B2B payments: order to cash

B2B receivables is a two-sided adoption problem sitting on top of a data-matching problem, priced against the cost of paper, and it starts before the invoice. A seller agrees terms, checks credit, ships and bills; weeks later money lands in a bank account, often with no note of what it pays for. Everything this team builds lives between the contract and the cash.

This is the seller's side of the same payment. For the buyer's side (approving invoices, picking a rail, earning card rebates), see B2B payments: procure to pay.

Paper still sets the baseline. Checks were 26% of B2B payments among US and Canadian companies in 2025, down from 33% in 2022 and 81% in 2004 (AFP), and 87% of US organizations still used them. In Canada, commercial cheques averaged CAD 12,813 in 2024 and carried 98% of cheque value (Payments Canada).

Four ideas explain most of it.

1. The money and the information about the money travel separately. The payment lands at the bank; the remittance advice (which invoices it covers) arrives by email, PDF, portal, check stub or not at all. Matching the two, called cash application, is the core pain and the core product. The rails can carry the data (an ACH CTX payment holds up to 9,999 addenda records; Fedwire has run on the data-rich ISO 20022 standard since July 2025), but payer AP (accounts payable) systems don't fill the fields and banks don't always pass them on. Bank transfers often arrive with less data; they don't carry less.
2. The seller buys the software, but the payer chooses how to pay. Every AR (accounts receivable) product must win over a second company that never signed the contract: in AFP's 2025 survey, 43% named customer reluctance as the main barrier to electronic payments (30% in 2022). And the payer side runs its own network: virtual card programs in which the seller pays the card fee.
3. Every rail has a different cost, speed and loss rule. Receiving a check costs a seller a median $1 to $2 plus lockbox fees and float; ACH costs $0.26 to $0.50 (AFP, 2021 data); a commercial card costs 1.75% to 2.95% of the ticket in interchange alone (Visa, April 2026). Value is created by moving payers off paper; revenue is captured by owning the payment flow. Moving a card payer to ACH saves your seller money and can cut your own revenue.
4. The seller is a lender, without being regulated like one. Every Net 30 sale is an unsecured, interest-free loan. US nonfinancial businesses carried about $7.9T of trade receivables in Q2 2026, against about $3.0T of commercial and industrial loans at US banks in August 2026 (Federal Reserve; different definitions, so read it as direction). The legal frame is light: relaxed Reg B notices, no coverage by the CFPB's small-business lending data rule, no FDCPA (consumer debt only). Limits, terms, the loss reserve and collections are lending functions, run by a finance team in a company that isn't a bank.

The product, then: get invoices accepted by payer AP, offer rails payers will use, catch each payment and its remittance, apply the cash, and work the exceptions on each rail's clock. Upstream records (terms, limits, orders, proof of delivery) decide whether the invoice is paid in full.

Three things make this harder than the B2B platforms you know:

• The truth is split. The CRM holds the deal, the ERP (the seller's accounting core) the invoices, the carrier the delivery proof, the bank the cash. Nobody owns remittance.
• The slowest steps happen inside the payer's company, where you can't see them.
• Business payers get almost none of the consumer protections you'd assume. No Reg E, two banking days to return an unauthorized ACH debit, ten business days to claim back a Canadian business pre-authorized debit.

The order-to-cash map

The textbook invoice-to-cash flow has seven steps. Order to cash adds the steps before the invoice and after the due date, the payer owns a long stretch in the middle, and "paid" means different things to each side.

