B2B Payments for Retail

Stepping into the B2B industry is one of the most effective ways to explore more opportunities for your retail store. But how would you manage those sales if you don’t have a proper payment system for this industry? The standards of the B2B industry are quite different from the B2C industry because you’re now targeting a completely different group of people.

In this business, you’d be dealing with the massive orders that you hardly ever receive in the B2C industry. You’d probably have to deal with some unusual situations if you don’t have a proper B2B payment system.

 

Benefits of B2B Payments for Retail

 

Why is it essential to use a B2B payment platform when I can process payments using my regular B2C payment system? If this question is bothering you, the following information may help you.

 

Improved Cash Flow

 

Being a business owner, you must already be familiar with the importance of cash flow. Managing proper cash flow gets a bit difficult when you’re processing a huge amount of orders every day. In this situation, a reliable B2B payment system can fix your needs. Using a B2B payment system, you can virtually receive payments from your customers within a few minutes. And you can even send them digital invoices by just pressing a few buttons on your point of sale software.

 

Automation

 

You no longer need to waste your time sending invoices and collecting payments from the customers. The B2B payment platform can fix your problem. You just need to set a schedule for recurring payments and the virtual payment system will automatically deliver invoices to your regular clients on time. Thus, you’d get enough time to focus on boosting the growth of your business.

 

Customer Retention

 

The clients are now interested in working with businesses that offer contactless payment methods including mobile wallets, debit/credit cards, NFC cards, etc. And this is exactly what you get with a B2B payment solution. The customers don’t like the hassle of carrying cash or paper checks with them. So, you must use the methods to facilitate them rather than drive them away from your business.

 

Types of B2B Payments for Retail

 

Before we start talking about B2B Payments for retail, we’d like to highlight the fact that B2B payments are further divided into two major categories recognized as Level 2 and Level 3 Payment processing. Level 2 Processing is mainly used for small to medium scale businesses while Level 3 processing is designed for bigger organizations and government institutes. Don’t forget to check out our recent blog where we’ve shared detailed information about Level 2 and Level 3 Payment Processing in B2B Space. Now, let’s dive into the details of B2B Payments for Retail.

 

Credit Card

 

Credit is the ideal option for businesses that want to maintain proper cash flow throughout the year. It’s a safe and inexpensive way of sending and receiving payments for different products and services. Some business owners avoid using credit cards for B2B transactions because they’re afraid of interest rates associated with credit cards. But you won’t have to worry about it if you consider using it like a debit card. The Credit card is one of the best B2B payment options if you don’t exceed your limits. What we really like about credit card transactions is that you can get a digital or printed receipt by the end of the month. Thus, you can track your expenses to prepare a better plan for future.

 

Digital Payment Platforms

 

Digital Payment Platforms like Paypal, GooglePay, Skrill, and Venmo are insanely taking over the B2B industry. These payment solutions provide more convenience and better speed. The users need to follow a strict verification process to create an account on these platfomrs for B2B transactions. Thus, you won’t have to worry about scams or frauds on these platforms. They’re perfectly reliable for both the buyers and suppliers. Using these platforms, you can send or receive money with just a few clicks.

 

Unfortunately, these payment platforms have higher transaction fee compared to other digital payment methods. However, Beyond Bancard can solve this problem. We can provide you with a digital payment platform that is affordable and secure as well. So, give us a call if you need a digital payment solution for your B2B transactions.

 

Wire Transfers

 

Wire Transfers have also played a vital role in changing the B2B industry globally. Whether you’re dealing with a local or international business, it takes only a few minutes to process payments. You just need to install a service provider’s app on your smartphone. And after completing the verification process, you can start sending payments internationally. The beauty of these payment solutions is that the payment directly lands into your bank account.

 

But if you’re using digital payment platforms for B2B transactions, you’d have to manually transfer amount to your bank account. It can easily create a mess if you’re handling a large number of orders every day. Using wire transfers, you can also send payments to the countries where digital payment solutions aren’t available so far.

 

Conclusion

 

When a retail store is entering the B2B industry, they may assume that they don’t need a separate payment solution for B2B transactions. But it may lead to some serious problems in the long run. We’ve described all the important reasons about why B2B Payments are important for Retail Stores.

 

We’ve also highlighted the basic difference between Level 2 and Level 3 Payment Processing. At the end, we’ve described the details of B2B Payments for Retail. We hope we’ve answered all the questions that may come to your mind about B2B Payments for Retail. If you still have any doubts, don’t hesitate to get in touch with us. We’ll be happy enough to guide you through the process.