support.

Choosing the Best Payment Tools for Your Business

Selecting the best payment tools for your business depends on your specific needs and priorities. Consider the following factors:

Cost-Effectiveness: Look for platforms with low or no monthly fees, free transaction options (like ACH), and transparent pricing. Melio and Nickel's free tiers are great starting points.
Features & Functionality: Do you need comprehensive AP/AR (Plooto, Nickel), accelerated invoicing (Chargezoom), or specialized financing (Talipay)? Ensure the tool addresses your core pain points.
Integration: Seamless integration with your existing accounting software (QuickBooks, Xero, NetSuite) is crucial for efficient reconciliation and data accuracy.
Payment Flexibility: The ability to pay and get paid via various methods (ACH, card, checks) and control payment timing can significantly impact your cash flow.
Security & Support: Prioritize platforms with robust security measures and reliable customer support, as payment processing is mission-critical.

By carefully evaluating these aspects, you can choose the payment tools that will best boost your bottom line, streamline operations, and prepare your business for sustainable growth.

Common Questions about the Best Payment Tools for Businesses

Q: What are the main benefits of using payment tools for businesses?
A: Payment tools help businesses save money by reducing transaction fees, improve cash flow through flexible payment options and faster collections, save time by automating manual tasks, and enhance security with digital payment trails.

Q: Can I use these tools if my vendors don't accept credit cards?
A: Yes, platforms like Melio allow you to pay vendors using your credit card even if they don't directly accept cards. Melio processes the payment and sends it to your vendor via their preferred method (e.g., bank transfer or check).

Q: Do these payment tools integrate with popular accounting software?
A: Most leading payment tools, including Melio, Plooto, Chargezoom, and Nickel, offer seamless two-way integration with popular accounting software like QuickBooks Online, Xero, and NetSuite to automate reconciliation.

Q: Are there free options available for small businesses?
A: Yes, many platforms offer free tiers or free aspects of their service. For instance, Melio provides free ACH payments and has no setup or monthly fees. Nickel also has a "Core" plan that is free for essential payment functionalities.