Payments, Data, & Software Simplify B2B Payments

Transactions between buyers and sellers, known as Business-to-Business (B2B) payments – isn’t lacking in complexities. Balancing payment methods, terms, timelines, and compliance issues with inadequate, outdated, and fragmented systems or mindsets is a challenge for almost every business.

Moving the network of buyers and sellers to a more efficient, streamlined payment environment can help alleviate hardships, make things easier, and translate to better margins.

Bringing B2B payments fully into the digital age requires a universal platform with three elements — payments, data and software — working concurrently to help simplify commercial transactions.

Keys to Simplifying Payments

No matter what solutions are used to modernize a B2B company’s payment structure, there are some key things to consider:

• Ease of Use – No matter what method or software is employed, the onboarding must be easy for all users or it won’t get used.
• Consumer Functions – For most humans, financial tasks are not completed on mobile phones. The B2B world needs to mimic what is taking place in the consumer world and provide ways for businesses to invoice, manage, and collect payments via mobile devices.
• Transaction Details – Modernizing B2B payments must focus on the details of each transaction and capture whether payments are reliable, at the right cost points, and flow securely.
• Data Points – Data can then be paired with the payment so that sellers can get their invoices out quickly and buyers can move from procurement to payment in a streamlined, digital way.

Benefits of B2B Simplifying Payments

Modernizing payments offers B2B companies many advantages such as enhanced speed and efficiency, reduced transaction costs, improved cash flow management, minimized fraud risk, and improved transaction transparency. For small-to-medium-sized businesses, instant access to funds boosts cash flow that is vital to the health of a company.

Merchants are learning though education and awareness how simplifying B2B payments adds value to their business through increased revenue, operational savings, or competitiveness.

Learn More About Our B2B Payment Solutions:

Contact us online or call 1-800-621-8931.

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