1. Quote and contract (sales, legal). Sets price, payment terms, discounts, late fees and shipping terms. Breaks: a concession sales promised never reaches the ERP.
2. Customer onboarding (credit, master data). Credit application, bureau report, financials, a personal guarantee from small firms, sanctions screening, tax exemption certificate, bill-to, ship-to and remit-to details. Ends in terms and a limit, or cash in advance. Breaks: a missing exemption certificate leaves the seller owing tax it never invoiced.
3. Order entry. An EDI 850 purchase order, portal, emailed PO, phone or ecommerce, acknowledged by an 855. Breaks: a wrong price, item or ship-to, which returns weeks later as a dispute or deduction.
4. Credit check. The ERP checks each order against the limit and past-due balance. Breaks: a credit hold (over limit, past due, insurer limit cut) blocks shipment until credit releases it, ships part, takes prepayment or raises the limit. Sales escalates.
5. Fulfillment. An 856 ship notice; the carrier's proof of delivery (POD). Breaks: a short, late or damaged delivery becomes a credit memo or a retailer fine.
6. Invoiced. EDI 810, the payer's supplier portal, an e-invoicing network, emailed PDF or mail. Breaks: payer AP rejects it (missing PO, receipt mismatch, wrong legal entity, unregistered portal account) and the payment clock usually restarts.
7. Processed by payer AP (payer side). Matched to PO and receipt, approved, queued for a payment run: the longest step the seller can't see (procure to pay walks through it).
8. Initiated. The payer mails a check or sends an ACH credit, wire or instant payment, or the seller pulls an ACH debit or charges a card. To the payer, the invoice is now "paid".
9. Received. Funds or check land at the seller's bank, lockbox or card processor. Breaks: unknown payer, no remittance, a short pay, a duplicate.
10. Applied. Cash application matches payment to invoices. To the seller, the invoice is now "paid".
11. Funds final. The rail's reversal window closes. Breaks: a returned check, an ACH return, a chargeback, a Canadian PAD claim.
12. Reconciled. Bank, ERP and processor agree, daily and at month-end close.
13. Collected, if past due. Dunning (reminders, statements, calls), then escalation: collector, credit manager, stop shipping, demand letter, agency or attorney, suit.
14. Disputed or deducted. A dispute pauses dunning and ends in a credit memo (EDI 812), a re-bill or an upheld invoice. A deduction (a short pay for a promotion, pricing, shortage or fine) is applied partially and worked as a case against the POD or promotion agreement.
15. Closed or written off. Paid in full, credited, written off against the credit-loss allowance, or sold to a factor.

Steps 10 and 11 come in either order. A lockbox check is often applied the same day while it can still bounce; an ACH debit can be applied and then returned. Model "applied" and "funds final" as separate states, with a reversal window per rail.

Most delay is the agreed term, set before the invoice. The Credit Research Foundation's median DSO (days sales outstanding, average days to collect) was 37.50 in Q2 2026, against a "best possible" DSO of 34.00 and 3.70 average days delinquent. Deductions start upstream too: CRF's 2012 survey (the latest non-vendor data) ranks pricing, promotions and shortages as the top types by dollars, and better order entry as the top prevention. Payers are only a few days late; the term is the wait, and the contract and the order decide most of what goes wrong later.

Rail cheat sheet: getting paid

Sources (as of Oct 2026): AFP's 2022 cost survey (2021 data; labor costs have risen since), CFPB (Reg CC, July 2025), Nacha, FedACH and FedNow 2026 fees, Visa (April 2026), Payments Canada. Canadian per-item prices weren't found. Payer costs are in procure to pay.

Which rail? Five questions

1. Will the payer push, or authorize you to pull? Pull (ACH debit, PAD, card) gives the seller timing and data, plus authorization and return risk. Push is easier for payers to adopt, but leaves timing and remittance with them.
2. How big is the ticket? On a $10,000 invoice a purchasing card costs about $175 to $270 in interchange (April 2026); ACH costs under a dollar.
3. How many invoices does one payment cover? One: CCD+ or card is fine. Fifty: ask for CTX, a portal payment or a parseable remittance file.
4. How soon must funds be final? Wire, RTP and FedNow on arrival; business ACH debits after two banking days; cards after months; checks last.
5. US or Canada, and where exactly? Canada means EFT and PAD rules, a 2.4% surcharge cap and a Quebec consumer ban. Some US states ban or cap surcharges.

My defaults: ACH credit with CTX or CCD+ for established payers, ACH debit under a signed authorization for recurring billing, card only below the ticket size where the fee eats the margin, wire or instant for large urgent amounts, and EFT or business PAD in Canada.

