When a new payment option arrives, as has just occurred with FedNow, it is a good time to review how you are doing.
Draw a flow of funds diagram. This is a diagram of where money comes from, what accounts it sits in, how it gets transferred and who gets paid. This is the literal money movement architecture of your business.Look at every transfer and decide the optimal payment type. Consider cost, convenience, fraud protection, how long money gets held up and whether it can be put to better use.
The cash conversion cycle matters more with rates where they are; you might be able to earn significant interest by optimizing the flow of funds and speeding some transfers up.Talk to your bank about FedNow and what its plans are for using it. Then, you can choose whether to work it into your flow or not.Email replaced a lot of paper mail. Now, text is replacing a lot of email. But the telephone still exists, and so does letter writing. Payment rails, like modes of communication, rarely die.
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