Modern Payment Options for Businesses
June 11, 2026
What Are the Right Payment Options for Your Business?
The way your business sends and receives money affects everything from your cash flow to your customer experience. You need payment tools that are fast, secure, and flexible. With so many options available, knowing which tools will work best for your business is crucial. This guide will help you understand each option and its advantages, so you can make the choices that will support your business today and in the future.
Wire Transfers
Wire transfers are one of the fastest and most secure ways to move money, especially when timing is critical.
Best for:
- Same‑day payments
- High‑value transactions
- International transfers
- Vendors requiring guaranteed funds
Advantages: Wires settle quickly and are difficult to reverse, giving recipients confidence that funds are final. While fees are higher than with other payment methods, the speed and certainty make wires ideal for urgent or high‑value payments.
ACH Payments
ACH (Automated Clearing House) payments are reliable, cost‑effective, and ideal for recurring transactions.
Best for:
- Payroll
- Vendor payments
- Subscriptions or dues
- Customer invoicing
Advantages: ACH transfers cost significantly less than wires or card processing. Funds typically settle in one to two business days, and same‑day ACH is increasingly available. For predictable, ongoing payments, ACH is often the most efficient choice.
Credit & Debit Card Payments
If your business is customer-facing, accepting cards—whether in person, online, or via mobile—is essential.
Best for:
- Retail and point‑of‑sale
- E‑commerce
- Service‑based businesses
- Subscription billing
Advantages: Card payments offer convenience and fast authorization. Accepting cards can increase sales and improve your customers’ experience, though processing fees are an important consideration. Through RCU’s Merchant Services, we can help your business manage card payments and fees more affordably.
Peer to Peer (P2P) Payments
P2P tools are increasingly popular among small businesses and sole proprietors.
Best for:
- Micro‑businesses
- Service providers
- One‑time or small‑value payments
- Employee reimbursements
Advantages: P2P payments are fast and convenient, especially when your customers prefer mobile options—although popular apps like Zelle® and Venmo™ have been targets for scammers. With RCU’s free P2P tool, Business RCUpay1, you can send and receive one‑off digital payments securely, right from your business account in online banking.
Checks
Even in a digital world, paper checks remain relevant for many businesses, especially when documentation or manual approval is required.
Best for:
- Vendors who prefer paper records
- Payments requiring signatures
- Situations with limited electronic access
Advantages: Checks offer a familiar, traceable payment method. With RCU’s Remote Deposit Capture, you can deposit multiple checks securely right from your place of business, without having to visit a branch.
Choosing the Right Mix
Like many businesses, yours may benefit from offering multiple payment methods. RCU is here to help you determine which ones make the most sense for your business.
How RCU Supports Your Business
As a business Member of Redwood Credit Union, you can access a full suite of payment solutions designed to support daily operations and long‑term growth. Whether you want to streamline payroll, expand customer payment options, or strengthen vendor relationships, RCU can help you build a payment strategy that fits your goals.
Ready to explore your options? Contact our Business Services team today, and let’s make your next big idea happen.
Venmo™ is a registered trademark of PayPal, Inc. Zelle® is a registered trademark of Early Warning Services, LLC.
1Certain restrictions may apply. Recipient must have a US bank account. Once a recipient claims their funds, transfers are generally completed within 1 business day or less, but may take up to 3 business days. Message and data rates may apply. Mobile banking from RCU is free, but you may incur data charges from your carrier/service plan. Please check with your carrier and service plan on specific charges.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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