As this blog has discussed in the past, vendors processing B2B payments can't afford to be stuck in the past. Traditional sales and payment methods such as selling over the phone and accepting checks are slowly going away to make way for technological-based options.
While eCommerce is continuing to grow as an option in the B2B sector, the word on many industry professionals' lips these days is mobile. More people are looking at mobility as a way to do virtually every aspect of their business, and payments are no different.
There are a number of ways the mobile device can play a role in the payment process. Individuals today have increased functionality on their devices and can now access the internet and make purchases directly from their smartphones. Businesses selling online will have to accommodate the smartphone interface if they don't want to shut off this part of their business.
For those selling face-to-face, physical transactions can be processed on phones as well. There has yet to be a winner in the race for mobile payment technology supremacy, so while some gadgets only display QR codes on their screens and others use NFC technology, there isn't one solution that currently stands out in front of the competition. Some customers may use commercial credit cards, and mobile phones can process those as long as the right hardware is purchased
Regardless, vendors must be prepared for all forms of payments. More specifically, they must obtain the payment solutions designed to process level 3 data and ensure they are paying the lowest possible interchange rate. Mobility is not going to slow down in the B2B payment market, so it's crucial for vendors to work with a consultant to acquire the best processing tools.