Definition

Using funds to pay suppliers on time so production isn’t slowed down. Keeping the chain moving helps avoid delays and extra costs.

What to consider

  • Ensure secure and reliable processing.
  • Offer multiple payment options.
  • Monitor transaction fees and processing times.

Real world scenarios

  • An online store accepts payments through secure digital wallets like Apple Pay and PayPal.
  • A service provider uses digital invoicing to speed up customer payments.
  • A retail business integrates contactless payment systems for quicker checkouts.

Related terms

Entrepreneurial Finances