Digital Payments are bringing a lot of opportunities for businesses. As a business owner, you should be aware of the digital revolution that has emerged, especially during the pandemic when companies have adopted electronic remittance solutions to make payments more manageable. The B2B business model, business performance, and reputation are directly linked to the success of online payments.
For instance: if the method you are using is not reliable enough to have secured payments. Imagine the impact it could have on your brand’s image. Neither will you be able to improve the efficiency of your business nor the revenue of retailers. Therefore, in the B2B business model, instead of processing orders, it is necessary to process all the charges on the digital platform. And, fortunately, it is not a difficult task anymore. There are a lot of B2B payment methods that you can pick from.
Credit Cards: One of the primary and inexpensive methods you can use for B2B payments is credit cards. They are convenient, faster, and safer than other payment solutions. These payments are directly linked to the bank accounts of the customer to float cash and facilitate transactions. Besides, the card payments can be easily tracked at the end of the month. This helps you see all the payments made so far, thus allowing you to check if expenses made were valuable or not.
Besides, you can choose virtual cards for one-time payments. These virtual cards, also known as p-cards, are indeed the digitized copy of your actual credit card. They come in pretty handy to avoid data breaches and online fraud. From cost reductions to the increased sales and customer loyalty, they offer a lot of control over expenses and payments. If you want you can “read more about P cards from Bento” and see how P-Cards are used for these low-value transactions. For every payment, a new key is generated for your virtual card which eliminates the repeat usage. And thus prevents any fraudulent activity on your credit card.
ACH Payments: Also known as automated cleaning house, this is another payment method used for B2B digital transactions. This type of payment uses a routing number and a bank account that electronically moves from one entity to another. They are so simple, more straightforward, and cost-effective. For this reason, several companies make use of this transaction method.
ACH payments are a great way to maintain cash flow and settle accounts. Over that, these types of payments can be integrated into the company’s ERP, i.e., enterprise resource planning system and other business processes.
Wire Transfers: This method is used for real-time transactions, including e-commerce and other digital payments. You might need to make a lot of international prices for your business projects. Have you ever wondered which is the best payment method for international transactions? The wire transfer is the right choice; as the funds land in the account, they become available immediately. No batch system is used in the process and has a quicker turnaround time. Therefore, if you see an option that is quicker than ever, you can choose wire transfer.
Years back, there were a few methods to make online transactions. But, today, new methods have exploded, and covid-19 has left long-term effects on the B2B payment market. If you want to grow your business exponentially, as a business owner, adopt the latest and effective methods.
