B2B sales are not to be handled lightly. Meaning, organizations selling to other companies have a tremendous number of factors to weigh before conducting each transaction. The practice is moving into new areas such as eCommerce. Moreover, at many organizations, the process is very complex.
According to a press release from Syncada - a Visa partner that provides solutions to improve purchasing supply chain efficiency - it's important to consider all important components of a transaction and find ways to make them more efficient. As more factors weigh on the process, this is more crucial than ever.
"The global nature of business-to-business (B2B) payments requires comprehensive solutions that adapt to a number of regions, systems, and regulations," the release reads. "Some expense categories, like freight payment, present complex challenges, such as comprehensive pre-audit requirements, summary invoices, and accessorial reporting."
Syncada's solution is designed to make the payment process easier. Much like our partners Bill.com, Syncada will replace inefficient processes on both the accounts receivable and accounts payable side of the transaction. Taking advantage of technology, a number of tasks are streamlined, allowing both parties to obtain a greater value from each transaction.
This solution helps, there are more ways the payment process can be improved. Vendors can receive greater value if they follow additional steps - namely processing level 3 data.
Technology such as Syncada and Bill.com is allowing the B2B payments process to evolve, which will likely result in additional business down the road. For example, businesses on the AP side that have implemented this service will likely have greater power as it pertains to the way they pay and the vendors they wish to work with. It's up to the merchant to keep up. Offering to process level 3 data can attract customers, while helping maximize the value of each sale.