Running a small business isn’t easy. This is doubly the case when cash flow is a problem. Having a streamlined system for payments sounds like a good idea, but it’s difficult to put in place. After all, there’s such a lot to do and think about when running your own B2B company. The key is to put in place B2B payment gateways. They make it simpler for any small business to process, make, and receive payments. With 50 percent of small businesses closing down within five years of opening, it is paramount to find the right B2B payment solution.
How Can B2B Payment Gateways Speed Up Cash Flow?
Cash flow remains integral to running any business. If you have employees, you can’t pay them without adequate cash flow. If you need to pay your own suppliers, you can’t do it without enough money in the bank. A long payment cycle is the nemesis to cash flow. Running any small B2B company means that maintaining adequate cash flow will be a challenge. Some customers take as long as two months to make payments after invoicing. If you wait that long, your business could fold because of a lack of cash flow. Clearly, that isn’t a tenable situation.
Digital payment solutions are the answer. They will reduce the payment cycle, possibly by half. If a customer is able to pay in just one click, he or she can pay more quickly. He or she will not need to write a check and/or mail it. The customer can simply go online to a web portal and pay immediately. This speeds up payment times exponentially. After all, the easier it is to pay, the faster the payment arrives.
Even better, if cash flows more smoothly through the business, you can also reinvest that cash into business growth. You can focus on your company’s needs and allow it to grow and thrive.
Simplifying the Process of Payments Through a B2B Payment Solution
B2B payment gateways save you time and effort. If you’re relying on paper checks, there is an enormous difference in the effort taken to write and mail one. Contrast that with the simplicity of simply going online. You can save the time taken to mail invoices manually. You save the time taken waiting for the customer to reply. Then, you save the time it takes to mail the check. You can plow all that time back into growing your business.
Meanwhile, for your customers, it simplifies the process of making payments. They won’t forget to do it. They can simply get it over and done with. They won’t be delaying the inevitable hassle of writing the check and going to the post office. An automatic recurring payment, single-click payment or payment by telephone – all these options are a breeze. All are possible with the right B2B payment gateways.
Secure Transactions as Standard
The right B2B payment gateways not only make your life easier, but they also make payments more secure. Digital payment is very safe. Actually, it could be safer than a paper check. With additional security built in, the best B2B payment gateways are fully compliant to protect financial and personal data. This gives you peace of mind. You won’t need to worry about cybercrime or hacking. You can be convinced that both you and your customers will be well-protected.
Switching to A B2B Payment Gateway
BillingTree offers cutting-edge B2B payment gateways that will streamline your B2B business. Cost-effective, highly secure, and compliant, our advanced solutions can revolutionize the way you do business today.