Contents tagged with B2B Payments

  • Paper checks 10 times more expensive than electronic payments

    March 08, 2016
    Many B2B companies are now switching away from paper checks altogether.

    On top of being less efficient and more error-prone, using paper checks to make payments is also considerably more expensive for businesses than some electronic payment methods, says a recent survey from the Association for Finance Professionals (AFP).

    In its inaugural 2015 Payments Cost Benchmarking Survey, the AFP estimates the median cost of each check transaction to be about $3.00, compared with that of just $1.50 per purchasing card transaction and between $0.26 and $0.50 for each automatic clearing house (ACH) credit transaction.

    "Many B2B companies have been driven away from writing checks altogether."

    While these differences may seem minute at the transaction level, they are typically compounded by the potential cash back bonuses companies could earn from using P- … more

  • 3 features of effective B2B mobile payment solutions

    February 19, 2016
    Mobile B2B payment solutions can empower your reps to take payments in the field.

    We have written time and time again about the consumerization of B2B procurement, from ecommerce user experience to payments. Taking another page out of the B2C playbook, more and more wholesalers are investing in mobile payment solutions, which allow them to accept payments on-the-go from a smartphone or tablet.

    A mobile payment system can make your business more efficient by empowering reps in the field, more agile by accepting payments anywhere at any time, and more secure by reducing the need for fraud-prone checks. If your business is considering leveraging this game-changing technology, look for these key features in your future solution:

    Streamlined integration: One of the most important attributes of your solution is its ability to integrate seamlessly with your existing … more

  • Why your B2B company must accept credit card payments in 2016

    January 19, 2016
    If you don't already accept credit card payments, make 2016 the year you do.

    As 2016 gets underway and companies begin outlining their objectives for the new year, there's one update all business-to-business sellers should be sure to add to their list. If they haven't already, B2B wholesalers must prioritize accepting credit card payments as part of their ecommerce strategy for the upcoming year.

    While most tend to cite the growing convergence between the B2B and B2C ecommerce experiences as the primary reason for wholesalers to accept credit card payments, there are in fact a number of additional business benefits besides customer demand.

    Cut waiting time: Cash flow is important to any business, and one of the main factors in securing a consistent cash flow is payment type. Unlike check payments, which can take 30 to 45 days for invoices to … more

  • Payment processing tips for new B2B merchants

    November 04, 2015
    The to-do list for a new business can grown in a hurry. It's time to check off

    For B2B vendors, adaptation is crucial. Being able to identify shifting industry trends and augment your inventory or sales methods to keep your customers well-supplied and your business prospering are what make your business so successful. That being said, as you transition to the card-driven payments environment your customers desire, it can be difficult to know how to proceed in such unfamiliar territory. To help get you started, here are three essential tips for B2B vendors who are new to accepting card payments. 

    1. Stick with one vendor

    Two of the most popular electronic online payment methods in B2B are commercial cards, with a purchase volume expected to reach $1.79 trillion by the end of this year (up from $888 billion in 2013), and ACH/echeck. Sticking with a … more

  • How to reduce your company's payment processing fees

    October 27, 2015
    Qualifying for the lowest possible interchange rates requires careful planning and management of your merchant account.

    They say nothing in life is certain but death and taxes. I propose we add interchange rates to that list. Sure, it doesn't have the same ring to it, but any business owner who has tried to cut costs will know what I'm talking about. The one expense you can't get around is the fees banks charge to handle your business's credit card transactions. While they are impossible to avoid if you want to continue giving your customers the option to pay with plastic, it is possible to reduce the interchange fees levied on your transactions.

    Interchange rates are actually the most transparent component of merchant pricing (they are published by Visa and MasterCard), and qualifying for the lowest rates can save your business thousands of dollars every year. However, most businesses accepting … more

  • The value of developing payment solutions with Level 3 processing capabilities

    October 06, 2015
    Building with an appropriate payment API can save a developer's clients thousands of dollars on their bottom lines.

    As a developer, it can be difficult to know which solutions to incorporate when creating a payment system for a specific client. The crowds of options you can choose from offer wildly differing features, and simply choosing a payment API because it is inexpensive or well-known could prove to be a costly mistake. In order to avoid costing your organization more money over the long term, it is crucial you use a platform with the right features and functionalities to best serve your client's business needs. To make an educated decision on which API to base your solution, you must understand the key factors that will determine your merchant's payment acceptance fees.

    If you are building an ecommerce platform for a B2B vendor, your solution must be optimized to process … more

  • GreeneStep helps businesses boost productivity and profitability with all-new business activity monitoring system

    September 10, 2015
    GreeneStep's new automated business activity monitoring system helps businesses identify and resolve productivity issues in real time.

    Small to mid-sized companies around the world rely on GreeneStep Technologies for business technology and collaboration software that empowers them to increase their productivity and profit margins. This summer, in a partnership with Vineyardsoft Corporation, GreeneStep announced an all new business activity monitoring system that gives retail, distribution and ecommerce businesses the power to respond to critical, time-sensitive business conditions that drag down their productivity and profitability.

    GreeneStep's new offering, called Advanced BAM, eliminates the excuses of "not knowing" or "knowing too late" that have become all too common in B2B companies using traditional exception management technologies to track their productivity. These lapses allow issues such as customer … more

  • Over 20 percent of in-person B2B transactions expected to shift online by 2020

    April 23, 2015
    More than 20 percent of in-person B2B sales transactions will be replaced by ecommerce by 2020.

    If you weren't already convinced that B2B ecommerce is here to stay, a new study exploring the future of the industry highlights how online transactions will continue to dominate over in-person sales in the years ahead.

    According to that report, released by the analyst firm Forrester Research, over the next five years online ordering from manufacturers, distributors and wholesalers will phase out 22 percent of all B2B sales agents in the U.S., shifting these jobs to self-service ecommerce platforms and online B2B payments instead. A separate Forrester survey conducted earlier this year already finds these trends well underway, with about 75 percent of the 236 B2B buyers polled saying they find buying online more convenient than buying through a sales rep. Additionally, 93 … more

  • Personalizing B2B payments and knowing your customer are keys to long-term success

    March 10, 2015
    As the B2B industry continues to grow in scope and value — with analysts projecting industry​-wide sales to skyrocket to more than $6 billion in just five years — knowing how to best capitalize on these trends is key for growing your own ecommerce business. Despite the old adage "a rising tide lifts all boats," simply working in the B2B realm isn't a guaranteed recipe for success. Knowing where, when and how to take advantage of the industry's growth is what separates the success stories from the ones left by the wayside.

    One essential element for any thriving B2B ecommerce company is personalization. In their recent study "Five Keys to Effective B2B E-Commerce," Forrester Research highlights how establishing and building on lasting, ongoing relationships … more

  • Optimize supplier payments with Vantage solutions

    February 28, 2015
    Card payments help businesses keep pace with optimal solutions.

    Ecommerce companies are reacting to changing demands in supplier payments, but few realize that they have more flexibility in meeting these challenges than they might think. In a recent interview for PYMNTS, Eric Mettemeyer of Store Financial discussed some of the reasons that paper checks are still present in B2B and what needs to be done to transition towards more efficient strategies.

    Part of the problem, he says, is that organizations are not considering the best available approaches to payment. One example that Mettemeyer mentions is the Automatic Clearing House (ACH), which provides e-payments but too slowly to be helpful as a conversion option. While these could have their uses, he says, they aren't strong enough to warrant investment to move away from … more