Three Reasons To Switch To A B2B Electronic Payment System For Your Small Business

Running a small business is never easy. There is a lot to bear in mind when running your own company, and handling B2B transactions can be complex. Luckily, a B2B electronic payment system can be the ideal solution.

What is A B2B Payment System?

B2B payment systems are tools that make it simpler for a small business to make, process, and receive payments. A B2B payment system can take a number of forms, including accounting software and POS readers. Worrying statistics show that around 50 percent of small businesses close down within five years of opening. Many of these closures are because of poor cash flow. This makes it clear that choosing a B2B electronic payment system is vital to allow for faster receipt of payments.

How Can A B2B Electronic Payment System Get Your Business Paid Faster?

Having a good cash flow can make a huge difference for any small business. No cash flow means you won’t be able to pay your employees and suppliers may stop accepting your orders. A long payment cycle is the death knell for small businesses since it reduces cash flow exponentially. Worryingly, it can take the average customer as long as two months after invoicing to make a payment. During that time, a small business can easily run out of money and have to shut down.

A digital B2B payment solution can reduce that long payment cycle by at least half. A B2B electronic payment system allows customers to pay more rapidly and conveniently. And, as a result, the payment times are shorter. Not only does this boost cash flow to ensure a small business’ survival, but it also helps to support company growth. Faster payments mean more opportunities to invest in the current needs of the business.

An Improvement To The Process Of Receiving Payment

B2B payment solutions, such as those offered by BillingTree, allow small businesses to save time and effort. There is no more messing around with manual payments and checks. There will be no more need to mail invoices or wait for customers to reply. There’ll be no need to take a pile of paper checks into a bank and wait for them to clear.

Customers are more likely to make payments when a company adopts an electronic payment system. There will be no need to go through the process of writing a check and mailing it. With a fast online payment solution or recurring payment options, it couldn’t be easier to pay those invoices. The automation of the process frees up small business owners to focus on other elements of their companies. The advantages are clear.

Additional Security Thanks To An Electronic B2B Payment Solution

While ease and speed of receiving a payment are vital, security is more important. BillingTree offers extremely safe online payment solutions for the peace of mind of small business owners. With full PCI, HIPAA, and SSAE-16 compliance built in, there is no cause for concern about sensitive data or cybercrime.

This is good news for small business owners. Mail theft is still rife, especially in major cities. Paper checks are, therefore, a risky option. An electronic payment solution eliminates this worry completely.

Switching to a digital B2B payment solution is the best option for most small businesses. By offering a fast, secure, and streamlined way to receive payments, BillingTree’s solutions can make a huge difference. The result is greater revenue, better business focus, and a worry-free way of receiving payments. Thanks to better cash flow, small businesses can not only stay afloat but actually thrive and prosper.