What doesn't transfer

Money flows

Fees flow in three directions at once: each side pays its own bank, the seller pays the card ecosystem, and the platform takes a cut. Behind them sits a bigger cost that appears on no fee line: the cost of lending.

Run one $10,000 invoice through it. A check costs $1 to $2 to receive, plus lockbox fees and float; ACH under a dollar; a wire $10 to $15; a purchasing card keyed online about $270 in interchange alone, or about $175 with validated Level 3 data. On large tickets a card costs more than ACH by two orders of magnitude, and the interchange funds the payer's rebate. Processors report that Visa now validates Level 3 line items and charges a 0.05% participation fee on that volume (secondary, 2025), so fake line items silently downgrade the rate.

The cost of lending

• Carrying receivables. Receivables are roughly sales times DSO over 365. At CRF's Q2 2026 median DSO of 37.50, $100M of credit sales ties up about $10.3M; at an illustrative 8% cost of funds, that's about $0.8M a year.
• Credit insurance. Export Development Canada's small-exporter policy covers up to 90% of losses, up to $500,000 per customer, on export sales (December 2025); EXIM's multi-buyer policies cover 90% to 95%. An insurer's limit cut works like a credit hold.
• Factoring and asset-based lending. Lenders commonly advance 70% to 85% of eligible receivables, up to 90% for B2B, excluding invoices past due three times terms, affiliates and over-concentrated customers (OCC, March 2025). North American factoring turnover was about €160B in 2025 (FCI, May 2026).
• Deductions. CRF's 2012 survey of sellers to retail found a median 2% of sales deducted (10% in consumer electronics and cosmetics), 3% to 5% of deducted dollars invalid, and 70% of invalid dollars recovered: about 0.03% of sales lost to invalid deductions. The expensive part of deductions is the research labor and the valid ones that are really margin given away.

How AR fintechs make money

Five models, usually combined: subscription (per seat, entity or invoice volume, sold on lower DSO); per-transaction fees (cents to about a dollar per ACH, a percentage on cards); card margin (the spread over true interchange-plus cost); float (interest on funds in transit, which needs a money transmission or sponsor-bank structure); and payer-side networks (virtual card interchange paid by the supplier, plus "enablement" fees), which compete for the same payment.

Public filings point the same way: transaction fees usually make up most of revenue, interest on funds in transit is a meaningful share, and supplier-paid virtual card interchange can be large. Some AR vendors market a flat subscription with free bank payments and card fees passed to payers (treat as positioning). The rail that costs your seller the most is often the one that earns the platform the most.

DSO, CEI and days delinquent

DSO is the headline; CEI (collection effectiveness index, the share of collectible receivables collected) is fairer; ADD (average days delinquent) separates lateness from terms. CRF's Q2 2026 medians: DSO 37.50 (40.12 in Q1), ADD 3.70, CEI 79.35, 87.92% current, 0.40% over 91 days (a delinquency signal, not a loss rate).

Sources: AFP's cost survey, FRB Services fees for FedACH and FedNow, Visa's interchange table, CFIB, CRF (Q2 2026), CRF deduction survey (April 2012), EDC, EXIM, OCC, GTR.

The power map

Power here follows who holds the cash, the data or the limit, and that's rarely your customer.

• Payer AP teams choose the rail and remittance channel, refuse portals, set long terms, write compliance manuals and deduct first. Large payers (retailers, governments, enterprises) dictate; small sellers comply.
• Payers' banks and AP platforms sell virtual card programs that move card costs onto suppliers: the other network competing for the same payment.
• Sponsor banks hold the most day-to-day power over an AR fintech, up to stopping origination, and have tightened since the Fed's and FDIC's 2024 enforcement orders over fintech oversight.
• Credit insurers and lenders hold the limit, a credit decision in disguise: an insurer that cuts a customer's limit stops shipments as surely as the credit team does. Canada's export credit agency had deployed about C$3B of a C$5B tariff-response program to over 800 firms by August 2026.
• Sales and credit fight over holds and terms inside the seller; sales usually wins the release (my hypothesis).
• Card networks and the courts set what cards cost. Visa and Mastercard's revised merchant settlement (preliminarily approved June 9, 2026, final approval pending) would let merchants decline or surcharge higher-cost categories, commercial cards included. If it's approved, a commercial card stops being something a seller must accept.
• ERP vendors own the invoice record and can embed their own payments; rail operators and regulators set return windows, limits and registration.

