4 Benefits of Using B2B Payment Gateway Software
There are many upsides to billing and invoicing software—especially for B2B payment processing. In addition to streamlining operations, other key advantages to adopting a digital solution include:
Improve Cash Flow
Starting a business can be risky and one of the top reasons a company doesn’t make it is because they have cash flow issues.
Automating B2B processes rather than relying on paper checks to make and receive payments, allows merchants to easily identify patterns in the cash flow. This helps businesses make smarter decisions about where and when to spend and save.
Using a payment software platform enables a business to generate reports that give them an overview of the AP and AR processes. This top-down transparency means buyers can identify suppliers that pay regularly and those that pay late, and then buyers can handle those relationships accordingly.
B2B accounting software also makes it easier for customers to pay buyers. For example, invoicing apps allow merchants to pay with the simple click of a button rather than writing a check and mailing it. This gets the money in a merchant’s account sooner and vastly improves cash flow.
A robust B2B payment solution is also a good way to simplify accounts payable and receivable. Rather than managing a bunch of checks coming and going, the software automatically scans, records, and stores them. There’s no human labor required and thus much less room for error. The system may even integrate with ERP, accounting, or bookkeeping software for shared data management. This also makes filing taxes a lot easier.
Sticking a check in the mail opens a business up to fraud. Mail theft of checks is still a very real threat. Although digital solutions aren’t immune to security breaches, most payment providers have a team of engineers and experts always watching over data ensuring it is more secure. There is also a clearer trail of data when every transaction is done electronically.
Save Time and Money
Adopting B2B payment solutions means saving resources like time and money for the business, employees, and customers. Suppliers don’t need to write a check, and buyers don’t need to deposit and reconcile one.
Processing a hard copy check costs an average of $2 — which can add up if there’s a large volume. Instead of wasting effort on this, a business team could be focusing more attention on core products and services while AI does the menial tasks.
Learn About i3 Commerce Technology’ B2B Payments:
Contact us online or call 1-800-621-8931.
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