If you are into business, then you must be aware of the B2B payments, short for business-to-business Payments.
B2B payments are quite complex. They have enormous intricacies and other difficulties during the billing processes. B2B payments need fast, secure, and most reliable payment methods to make the process quick and straightforward.
Modern technologies have drastically changed the B2B payment space. Several robust B2B payments are coming in to help and navigate businesses across the globe. However, the B2B payments space is flooded with too many balls in the air.
To make it easy for business owners to choose the best and most suitable B2B payment solution, we have come up with a business-to-business payment solution guide.
Read this complete guide to keep your company thriving with instant, secured, and trusted payment methods.
What are B2B Payments?
Well, for those who are yet to learn and understand what B2B payments are, then here you go!
If a restaurant owner buys vegetables, fruits, meat, or any groceries from other merchants, it creates a B2B payment requirement between them. Thus, when a business invoices another, it then establishes a B2B payment scenario.
When compared to B2C (business-to-customer), B2B payments are more complex. They require an additional process in place and improve the cash flow.
What is the Difference Between B2B Payments and B2C Payments?
B2B payments involve a lot of steps when compared to B2C payments. These steps are included to ensure smooth, easy, and scale up the business payments.
Business-to-business payments have larger payment volumes. A decade ago, the B2B market was less-known, and mostly the payment methods were either in cash or checks. Today the market watches higher values than the B2C payments. According to Business Insider Intelligence analysis, the size of the B2B payments will continue to grow and increase over the upcoming years.
The B2B payments are held on a frequent time-basis. They are recurring and regular transactions held between two businesses. These involve more rules and regulations that back up the payment methods and standardize the payment process.
The B2B payments take place between various businesses that come from a wide range of industries. So, it is essential to note the respective payment methods that are desired by the individual companies.
What are the Popular B2B Payments?
Credit cards are the most popular payment method. They are widely used and accepted across industries. Whenever a transaction is made using a credit card, it involves a significant percentage of the processing fee, which becomes highly expensive. Due to the higher processing fee, small businesses and startups still yet to adopt the credit card payment method. Also, credit cards allow sellers to postpone the payment method to more than one billing cycle. This will delay the payments to sellers.
On the other hand, credit cards are convenient to use. The digital world has made it further easier. The card payments can be tracked at month-end by accessing the online statement. Based on the credit score and on-time payment clearance history, credit cards also offer numerous benefits to the users. It is a highly beneficial payment method for businesses.
Also, credit cards are secure. The one-time-use numbers protect from cybercrimes and other fraud activities. After the transaction or the particular time, these one-time-use numbers become numb and void.
However, there is always a maximum transaction limit on credit cards, and no user can exceed the limit to make the payment.
Western Union first introduced wire transfers. The wire transfers are a digital form of payments routed through a financial network such as SWIFT and Fedwire. The wire transfers are used to conduct real-time payments for eCommerce and other digital transactions. Companies looking to transfer funds quickly and instantly usually prefer wire transfers.
The wire transfers are reliable. Unlike credit cards, there is no transaction limit to the amount.
Checks are never behind the times. Businesses always accept checks, and in fact, checks are considered as the most secure and reliable B2B payment method. The checks-based transactions are easy to track.
But then, the checks-based payment might take a lot of time to process. Since the checks are handwritten, they are still prone to errors and other logistical issues. The checks have a much-complicated process.
PayCircle and Other Digital Payment Platforms
The digital payment platforms are the most advanced B2B payment systems available today. The latest technologies like Blockchain back them.
- Google Pay
These are a few convenient and advanced digital payment platforms that can be used to conduct digital transactions between businesses. They facilitate instant and easy payment methods. Businesses can have a streamlined payment processing system as much as possible.
PayCircle: The Most Trusted DeFi Wallet
PayCircle is one of the global DeFi platforms that offer unique multi-currency, cross-border payment services. The PayCircle application utilized cutting-edge distributed ledger technology and had simplified international payments. The application has made financial transactions more secure and reliable across six continents.
Single Point DeFi Platform
Multiple advanced protocols converge into decentralized payment applications on PayCircle.
Foster reliability through enhanced visibility and zero payment failure
Facilitate instant payments for your family and business in real-time 24/7, 365 days
Low-cost transactions help in capitalizing on operational expenses inducing business growth.
The premium PayCircle architecture offers extremely cost-efficient financial services that are fundamentally transparent, globally convenient, and backed with industrially best security protocols. Thus Paycircle ensures absolute safety and security to the customers’ assets.
Key Features of PayCircle
- Instant settlements
- Store digital assets & Fiat
- Send/receive digital assets & Fiat
- Advanced fraud prevention
- Best transaction approval rate
- Best conversion rates
- Extensive global coverage with easy and instant integrations
- Low transaction fees
- FDIC insured USD custody
- Best digital asset prices