Putting Payment Processing at The Heart of B2B Sales

When you’re running a B2B company, it’s probably fair to say you have concerns other than payment processing. Most B2B business owners focus on finding new ways to increase sales and improve their customers’ experiences. They also look to find better ways to streamline their business processes. Often, they think that none of that has anything to do with payment processing. However, in fact, choosing the right B2B online payment processor has a key role to play in resolving these challenges.

The Problems of Having the Wrong Payment Gateway

Having the wrong commercial payments gateway could end up stalling your online sales. Without advanced functionality, it can be a challenge to get payments authorized. Even if your choice of payment gateway isn’t impeding sales, it may not be helping them either. All too often, payment option menus limit sales. They do not have the ability to support invoice payments and telephone orders.

Your choice of B2B online payment processors should give you the tools you need to offer customers a seamless experience. Buyers should be able to choose from several ways of paying. You should also be able to integrate the platform for processing payments with your existing business software. When the process of making payments is seamless, customers will have no obstacles to buying.

If your B2B business is using multiple payment gateways, this is another problem. Reconciliation and reporting become more complex in such a situation. B2B payments needn’t be complicated for either your business or your customers. A single high-quality payment gateway should be perfectly adequate to address all your payment processing needs.

Electronic Payments in The B2B Market

In the B2C marketplace, electronic payments have been the norm for a long time. Now, they’re moving into the B2B sector. A key benefit of online payment systems comes in the form of a speedier transaction. Paper payments are notoriously slow and can result in issues with cash flow. With SMEs needing to facilitate their revenue flow, it seems clear that electronic payments are the way to go.

How can an electronic payment gateway help B2B businesses?

  • It can help to minimize the chance of an unsuccessful payment.
  • Customers find the system more convenient.
  • Account and finance teams enjoy a reduced workload.

How Does a B2B Online Payment Processor Work?

When you have a B2B payment gateway with the correct tools, it is a breeze to make an online payment. Virtual terminals can accept debit or credit cards or even ACH payments via telephone, fax or e-mail. This is ideal for sales orders since any location with an Internet connection can accept payments. A company can simply type in the order information and the customer can make his or her payment. Alternatively, a web portal allows customers to complete their own purchases. They can fill in their own payment information then submit it for the company to receive its payment.

Once the customer submits the payment information, the processing of the payment is the same as in a standard B2C transaction.

The payment gateway captures the transaction. The payment details are then encrypted and routed to the acquiring bank. The bank will then take ownership of that transaction request and gain authorization. The customer’s issuing bank will assess the authorization request and, then, generate an appropriate response. Once it has been sent back to the acquiring bank, it will then transmit the request to the gateway. The shopper or merchant will see whether the bank has approved the order. The customer can rest assured that his or her goods or services are on their way. Meanwhile, the company can enjoy the confidence of knowing it has safely received its payment. The best B2B online payment processor will allow buyers to use ACH payments or their favorite debit or credit card.

Security and Integration

High-quality payment processors can integrate seamlessly with the existing software being used by a merchant. This means the payment gateway is almost invisible to customers. The processors are also highly secure. The best B2B online payment processor will be fully compliant with PCI-DSS for complete peace of mind.

Using BillingTree’s B2B Payment Processor

BillingTree is leading the way in offering outstanding B2B online payment processor solutions. BillingTree is meeting a growing demand. It offers an affordable way for B2B companies to improve their efficiency. While streamlining payment processes, BillingTree’s solutions are high-performance and user-friendly. Thanks to their dynamic code base, they are also easy to enhance and adapt in the future. In addition, they can easily accommodate future developments and technology. With BillingTree’s payment processing solutions, B2B companies can forgo paper checks. They can make use of cutting-edge electronic tools that expedite business-to-business payments. This not only improves customer satisfaction, but it also boosts revenue collection and cash flow. This can only be good news for B2B organizations looking for a better way forward.