B2B Payment Processing is a great blessing, isn’t it?
B2B Payments are becoming more popular. I mean you can easily process international payments within a short span of time. But you can’t underestimate the risks associated with these payment solutions, can you?
Every great innovation (especially the ones that involve financial transactions) comes with some serious risks. The best part is that we can avoid these risks by taking a few essential steps. In today’s article, we’ll be highlighting the risks of B2B Payment Processing. And we’ll also guide you about how you can avoid these risks to protect your valuable assets. So, without wasting any time, let’s talk about the risks of B2B payment processing. Learn more about B2B Payment Processing.
Authorized Push Payment
Do you know the hackers can easily steal the information of your suppliers that you’ve stored in your database? Sounds weird, right? But it’s a reality and you should be prepared to deal with it.
The hackers use certain methods to steal information from the buyer’s database. They then reach out to the buyer and ask them to transfer the amount to a new bank account. They usually play these tricks with the buyers who’ve had some trouble with the supplier due to late payment. It’s quite easy to convince someone who’s already under a lot of pressure. The best way to avoid such kinds of problems is to use a secure firewall on your database to protect your suppliers’ information from hackers.
Furthermore, you need to establish a strong verification process with your supplier to avoid such kind of attempts. The supplier can connect you to a person whom you can contact if you need to verify something.
Do you know you’d find more scammers in the B2B industry as compared to the B2C industry? Yes, scamming a wholesale business is more rewarding for scammers as a single successful attempt can fulfill their needs for a long time.
When you’re in the B2B industry, you can’t be sure about whether a business is going to pay the amount or not. And you can’t just refuse to serve a business just because you think they won’t pay for the service. It will ultimately damage your reputation in the industry and you’d have to fight hard for your survival.
So, what’s the best way to deal with scammers?
Well, you need to use a payment process where the buyer will keep the amount in the escrow and you both won’t be able to access the amount throughout the deal. Many Online Payment providers offer this kind of service for B2B Transactions. The service provider releases the amount to the supplier once the product/service is delivered. The buyer can request a refund if they aren’t satisfied with the product/service.
The Payment Service provider will then run a detailed check to figure out whether they’re eligible for a refund or not. In simple words, you won’t have to worry about scams if you’ve provided the level of quality promised in the product/service description.
Beyond Bancard provides fast and reliable online payment solutions for B2B businesses. If you’re looking for a similar service, feel free to contact our professional team.
Payment Error is one of the major mistakes that often cause trouble in the B2B business. Sometimes, the suppliers add multiple line items on multiple invoices. In this condition, the buyers often miss the payment for a particular delivery, or they sometimes, end up paying twice for the same product. At Beyond Bancard, we provide the best POS system that helps with keeping things organized. With just a few clicks, you can easily print the invoice for a particular delivery. And nothing goes messed up at all.
Even if it’s about calculating the expenses for the entire month, you can print complete data by following a few simple steps.
Decline In Sales
You might be thinking about how B2B Payment processing can affect my sales. Well, during your journey in B2B industry, you’d have to deal with businesses that don’t pay on time. Now, you can’t personally go to collect payment from these businesses as you already have a lot on your plate. In this case, people often ask their salespersons to collect the amount from the other business. It’s not actually a part of a salesperson’s job. And if you’re asking them to do so, you’re basically damaging your sales.
The best way to avoid this kind of issue is to use a reliable and secure pos system like the ones provided by Beyond Bancard.
The B2B Payment Processing is an ideal option for medium to large-scale businesses. But it may cause trouble if you aren’t prepared to deal with the risks associated with it. We’ve mentioned some of the risks you may have to face in B2B Payment Processing.
And we’ve also provided solutions so you may avoid these issues. If you need more information about the risks of B2B Payment Processing, just send us an email or give us a call. We’ll be pleased enough to guide you.
Need to process B2B Payments?
Beyond Bancard is the Solution.