Sources: Fed enforcement action (June 2024), GTR on EDC (August 2026), Constantine LLP (June 2026).

Regulation in practice

What's written and what's enforced differ. The gap is where roadmap risk lives.

• Enforced by contract, every day: Nacha rules. They bite through your sponsor bank, along with its own BSA/AML and KYB demands. Since June 22, 2026 every non-consumer originator, third-party sender and receiving bank must monitor for unauthorized and "false pretenses" payments (BEC, vendor impersonation). A platform originating ACH debits for sellers is in scope.
• Enforced through acquirers: card rules. Surcharge errors become fines. Visa's monitoring counts cases ("excessive" at 150 basis points and 1,500 fraud and dispute cases a month, from April 2026), so B2B sellers rarely trip it, yet each loss is large.
• Enforced by customers and auditors: procurement asks for SOC 1 Type 2, SOC 2 Type 2 and a PCI attestation; auditors sign off the CECL allowance, and ASU 2025-05 simplifies the forecast, not the duty to reserve.
• Lightly written for credit. Reg B covers trade credit: a denial to a business with over $1M in revenue needs notice "within a reasonable time" and reasons on written request. The FDCPA stops at consumer debt, but state licensing can reach B2B collectors: Washington's collection-agency endorsement shows no commercial carve-out.
• Newly enforced in Canada. RPAA supervision since September 8, 2025; published notices of violation since June 12, 2026.
• Written but moving. The US surcharge map (a 2026 New York case questions state bans), the card settlement, and the Fed's check services (it asked in December 2025 about options up to winding them down; no decision yet).
• Deadlines slip. Canada's Real-Time Rail first participants are planned for Q4 2026, Interac e-Transfer migration for the first half of 2027. Plan for the later date.

Sources: Nacha, 12 CFR 1002.9, 15 U.S.C. 1692a, Washington DOR, Bank of Canada, ABA Banking Journal (December 2025).

The cost of being wrong

Mistakes cost in six currencies: cash, credit, days, relationships, access and margin.

• Cash. In AFP's 2026 survey, 76% of US organizations faced attempted or actual payments fraud in 2025 and 74% saw BEC attempts. The FBI's IC3 logged about $3.05B in reported BEC losses in 2025. The loss usually falls on the payer, but it lands at the seller as an invoice the customer thinks it paid.
• Credit. An unsecured trade creditor ranks last when a customer fails, and cash collected in the last 90 days can be clawed back. Guarantees, insurance and security interests only work if they're in place before the loss.
• Days. Every unmatched payment, rejected invoice and order on hold adds to DSO.
• Relationships. Dunning a customer who already paid, or holding a good customer's order on a stale limit, burns goodwill.
• Access. Breach Nacha's return thresholds and your bank faces an inquiry; breach your sponsor bank's patience and you can't originate at all, a platform-wide outage no code fix undoes.
• Margin. A card payment that downgrades to non-qualified costs 2.95% + $0.10 instead of 1.75% + $0.10 (April 2026): $120 more on a $10,000 ticket.

Sources: AFP (April 2026), FBI IC3 (April 2026).

Zero-fee networks and stablecoins: what's real

Two pitches reach AR teams: a network where bank transfers cost nothing, and stablecoins that settle invoices in seconds. My verdict as of October 2026: "zero-fee" is a pricing choice, not a cost breakthrough. For a domestic US or Canadian invoice, a stablecoin isn't cheaper than ACH and rarely faster than RTP or FedNow in a way that matters; it adds 24/7 finality, but loses remittance data and return rules and adds custody and accounting work. The real traction is cross-border, and in tokenized deposits (bank deposits recorded on a blockchain-style ledger, still the bank's liability) moving between large corporates. Ask of both pitches which rail the money really moves on, and who earns on it.

