How to Set Up Automated B2B Payments?
Fast Speed, Affordability, and Better Accuracy!
Set up Automated B2B Payments. These are the 3 most important factors that make Automated B2B Payments more attractive than the traditional payment solutions. You can’t expect massive growth in this industry if you’re still relying on cash or paper checks for B2B transactions.
Many businesses have already shifted to automated B2B Payments and so should you otherwise, you’d be left far behind.
Importance of Automated B2B Payments
In today’s article, we’ll mainly be talking about how you can set up automated B2B payments. But before that, we’d like to describe why you should choose this type of payment method instead of traditional B2B payments. Learn more about level 2 and level 3 payment processing.
Cost reduction is one of the major reasons why most businesses are shifting to automated B2B payments. Faulty payments, postage costs, and late fees are some of the common issues you have to deal with when processing B2B payments manually.
Automated B2B payments save your time while allowing you to process payments quickly and efficiently. With automated B2B payments, you don’t need additional resources to fix the errors because the automated payment system takes care of these aspects on your behalf.
The automated B2B payments are usually cloud-based solutions. Your payable team won’t face any issues transferring data to each other. It ultimately leads to completing payment approvals faster than before. Thus, your financial team can spend their time on something more productive rather than worrying about documentation.
Phishing attacks are quite common in the B2B industry. You can easily become a victim of these attacks if you’re still using manual and paper-based payment systems. We aren’t saying that the automated B2B payments will completely eliminate the risk but they provide better protection against these attacks compared to manual payment processing.
It’s the Standard
Whether you agree or not, automated B2B payments have now become a standard. And your survival is only possible if you follow the industry standards rather than trying to force your own standards upon everyone else. In today’s world, every business likes moving at a fast pace.
And they don’t prefer collaborating with those who may affect their speed by any means. Therefore, you need to adopt the industry standards before it’s too late.
How to Set Up Automated B2B Payments?
Hopefully, you’ve understood why you should shift to the automated B2B payments. So, we should now start talking about how you can set up automated B2B payments.
Transfer the Data
You may have already established a file of your existing clients or vendors on your ERP system. This file contains detailed information about when you’re supposed to send invoices to different clients. It also contains information about the payment methods different vendors accept.
Most of the advanced B2B payment solutions can be integrated with the company’s ERP system. So, it won’t take long enough to transfer information.
By just pressing a single button, you can generate an electronic invoice with the help of the Automated B2B payment system. The system automatically collects information about your recently delivered products/services. And it accurately displays the cost on the invoice.
Payment approval takes days or even weeks when it’s done manually. But if you’re using an automated B2B payment system, you can send the invoices to your accounts payable team with just a single click. The team won’t have to wait for the documents to be printed as they can verify the entire information through the payment system. So, it will take only a few minutes to approve a payment.
As we’ve mentioned, an automated B2B payment system already has information about the payment method your vendor prefers using. Once the payment is approved, you can release the payment with a single click. And there aren’t any chances of mistakes because you aren’t adding information manually.
Addressing the Claims
Automating the payments doesn’t mean that you won’t have to deal with the claims at all. The clients may make a claim for some other reasons. The best part is that your automated B2B payment system helps with addressing the claims quite efficiently.
Gone are the days when the businesses used to spend hours looking for the details of a particular order whenever they received a claim. Whenever a client makes a claim, the payment system displays the information it already has on its database.
Automated B2B payments are the need of time. And every B2B business should use this payment solution to streamline their payment process. We’ve described the benefits of using an Automated B2B payment system. And we’ve also shared the information about how you can set up automated b2b payments.
Beyond Bancard provides secure and reliable payment solutions you can use to automate your B2B payments. You may contact us if you’re willing to automate your B2B payments.
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