Benefits of using a B2B Payment Solution

Why would I consider Using a B2B Payment Solution while I can continue running business operations using traditional methods?

Do you think the same? Well, it’s a great mindset as it prevents you from exceeding limits. Without any doubt, it’s an ideal approach for the B2C industry. But when you’re in the B2B industry, you may lose a number of opportunities due to a lack of funds.

That’s not the only reason for choosing a B2B Payment solution but there are other benefits as well. The purpose of writing this article is to highlight those benefits to guide you about why B2B payment solutions are important for your business. Learn more about B2B Payments.

So, without wasting any time, let’s talk about the benefits of using a B2B Payment Solution.

Reduce Cost

B2B payments are significantly higher in volume compared to B2C payment processing. At the same time B2B payment processing tends to be less costly than B2C payment processing. You can reduce the cost of processing by using Level 2 and Level 3 Payment processing.

Level 2 data processing saves businesses money on processing costs. Savings come from lowering the interchange rates that companies have to pay to the credit card associations per transaction. Interchange rates are set by credit card companies such as MasterCard, Visa, American Express, and Discover, and common reductions are around 0.50 percent lower than typical sales, but this can differ depending on the credit card association.

Processing Level 2 data requires technology that is fully equipped to gather this amount of information. Businesses will either need a standalone credit card terminal or a gateway which is set up to handle Level 2 data. Beyond Bancard will provide the payment gateway necessary.

Safety

Safety is one of your major concerns when you’re dealing with businesses on a bigger scale. Over the years, you’d be dealing with a number of businesses having different backgrounds. How would you cover the damage if a business scammed you at some point?

And you can’t start running security checks on every business you’re planning to work with because it’s quite a lengthy process. And you don’t have enough for that, do you? A reliable B2B payment solution, like the ones provided by Beyond Bancard, is the ideal option to avoid this problem.

The B2B payment solution providers take complete responsibility for the transactions made through their platform. They carefully monitor these transactions to provide comfort and convenience to their customers. Thus, you won’t have to worry about being scammed.

Most importantly, cybercriminals won’t be able to access your data at any cost. Therefore, a B2B Payment solution is the utmost necessity when you’re dealing in the B2B industry.

 

Faster Payments

It feels awkward when you have to wait for days or even weeks to receive the payment for a product or service. Even if you feel comfortable with it, your supplier may easily get irritated. And he/she would probably stop working with you after a few late transactions.

Managing proper cash flow is the most important part of running a business flawlessly. How would you manage your business operations if you don’t even have proper cash flow? It’s not just about dealing with fellow businesses but it’s also important for your business’s survival.

You’d often face problems with paying your employees if you don’t receive payments on time. And it will ultimately lead you to some serious issues.

Fortunately, the B2B payment solutions ensure the fastest cash flows for businesses. Whether it’s a pos system or an online payment system, you instantly receive payment in your account as soon as the buyer releases payment. Thus, you never run out of cash when you’re using a well-known B2B payment solution.

 

The Sky is the Limit

One of the most important benefits of using a B2B payment solution is that you aren’t limited to a particular city, state, or even a country because you can sell products/services anywhere in the world.

It’s the beauty of these online payment solutions that we can now get the best products/services at extremely affordable prices. There are a number of B2B payment solutions you can use to receive international payments if you’re running an eCommerce website or any other eCommerce business.

Don’t forget to check out our article about “Types of B2B Payments” to understand which option is suitable for your business.

However, a B2B payment solution removes all the hurdles allowing you to choose the best supplier or service provider for your business. So, make sure that you choose one wisely.

 

Better Growth Potential

Do you know many businesses have now stopped using traditional payment methods?

What could be the reason behind that? Well, the traditional payment methods reduce your chance of exploring emerging markets. If you’re willing to generate kitchen income from your business, you can stick to those traditional payment methods.

But if you want to grow your business tremendously, you need to choose a B2B payment solution as soon as possible. It has now become a basic need in this industry.

How would you survive in this industry if you haven’t designed your business according to its standards? The suppliers or buyers won’t agree upon working with you if you couldn’t maintain proper standards. So, if you’re focused on exploring new opportunities, we recommend choosing a B2B payment solution for your business.

 

Easily Traceable

One of the major problems with traditional payment methods is that you have to spend hours tracking sales by the end of the month. And there are high chances of making a mistake because everything is done manually.

Fortunately, the B2B payment solutions enable you to track sales quickly and accurately. By just pressing a few keys, you can get data for a specific period of time. The B2B payment solutions are equipped with advanced tools that reduce the burden on your shoulders.

So, make sure that you use one for your business to avoid the headache of tracking sales every now and then.

 

Conclusion

A B2B Payment Solution is extremely important for successfully running your business operations. It brings a lot of benefits to your business. Most importantly, it ensures your business’s growth and safety every step of the way. If you’re having problems with choosing a B2B Payment solution, feel free to contact our experienced team. We’ll be more than happy to help you choose the best option for your business.