B2B Payment Solutions
B2B payments refer to the transfer of money from buyer to supplier for goods or services. These payments are called business-to-business payments (commonly referred to as B2B payments).
B2B transactions are usually made from a business account or card, as they are purchases made by businesses from other businesses. Payments can be made on a one-time basis, or recur each month depending on the terms agreed upon between the buyer and supplier.
Send and receive B2B payments locally and internationally with your dedicated multi-currency B2B payments account. Make transfers in up to 34 currencies & gain access to the best available exchange rates.
What Are the Current Issues Surrounding B2B Payment Methods?
There are quite a few issues to contend with and consider when making B2B payments. B2B payment solutions such as cash, cheques, or written invoices can be subject to fraud, loss, and damage. In addition, they require plenty of time and effort to organise and keep track of.
B2B payments are often much more complex than business-to-consumer transactions (B2C) as they require more time to approve and settle transactions, which can often take days or weeks.
Despite technological advances, B2B payment options have been much slower to evolve. Cash, cheques, and wire transfers remain the most common B2B payment methods, with the majority of businesses still choosing to operate this way.
However, there is a lot of time and risk involved with these methods, so it’s important to also consider other B2B payment solutions for your business.
FinTech industries have made it easier for businesses to network and connect all over the world and the market is seemingly flooded with options. It can sometimes be difficult to figure out the best B2B payment option for your business.
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How Can B2B Wallets and Digital Credit Cards Be Useful B2B Payment Solutions for Your Business?
Digital B2B payments are an effective form of financial service for B2B payments as they speed up issuing, receiving, and processing payments which will help to improve cash flow.
A robust B2B payment solution is a good way to simplify accounts payable and receivable, rather than managing a lot of paper coming and going into and out of the business.
Some software can also automatically scan, record, and store invoices for you without the need to deposit and reconcile documents. Adopting a B2B payment solution also means saving resources like time and money.
B2B Wallets
A B2B wallet is a prepaid solution that allows you to pay suppliers worldwide in many different currencies. It offers you a choice of virtual payment cards to earn rewards or save money by avoiding additional fees.
Business Credit Card Options
A business credit card is one of the primary payment options for B2B payments. They provide a convenient and inexpensive way to complete transactions. In addition, card payments can easily be tracked at the end of the month in one single statement.
Although credit cards can incur interest charges, if the balance is paid quickly it can give a business access to additional funds. If paid off each month and used like a debit card, it can be a really beneficial payment option.
Virtual Credit Cards
Some companies offer virtual credit cards which are usually attached to a regular credit card account so all transactions will still make an appearance on your credit card statement at the end of the month.
Virtual credit cards are a one-time use payment method and can help you to avoid fraud and other security risks as after the first transaction is made the credit card number becomes null and void.
Digital Payment Platforms
Another form of B2B digital payment is using an online platform such as Payset. These platforms can be used electronically to transfer money from one account to another. This avoids dipping into any bank account although they are usually connected.
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How Do B2B payment Solutions Work with Cross-Border and International Trading?
are transactions between businesses that are located in different countries. The internet has opened up the world to cross-border transactions. Many countries require a way to process transactions from other countries when sending and receiving money.
Lots of B2B payment solutions are not always available in each country. Meaning that even if you intend on paying your suppliers on time the payment may not be accepted.
To avoid this, you often need to ensure that you have the unique data specific to the country in question. For example, in China, to make a global payment, you first need the payee’s telephone number, in the UK you will need their sort code, and in the Ukraine you will need a payee’s tax ID number. In most European countries you will also need to obtain their IBAN number in order to send global payments.
Most digital platforms, such as Payset, provide onboarding for both your business and payees which takes care of the data collection for you. Bank account details can be uploaded and payment preferences set in minutes. This saves a business both time and money and simplifies accounts payable by providing a central location for all transaction data.
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What Are the Main Benefits of Choosing a B2B Payment Solution?
- Going digital with B2B payments makes it easier to send, receive, and process payments. It improves cash flow, guides relationships with suppliers, and facilitates payments. Automation will streamline operations and encourage employees to focus on more important tasks.
- Digital payments offer many benefits that are prepared for a post-pandemic world such as the ability to make contactless payments.
- Electronic payment platforms offer quicker payments for both your business and your suppliers.
- Invoice processing, approval and payments can be processed from anywhere in the world at any time.
How Do I Accept a B2B Payment?
- Set payment terms for the buyer
- Buyer will send order requests
- Fulfil their order, deliver the goods or services as requested and send out any invoices.
- The buyer will submit their payment
- Your business can process its payment internally.
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Get in touch with a member of our team to learn more about how our accounts can help you to budget whilst making B2B payments.
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