5 Reasons You Should Add Online Payments To Your B2b Commerce Strategy

By Author: sifip
Total Articles: 686
Comment this article

Most businesses that sell to consumers understand the importance of accepting online payments. This trend continues; B2B sales provide significant opportunities for businesses that accept online payments. If you conduct business-to-business transactions, expand your online payment options to provide the flexibility that your B2B customers have come to expect, and you will be paid in days rather than weeks or months.

1. Gather More Data
When processing online card transactions, you can collect more information from payments than you can in traditional invoice scenarios using checks. This benefits both your B2B customers and your company. For the former, it provides additional security in knowing that a bad actor will find it more difficult to use their payment information. Tokenization and other enhanced security features on the platform of an online payment gateway service provider provide peace of mind. It means more information about your customer for you, allowing you to protect the payments you process while also improving your marketing efforts.
The proprietary payment gateway of the online payment gateway ...
... service provider also allows for level 2 and level 3 processing. Level 2 and 3 payments include additional information like sales tax amount, zip code, tax amount and ID, item commodity code, and more. This also allows you to significantly reduce your interchange rate fees for payment processing.
Under those conditions, volume purchases make more sense for B2B customers. Their payment gateway simplifies the process of expanding your processing capabilities to include level 2 and level 3 payment processing. We not only assist you in transitioning to accepting these payments, but we also implement autofill technology to meet the level 2 and level 3 enhanced data requirements to ensure you get the best credit card acceptance rates possible.

2. Expand Your Potential Customer Base
Your customer base will grow if you accept online payments. Why should you limit your sales to your local area when you can market and ship to anywhere, from across the country to around the world? Online payments enable you to meet demand from anywhere in the world. You increase your chances of making more sales and significantly increasing your revenue.
Online payment gateways enable you to reach customers on any device, at any time, and from any location, allowing you to grow your business more quickly.

3. Offer More Options
Businesses today are more sophisticated than ever before. They are constantly looking for ways to improve their operations, including procurement. Organizations that do not accept online payments are out of the running for those businesses that believe online purchasing is superior to sending procurement officers or mailing checks for purchases. If you can accept online payments, you can strengthen customer loyalty.
Accepting more payment types is made easier with the best online payment gateway. You can offer each customer a familiar method of payment, removing payment barriers for truly frictionless transaction experiences. We accept all major credit cards, PIN debit, ACH, Apple Pay, Google Pay, as well as a variety of local and alternative payments, and offer a wide range of technology-focused solutions at extremely competitive processing rates.

4. Make Life Simpler
Online payments that are linked to your accounting software simplify all of your administrative tasks. For B2B customers, it means a more straightforward procurement process; they can save time and money by purchasing from a reputable vendor online. It automates business functions and saves you time and labour costs that would otherwise eat into your margins. Online payments foster efficiency for all parties involved.

5. Improve Customer Service
Finally, whether in B2B or B2C sales, customer service is critical. Customers have choices when it comes to goods and services; if you don't provide what they want on all levels, they will go elsewhere. Offering online payments with a partner who provides expert technical support frees up your time to focus on other aspects of customer care. The better you look after them, the more money they will bring you.

Online payments aren't limited to B2C transactions. Even if your B2B customers prefer to pay by check or cash, providing online payment options allows you to accommodate both current and new customers. There are almost no good reasons for most businesses not to offer this option.