Businesses, all need a reliable B2B payments provider. Choosing one can seem like a daunting task, however, because there are many providers and dozens of payment features and options available. The technology also keeps evolving and improving, which can make the decision more complicated. But it doesn’t have to be difficult. The key is to narrow down the search by knowing exactly what to look for in a payment provider.
Essential criteria should include ease of use, superior technical support, and robust security. Also bypass any vendors who do not offer flexibly scalable payment features that are designed specifically for B2B performance.
Ease of Use and Technical Support
A payment solution can turn out to be a business problem unless the system is simple to launch, easy to learn, and maintenance-free. That’s why a B2B payment platform that requires no additional infrastructure, turnkey simplicity, and nonstop technical support should be the first criteria. Both office staff and customers should find it easy to understand and use, without technical training or any other annoying hassles.
Businesses can be devastated by a cyber hack, and FBI data confirms that there are more than 4,000 cyber attacks per day. That can expose a business to extraordinary legal and financial liability, plus the loss of reputation and credibility. That’s especially true when it involves a vulnerable and/or noncompliant B2B payment system.
There are also compliance guidelines and regulations that must be followed. A law office needs to ensure that the payment system supports approved escrow accountability, for example, and a healthcare provider needs a system that is fully HIPAA compliant. Also search for a payment provider offering multiple layers of payment protection including data encryption, tokenization, PCI-compliant Level 3 processing, and secure cloud backup technology.
Surcharging is now available in most states in the USA, and can completely eliminate credit card processing fees charged by companies like Visa and MasterCard. But the majority of B2B payment providers do not offer seamless, compliant, plug-and-go surcharging solutions. Businesses shopping for a B2B payment provider should put this solution at the top of their “must-have” list. Retain 100 percent of every transaction, instead of paying it out in high credit card merchant fees. That kind of B2B payment solution can quickly pay for itself, potentially many times over.
Designed for Business
A P2P application, even if it has been tweaked, cannot adequately meet the more demanding needs of B2B. But a genuine B2B payment platform can deliver impressive capability. Process multiple payments simultaneously. Do so in a variety of currencies and with various payment methods. Manage a combination of online and brick-and-mortar businesses. Offer “pay now” buttons, subscription services, customer loyalty programs, and installment payment plans.
Other Key Criteria
Providers should also offer instant 24/7 electronic billing, invoicing, and receipt delivery that reduces the cost of accounting. Be able to run analytic programs, too, and generate highly customized reports. Do it all with brand transparency, as well, including elements such as business logos, tag lines, and colors. The right provider can help any business enhance customer service, accelerate the revenue cycle, and save time, money, and labor. They’ll also support dynamic growth with the payment processing power and expertise to stay ahead of the rapidly-evolving technological curve.