Where the money comes from when it's "zero-fee"

"Zero-fee" almost always means no per-transaction fee to the seller on bank-to-bank payments. I found no vendor claiming every rail is free for everyone. The cost doesn't vanish; it moves.

Sources (as of Oct 2026): AP/AR platforms' public filings (patterns, not figures), vendor and processor pricing pages (claims, not proof), and the Fed's FedACH fees. The closed-loop pattern is inferred from account structures; no filing spells out its economics.

Stablecoins and blockchain vs the bank rails

A stablecoin is a blockchain token its issuer promises to redeem one for one in dollars from a reserve pool.

Sources (as of Oct 2026): AFP's 2026 Liquidity Survey (309 respondents, March 2026), a McKinsey study reported by CoinDesk, Nacha, CRS. Bank network volumes are bank-reported.

On a $50,000 invoice, ACH costs the banks under a cent, a commercial card $510 to $1,350 in interchange, a processor's stablecoin checkout $750, and a direct transfer lands near wire cost once you pay to get in and out. Domestically, stablecoins win on weekends and lose on almost everything else. Scale matches: of over $35T moved on-chain in 2025, about $390B was real payments, and B2B was about $226B a year, mostly cross-border. When a major card network says it settles in stablecoins, it means its US member banks can settle with it seven days a week, roughly 0.05% of its volume. Sellers see no change.

The rules, as of October 2026

• GENIUS Act (US). Enacted July 18, 2025; effective on the earlier of January 18, 2027 or 120 days after final rules. Every agency has only proposals (the Fed's came September 29, 2026), so plan on January 18. Then only "permitted payment stablecoin issuers" (PPSIs) may issue: bank subsidiaries, OCC-licensed nonbanks, and state-licensed issuers up to $10B. Reserves one for one in cash, deposits and short Treasuries; redemption within two business days; monthly reserve reports examined by an accounting firm; no yield. Not a security, not insured; holders come first on reserves if the issuer fails. Issuers must be able to freeze tokens under a lawful order. Tokenized deposits are excluded (CRS). From July 18, 2028, exchanges may offer only compliant coins (Treasury).
• Today. No PPSI exists yet; issuers hold state licences, and the OCC conditionally approved five crypto and stablecoin trust charters in December 2025. FinCEN's travel rule (sender and recipient details travel with the transfer) applies from $3,000.
• New York. NYDFS proposed Part 202 on June 9, 2026, built to be certified "substantially similar" to GENIUS. Comment letters ran through September.
• FASB. A proposal issued August 18, 2026 (comments due November 19) includes an example in which a stablecoin counts as a cash equivalent: the holder can redeem on demand directly with the issuer and reserves are cash and T-bills of three months or less. My reading: a seller that cashes out only through an exchange or processor may not qualify.
• Canada. The Stablecoin Act got Royal Assent on March 26, 2026: issuers listed on a Bank of Canada registry, full reserves, redemption at par, no yield; banks stay with OSFI. Regulations and the registry have no dates yet. FINTRAC's travel rule applies from CAD 1,000.

Questions to ask a vendor

1. What's your revenue mix? Subscription, transaction fees, card interchange, interest on customer funds.
2. Who pays for cards on the "free" plan? If my payers are surcharged, at what cap, where, and who's liable for breaking the rules?
3. Which rail moves the money, step by step? Whose account holds funds in transit, and for how long?
4. What does "settled" mean on your dashboard? On-chain, your ledger, or cash in my bank? How long until usable cash on a Friday evening?
5. How does the invoice reference travel? Which field and standard, and what's the auto-match rate on payments outside your portal?
6. When it goes wrong, who eats the loss? Wrong amount, wrong recipient, duplicate, fraud: who decides, how fast, under which contract term?
7. For stablecoins: which issuer, and will it be a PPSI by January 18, 2027? Can we redeem directly, at what fee, and do you convert on receipt?
8. Who holds the keys and the evidence? Custodian, SOC 2 reports, segregation if you fail, licences, and an attestation (an accountant's report on one claim at one point in time, narrower than an audit) our auditors will accept.

