B2B online payment processing: the best way to get paid faster

Did you know that online transactions will account for more than 13% of all B2B sales in the US by 2021? According to Forrester Research, B2B eCommerce sales have been growing consistently, gaining traction over traditional methods.

Traditional methods of B2B payment

• Checks: Research shows that 51% of B2B payments are still made by check. The buyer issues a purchase order and the seller issues an invoice. This takes time. The average lifecycle of a B2B payment is over 30 days. On top of that, there is a cost associated with those old school transactions.
• Bank transfers: Wire transfers moves money from one company’s bank account to another company’s bank account. They are used for larger transactions and have other costs associated, such as greater bank charges.
• Paypal: Strictly speaking, Paypal is not a traditional method, but it's been around for a long time now ( more than 20 years). On one hand Paypal offers excellent fraud protection, on the other hand, it does not provide a seamless payment experience compared to other integrated methods.

Say hello to fully integrated B2B payment solutions

Today's wholesale distributors are eager to embrace more efficient payment methods. They want to focus on offering their customers a great customer experience, and let their B2B payment solution automate tedious processes.

Benefits of a fully integrated B2B online payment processing solution

1. Wholesalers get paid faster.

Online payments reduce average B2B payment lifecycle significantly. That means that companies gain faster access to funds. An online payment system speeds up the B2B payment process, helping to solve cash flow issues frequently faced by small- and medium-size companies.

2. Higher conversions.

Which in turn bring more sales. Online integrated transactions have become the new normal. B2B buyers expect a self-served solution and they may go somewhere else if they are not given the choice. 

3. Seamless customer experience.

With B2B payments, wholesale customers enjoy a streamlined user experience for smoother checkouts. Modern online payment processing solutions allow companies to handle orders within the business software they’re already using. 

4. Improved and simplified reporting. 

B2B online payment processors make reporting and reconciliation a breeze. An optimization of the reconciliation process will make sure the business gains multiple days in the closing process and will increase the reliability of the financial information.

5. Improved and simplified business management.

Businesses can see their account balance, payments, and payouts history on a single dashboard. This also reduces the amount of work involved for the finance or accounting team.