Businesses need to look for every advantage they can find to raise competitive standing, increase profitability and boost customer satisfaction. B2B companies in particular should pay careful attention to the efficiencies and capabilities of critical systems such as the payment processing solutions used by the business. In fact, there are many benefits associated with investing in a more powerful payment processing system.
A business that sells products or services to other businesses builds its reputation on a wide variety of factors, including reliability, consistency, quality, and more. Careful consideration must be given to providing a smooth and efficient customer experience, making it easy for your customers to do business with you. All things being equal, the business with the fewest points of friction in the customer experience usually wins the day. This is why it’s so important to recognize the vital role that payment processing systems play for B2B companies.
With the right payment solution in place, your B2B company can deliver a better customer service experience through increased convenience, security, and speed. How can a POS system do all this? The answer lies in understanding what’s been happening in the world of business-to-business payment processing in recent years, and how these trends are influencing what B2B customers are looking for when selecting their suppliers and business partners.
Latest B2B Payment Processing Trends
It’s important to understand that the types of payment methods used today include a much wider variety than years past. Cash and cheques are becoming increasingly rare in their use as B2B payments, while cashless payments, including credit cards, e-transfers, wire transfers, digital wallets and apps like Apple Pay and Google Pay are rapidly increasing as the preferred methods of payments. B2B companies of all types must ensure they have the proper systems and technology in place in order to accommodate these trends in payment processing.
In order to accept these newer methods of payment, it’s essential to have a processing system in your business that is compatible with all physical and digital payment types, as well as adaptable enough to accommodate future trends in digital payments. Older payment terminals, for example, may not even have the capability to accept payments using contactless NFC debit or credit cards, and may use software that is unable to be upgraded to accept modern payment processing hardware such as NFC tap-to-pay card readers. Being unable to accommodate the preferred payment method of a customer could lead to lost sales and increased customer churn, clearly illustrating how an out-of-date point of sale solution can directly affect the success of a business.
It should come as no surprise that a functional, accessible, and easy-to-use online payment processing solution is crucial for business-to-business companies as well. It’s not simply a matter of having a website where customers can place an order. Business websites must be optimized to provide an intuitive and efficient transaction experience, and it must do so on digital devices of all sizes. While a business’ website might look great on a desktop or laptop, it may not be properly formatted to deliver an equally great experience on today’s most popular mobile devices. Responsive designs and cross-platform compatibility are elements that must be top priority for any ecommerce website deployment. On top of all that, it also needs to be capable of accepting the same diverse array of payment methods as a physical POS system, including credit and debit cards, online payment services such as PayPal or Venmo, and digital wallet apps.
So, what does this all mean? It means that B2B companies need to invest in the right kind of payment processing solution to succeed. Of course, what’s right for one business may not be the best choice for another. Knowing the differences in B2B payment systems is essential in making the wisest choice, so let’s take a closer look at the most popular types of payment solutions for business-to-business applications.
Processing B2B Payments Online with Ecommerce Platforms and Virtual Terminals
Online payment processing offers many distinct advantages for business-to-business transactions. Certainly, the benefit of being able to accept payments from anywhere in the world instantaneously is a significant factor to consider, but it’s more than that. Online payments are fast, convenient, secure, and can occur at any time, regardless of the operating hours of the businesses involved in the transaction. In addition, it can be very easy to set up online payment capabilities, even if your business has never had an ecommerce website in the past.
MONEXgroup has implemented powerful online payment solutions for B2B companies of all types, allowing them to process payments quickly and securely through intuitive and easy-to-use ecommerce websites and virtual terminals. Ecommerce websites are ideal for B2B companies who are looking for a solution that will enable them to take orders, process payments, and manage customer accounts, all online. B2B ecommerce systems can either be built from the ground up as complete turn-key websites, or companies may choose to integrate ecommerce functionality into their existing website. Both are perfectly viable approaches, however, companies with older websites that are already in need of an update may be better served by a completely new and optimized ecommerce website built with fast and secure payment processing capabilities.
For businesses that perhaps desire a simpler solution to accept payments online, MONEXgroup’s virtual terminals are easy to set up, and can be accessed anywhere on mobile devices of all types. Virtual terminals are an excellent option for businesses who already have great websites and are in need of an intuitive payment gateway that can be used to improve the customer experience with a more convenient payment processing option. Virtual terminals function as a digital representation of a physical payment terminal, where the customer enters the payment details remotely through a smartphone, connected tablet, or laptop/PC. The payment details are then securely encrypted and processed to verify the transaction and authorize the payment, just like a physical POS would.