Top failure modes

Sources: Nacha return reasons and thresholds, UCC 9-406, CRF deduction survey, FBI IC3, Visa Rules (April 2026), Rule H1. Ranking these by volume or cost needs an operator's data; I haven't found any public.

False friends

Sources: CFPB, 12 CFR 1005.2, Nacha, Payments Canada, Visa Rules.

Where my analogy broke

"A check is a slow port: annoying, but once it lands, it's done." A check can be deposited, applied and made available under Reg CC, and still come back weeks later as altered or counterfeit. Availability isn't finality.

"Remittance is message metadata." In messaging, the sender and timestamp ride with the message. Here the money goes through the bank and its explanation by email, portal or a stub in an envelope. It's as if every SMS arrived with a blank sender ID and the real one came by email two days later, sometimes never.

"Payer adoption is carrier approval." A carrier is one gatekeeper with a published process. Payers are thousands of AP departments, none of which owes you a review, and some have their own offer on the table: a virtual card program where my customer pays the fee. There's no approval to win, only behavior to change.

"A return code is an error code." In messaging, an error code is a diagnostic: read it, fix it, resend. An ACH return code is a right with a clock, and every R29 counts against a 0.5% threshold your bank watches. Retrying the wrong one adds to the count.

"Fees are carrier pass-through." In telco, carrier fees flow downstream and stop. Here, the interchange my seller pays funds the payer's card rebate, paying the other side to keep using the expensive rail.

"Net 30 is postpaid billing." Postpaid runs a credit check at sign-up and spreads risk over millions of small accounts. Here the credit check reruns on every order, one customer can be a tenth of the receivables, the biggest customers write their own terms, and cutting off a late payer is a fight with my own sales team.

Self-check: 20 questions

1. A payer says it paid last week; the seller shows nothing paid. Name three places the payment could be. Answer
2. Which steps happen before the invoice, and why do they decide most later disputes and deductions? Answer
3. CRF's median DSO is 37.50 days. How much of that is payer lateness, and how much the agreed term? Answer
4. Why is a seller on Net 30 a lender, and which lending rules does it escape? Answer
5. What does a $10,000 invoice cost to receive by check, ACH, wire and purchasing card? Answer
6. Which rails can carry a 50-invoice remittance, and why does it still arrive by email? Answer
7. How does a pull payment differ from a push payment in who carries the risk? Answer
8. Why is "applied" a different state from "funds final", and how long is the gap on each rail? Answer
9. An order is on credit hold. What are the ways out, and who besides credit can trigger one? Answer
10. A seller wants to add a 3.5% card surcharge for all US payers. What's wrong with that? Answer
11. What does "2/10 net 30" cost the seller, annualized, when a payer takes it? Answer
12. How long does a business have to return an unauthorized ACH debit, and what threshold does it count against? Answer
13. A retailer deducts for a late delivery. What evidence wins it back, and why aren't invalid deductions the expensive part? Answer
14. A payer wired money to a fraudster after a "new bank details" email. Who absorbs the loss, and what happens to the invoice? Answer
15. You sold an invoice to a factor; after notice, the customer pays you anyway. Who does it owe? Answer
16. A payment arrives from an unknown bank account. Why doesn't the rail say who paid, and what record fixes it? Answer
17. What does CECL require for receivables that aren't yet due, and what did ASU 2025-05 simplify? Answer
18. A customer files for bankruptcy a month after paying you. What can come back? Answer
19. Why does an AR platform's most profitable rail often cost its seller the most? Answer
20. What must an AR platform collecting from Canadian payers register for, and with whom? Answer

Sources

Undated entries were read on October 1, 2026.

