How to accept electronic payments from other businesses

With increasing numbers of companies choosing to accept electronic payments from their business clients, it could not be more important for any company that has not yet investigated the possibilities to look into how it can upgrade its systems. More consumers than ever are opting for online payments, with mobile payments especially on the increase. Between 2010 and 2017, the number of mobile purchases made has increased dramatically, from just 7 percent of buyers to 17 percent, and cashing in on this trend is key to ensuring any company, regardless of sector or size, is successful.

Variety Of Options Is Vital

When businesses are looking for the best ways to accept electronic payments, they need to bear in mind that customers, whether they are consumers or B2B clients, are looking for variety. A survey carried out in 2016 showed that customers use 3.6 payment methods on average every month to pay bills. It’s clear to see that offering a choice of payment options improves the customer experience, thus increasing customer satisfaction. As an added advantage, offering options reduces how long it takes for payments to be received. Merchants are increasingly finding they are saving time when they accept payments via payment schedules or via telephone payments.

How Are Businesses Accepting Online Payments Today?

Technology is evolving, and the result is businesses can harness the latest innovations to offer even more options to their customers when it comes to making payments. Here are some of the most popular options:

  • Online debit and credit card payments – When customers can pay using their cards on the business’ website, merchants can receive payment instantly.
  • ACH processing of eChecks – ACH payments allow customers to pay directly from their bank in the form of an online check without the need to write out or mail a paper copy. Not only is this more convenient for customers, it’s more predictable and secure for businesses than waiting to receive a paper check in the mail.
  • Mobile payments – By swiping a card, dipping a chip-and-pin card or typing in credit card numbers on mobile devices is another popular modern form of accepting payment. With instant confirmation and immediate receipt, this method allows for easy selling of products online and allows customers to quickly make payment through any Internet-enabled device.
  • Online payment gateways – By just adding a payment form to a company’s website, customers are able to make payment directly. A company, such as BillingTree, can offer online payment services to businesses with customized forms to match the company’s branding and outstanding functionality to accept payments over the Internet.
  • – Click to pay – Customers can be invoiced by e-mail and then be paid virtually instantly. This option allows customers to pay invoices and then receive their receipt in just seconds. E-billing is not only convenient, it is environmentally sound and saves companies money over the cost of printing and mailing invoices.
  • Recurring billing – If customers pay for their services regularly, a recurring billing arrangement can be scheduled to ensure timely payment. Customers prefer to stay organized when it comes to paying their bills, and recurring billing is a useful way to make customers’ lives simpler, thus boosting customer satisfaction.

Making Your Choice

As you can see, there are plenty of ways in which businesses can now accept electronic payments. Finding the right one for your company will help you to receive payments more rapidly, increase your sales revenue, and gain more repeat customers through better client satisfaction. BillingTree’s merchant services for commercial clients are the ideal choice for offering online payment options, making life easier for customers and business owners alike.