As transaction volume and payment workflows become complex, a business owner must manage these hurdles to maintain a healthy relationship with suppliers, regulators, and customers. For this, the business needs B2B integrated payment solutions to streamline its back office and track the cash flow in real time.
These business payment solutions integrate with other aspects of the business, such as merchant services and the company’s accounting software, to ensure the smooth functioning of the business’s financial operations.
These are financial software tools and services that connect a business’s payment processing with other parts of the business’s software to facilitate seamless and automated payment transactions between businesses.
While many payment platforms have an integrated payment solution, these integrations have varying levels of complexity, from basic data management to complex accounting.
Once a business reaches a certain level in terms of sales volume, basic integration business payment solutions are not enough. Custom solutions, able to process such complex operations are required.
Using these solutions makes running your business easier in many ways:
Most integrated payment solutions have everything you need to start accepting payments immediately, including different payment methods.
Solutions that don’t come with these methods can integrate with payment gateways and processing systems, allowing your business to accept many payment methods like credit and debit cards, ACH transfers, and electronic checks.
Most business payment solutions seamlessly integrate with accounting software like Quickbooks, Sage, Microsoft Dynamics, NetSuite, and more.
Integrated payment software organizes the customers’ payment information without a middleman, reducing the errors and the time it would have taken to correct them while saving money.
This kind of software adheres to industry and regulatory standards like PCI compliance as a foundational necessity. Standards, like the General Data Protection Regulation (GDPR) and Payment Card Industry Data Security Standard (PCI DSS), will be followed in the design of these B2B payment solutions.
These regulations will require systems and businesses to have end-to-end data encryption. Having the software in your business will ensure data security and privacy, and it will also ensure that your business is compliant with the industry standards.
Processing of incoming payments and payment information is automated, resulting in the need for less human involvement to review all the payment information. Because of this automation, costly departments like accounts receivables can become more manageable by reducing the hours and staff required to keep them running, which saves the business money in the long run.
The payment process can also be automated by setting up recurring payments for regular bills and invoices using B2B integrated payment solutions. This automation reduces the need for manual authorization and processing, making business operations faster.
These business payment solutions usually support multiple currencies, which is convenient for businesses that engage in international transactions. The multi-currency support makes it possible to conduct cross-border business, from sourcing products to expanding into new markets.
Depending on the level of integration or type of B2B payment solutions you choose, your suppliers might even have a self-service portal where they can submit invoices, track payments, and manage their accounts.
This feature makes communication faster and more efficient, which can help you reduce supply chain troubles and ensure that your business runs smoothly.
These portals can also make supplier and vendor management possible since they have supplier and vendor information like contact details, payment terms, preferred payment methods, and so on.
From electronic invoicing to fast and accurate invoice matching, these solutions come with fast and reliable invoicing practices.
Electronic invoicing, for instance, will enable your business to digitally generate and send invoices, reducing the need for paper invoices and manual data entry.
Through the invoice matching features available in some B2B payment solutions, payments will be matched accurately to the corresponding invoices, thereby reducing errors and discrepancies.
While having a payment integration is essential for successfully running your business, especially online, not all solutions will be best for you and your needs. These systems can be tailored to the needs of each business, and you have to find a provider that can do that for you.
These systems will also require constant communication with your provider, who can always answer your questions. Last but not least, it must be affordable for your business.
If you need a B2B integrated payment solution, Group ISO is here to help. Book a free consultation today.