Rail operators

• Fraud monitoring phase 2, differentiating unauthorized return reasons, network risk and enforcement, Nacha, 2026
• New rules take aim at credit-push fraud, Nacha, Mar 2024; new funds availability requirements, Nacha, Sep 2026; Same Day ACH limit to $10M, Nacha, Apr 2026
• User guide for CCD+ and CTX payments, Nacha, 2017; ACH costs are a fraction of check costs, Nacha, Feb 2022; BEC attempts rose sharply in 2025, Nacha, May 2026
• FRB Services: FedACH 2026 fees, FedNow 2026 fees, FedNow $10M limit (Sep 2025), Fedwire ISO 20022 cutover (Jul 2025)
• Real Time Payments, The Clearing House, Aug 2026
• Payments Canada: Canadian Payment Methods and Trends 2025, Rule H1, PADs (2026 edition), PAD business guide, RTR testing and launch, bill payment framework, modernization roadmap

Regulators, central banks and payments law

• Financial Accounts of the United States, trade credit (F81.s), Federal Reserve, Sep 2026; H.8 assets and liabilities of commercial banks, Federal Reserve, Sep 2026
• Regulation CC compliance guide, Federal Reserve; enforcement action, sponsor bank, Federal Reserve, Jun 2024
• Regulation E, 12 CFR 1005.2 and Reg CC inflation-adjusted thresholds, CFPB
• FIN-2014-R009, payment processor exemption, FinCEN, 2014; MSB registration, FinCEN
• UCC 4A-202, 4A-207 and 9-406, Cornell LII
• 2025 IC3 Annual Report, FBI, Apr 2026
• Notices of violation, Bank of Canada, Jun 2026; Payment service providers must register, FINTRAC, Jul 2022
• MTMA legislative update, CSBS, Apr 2026

Credit, collections and insolvency law

• 12 CFR 1002.9, notifications, CFPB; Advisory Letter 2001-6, OCC
• Comptroller's Handbook: Asset-Based Lending, OCC, Mar 2025
• 15 U.S.C. 1692a, US Code; 11 U.S.C. 547, Cornell LII
• Prompt Payment interest rate, Fiscal Service, Jul 2026; PACA trust, USDA
• Collection agency endorsement, Washington DOR
• Interest Act (current to Sep 2026) and Bankruptcy and Insolvency Act s.81.1, Justice Laws
• Section 1071 final rule, Mayer Brown, May 2026; CTA interim final rule, Greenberg Traurig, Mar 2025
• Criminal interest rates, Bennett Jones; Ontario Construction Act amendments, McCarthy Tétrault
• Bankruptcy Code dollar amounts, Cooley, 2025; vendor rights under 503(b)(9) and 546(c), Mondaq
• Sanctions screening and due diligence, Seward & Kissel
• Fourth Circuit limits beneficiary bank liability in BEC schemes, Holland & Knight, Apr 2025

Accounting

• CECL for commercial entities, Deloitte, 2023
• ASU 2025-05, KPMG, Jul 2025; amended guidance for short-term receivables, RSM, 2025

Card networks

• Visa USA Interchange Reimbursement Fees, Visa, Apr 2026
• Visa Core Rules and Visa Product and Service Rules, Visa, Apr 2026
• Merchant surcharging considerations and requirements, Visa, Aug 2023

Industry associations, standards and benchmarks

• National Summary of Domestic Trade Receivables, Credit Research Foundation, Q2 2026; 2012 deduction survey, CRF via Federal Reserve Bank of Minneapolis, Apr 2012
• X12 transaction sets, X12; e-invoicing, Fed Payments Improvement
• 2025 AFP Digital Payments Survey, AFP, 2025; 2022 Payments Cost Benchmarking Survey, AFP, 2022; 2026 Payments Fraud and Control Survey release, AFP, Apr 2026
• Typical trade credit insurance contract and multi-buyer policy, EXIM; Select credit insurance, Export Development Canada, Dec 2025
• SOC 1 and SOC 2, AICPA & CIMA; Credit card surcharging, CFIB

Trade press and legal analysis

• Global factoring turnover, GTR, 2026; EDC expands Trade Impact Programme, GTR, Aug 2026
• Payments news update, Constantine LLP, Jun 2026
• Fed seeks input on check services, ABA Banking Journal, Dec 2025
• Colorado surcharge law, Digital Transactions, 2021; New York surcharge case, Digital Transactions, 2026
• Surcharging rules, Goodwin, Mar 2025