A B2B payment is an exchange of money for goods or services between two business entities rather than two individual people. The concept is simple, but modern businesses are complex, and so are their financial needs. Thankfully, B2B payment processors understand that. The best of them go out of their way to simplify the process for buyers and vendors, but not all payment processors are equal. Read on to find out what to look for in a B2B payment processing platform.
Versatile B2B Payment Options
Every company has a slightly different set of expectations when it comes to doing business with other commercial entities. Some prefer to issue e-checks, while others use credit cards, direct bank payments, or virtual terminals. Thankfully, according to realtimecampaign.com, businesses are moving away from cash payments and paper checks in favor of a more advanced range of touch-free payment options. A good B2B payment processor will be able to handle any kind of digital or virtual payment.
There's no excuse to have employees handling every payment today. Automating B2B payment processes with a software solution like Paystand frees up time for more important work, eliminates unnecessary workflow delays, and allows payments to be processed even when there's no one in the office. Plus, automation can help to catch unintended mistakes and intentional fraud that could otherwise disrupt financial operations.
These days, almost every aspect of a modern business relies on at least one software solution. As Shopify B2B Payments Fintech Melio Introduce Integrated Accounts Payable Solution for Merchants, businesses are starting to question whether their software systems are working together as effectively as they could. Finding a B2B payment processing solution that can be integrated with the company's current accounts payable software and larger business intelligence and enterprise resource planning solutions is a must.
Businesses have an obligation to keep sensitive data safe, and that includes financial data coming from other companies. The only way to do that is to choose a payment processing platform that offers comprehensive security. Tools like multi-factor authentication, encryption, and access controls can be used to create an online environment conducive to safe data storage and transfer. Businesses should also do their part by checking out these additional resources on how to keep data safe both during transit and at rest.
A User-Friendly Portal
External-facing self-service payment portals should allow users outside the company to review the details of their payments and track the status of transactions that are still in process. A user-friendly payment portal will allow them to do that without having to wait until business hours to contact an employee for help. Self-service portals also cut out unnecessary delays by strongly encouraging digital instead of paper-based payment methods.
Make the Switch
Whether companies are looking into accepting virtual payments for the first time or they're dissatisfied with a current payment processor, now is the perfect time to embrace change. Don't just choose the first B2B payment processing solution made available. Look for all the features above to ensure a positive experience.