Time has always been money, and never more so than in today’s fast-paced business world. Modern technology has made processes that once took days or weeks able to be achieved in minutes. However, if your business processes aren’t running smoothly, time can be wasted, and money can be lost. One of the key areas in which problems often arise for companies of all sizes is in choosing the right B2B payment options that are capable of meeting the needs of modern businesses. Here, we look at some of these problems and the potential solutions that can resolve them, so your company’s revenue can keep flowing.
Many company losses are incurred because of delays in payments being made by clients. When this happens, businesses have to go in search of the money, charge late fees, and, possibly, even deal with disputes regarding the amounts owed. Regardless of the final outcome, not only will the company’s reputation take a severe hit, but your financial revenue will also drop. What can you do about this problem? E-Invoicing is one convenient solution that can easily be put in place and that will eliminate many of the above problems. This will automate the delivery of invoices while making sure that the right person receives the right documentation at the right time in order to avoid any possible misunderstandings or excuses about paperwork being accidentally lost in the mail.
Another major source of problems in the B2B payment procedure is the method through which payments can be made. Some methods take a lot longer than others, and if the only options that you can accept are checks or money orders, this means that both parties will be waiting for several days while the necessary verification takes place. Another issue is when the only options that your company is prepared to accept don’t match the client’s preferred payment method. How can you resolve this problem? The best way is to use a third-party payment processing solution, such as BillingTree, which can offer businesses convenient online and IVR payment systems that give clients a range of potential payment options and the freedom to make those payments at the time and location of their choosing.
Issues Surrounding Security
If businesses opt for a web-based payment service, clients are, quite rightly, often concerned that security needs will not be met. There have been numerous highly publicized data breaches recently, and so it is barely surprising that clients demand to know that their financial information will be safe and secure. The solution to this is to choose a payment services provider that is fully SSAE-16 and PCI compliant, as well as HIPAA-certified. BillingTree’s innovative online solutions comply fully with all regulations for the peace of mind of both parties.
The Cost of Payments
One further issue that can arise with B2B payments is the cost of processing. Processing paper checks, for example, can turn out to be very expensive, and a poor value for businesses for whom keeping expenses to a minimum is vital. Therefore, choosing a payment services provider, such as BillingTree, which works with an established network of banks to keep processing costs down for a more cost-effective solution, is the best possible solution for saving money and facilitating affordable processing.
Although making the wrong choices when it comes to B2B payment options can be a major pitfall for any business, the good news is that there are ways of resolving all of the issues above to facilitate smooth processing of B2B payments and improving cash flow exponentially.