Electronic payments are becoming a lot more common within the B2B world. Now, around 90 percent of B2B companies are starting to recognize that paper checks are falling from favor and online B2B payment solutions are on the rise. It is anticipated that soon more than $6 trillion will be electronically transferred between suppliers and purchasers all over the world. To accommodate the demand for this modern technology, there are now many payment processing services that promise to make online B2B payments a lot speedier, simpler, and, above all, more secure. However, there are still several challenges that payment portal providers must deal with to be successful.
The Need to Handle Multiple Payment Methods
High-quality e-commerce portals must ensure that making payments is as simple as possible for customers. The days are long gone when paper checks were the primary form of payment. The ability to accept several different forms of payment is vital, so there is no need to wait for paper checks to be received and clear to finally be able to access funds. Providers, such as BillingTree, offer access to a 24/7 payment platform through which a wide variety of payment capture methods are accepted for the ultimate in convenience.
The Need to Offer a High Level of Security
With the rise of online payments comes the need for higher security levels. The fear of hacking, identity theft, and cybercrime is becoming ever-more prevalent in today’s modern world. Therefore, when choosing B2B payment solutions, it is vital to select a provider that guarantees the highest possible level of security is offered as standard. In B2B commerce, transactions are made regularly, and any breach could result in sensitive data being lost from buyers and sellers alike, leading to a deterioration in reputation and loss of revenue. Payment processing portals, such as BillingTree, ensure all the payment solutions they offer are entirely secure and protected for peace of mind throughout the transaction.
The Need to Carry Through Business Branding
A key element of any modern business is its branding, and the promotion of a company’s logo and brand identity is vital to its success. Any B2B payment processing solution must be able to carry that seamless brand identity through the payment transaction from start to finish. Providers, such as BillingTree, can offer a branded payment portal that can retain the appearance and feel of the company’s own website for a seamless experience.
The Need to Integrate with Business Management and Accounting Software Solutions
Businesses today use a range of accounting software and business management solutions that are integral to their success. These solutions must be able to be integrated with the company’s payment processing provider’s software to function properly and ensure effective reporting and billing. Providers, such as BillingTree, ensure their software integrates seamlessly with leading account and business management software for a flawless user experience and more effective B2B payment solutions that work for both sides of every transaction.