B2B PaymentsB2B payments are a top pain point for those involved in the business to business space. The payment processing world can be tedious, expensive, and exposed to the occasional case of fraud. B2B payment processing exists to enable companies to make online transactions fast and accessible.
At PayKings, we work closely with high risk merchant accounts and B2B clients to ensure they receive the best B2B payment solutions. And most importantly, we offer the lowest rates possible. Our team’s priority is assisting our clients in lowering your costs and protecting your data. Call PayKings for a free analysis of your current processing statements to pinpoint potential rate reductions. In addition, we provide guidance to help find a gateway solution that will allow your business to streamline your payment procedures.
The common challenges of the B2B payments system are listed below along with ways to combat them.
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B2B Payment SolutionsThe most common pain point for B2B business regarding receiving payments is receiving B2B payments on time. The majority of B2B business owners we speak with struggle with this.
In fact, these business owners find that the majority of their customers prefer to pay by card. Nonetheless, they are reluctant to receive payments this way due to the high fees associated with credit and debit card processing.
Level 2 & 3 Processing
Most B2B business owners have never heard of Level 2 & 3 Processing. These types of B2B payment solutions can help companies monitor and track their spending by collecting a set of additional line-item details. Utilizing that extra data, this top tier of processing offers significantly lower interchange rates for Visa and Mastercard transactions. Not to mention, PayKings can teach B2B merchants the required fields to input. Most merchants see interchange reductions of 20% to 40% off of standard rates.
B2B Payments and Automated Clearing House (ACH)The ACH payment process method is similar to that of the traditional paper check process. That being said, this method of processing has seen growth that is moving at a rapid pace, and for good reason. As a result, the primary reason for growth is that ACH payments are much cheaper than taking credit cards, and ACH payments are more secure than paper checks.
With the simplification of the process and introduction of same-day ACH, you can now receive funds quicker than ever. In addition, PayKing’s virtual terminal can set your business up to take ACH payments, which allows you to accept B2B payments from any device with an internet connection.
Looking for more info on ACH?Find out more
B2B Payment Processing Issues – FraudThe number of businesses experiencing payment fraud has steadily risen over the past 5 years. Even still, many businesses continue to rely on the antiquated way of manually processing payments, despite the risks of doing so.
If your company continues to use obsolete paper-based methods, you are exposing your company to unnecessary risks. As a result, each time you receive and process payments or pay invoices your risk increases.
Solutions: Here are a few ways PayKings can help protect you from fraud:
- Dual-Factor Authentication
- Fraud Tools Cover your assets. Fraudsters who test card numbers on public-facing payment forms can cost merchants hundreds, if not thousands of dollars, in fees and losses. Moreover, iSpyFraud is a rules-based fraud prevention tool merchants can use to screen suspicious transaction activity, helping merchants to stay one step ahead of fraud.
Business To Business Payment MethodsIn the world of B2B payment solutions, the process is substantially more complex than that of others. As a result of this complexity, there is sometimes confusion as to the best way of approaching the implementation of the process. When businesses pay one another, the process is sometimes cumbersome. Additionally, it’s comprised of invoices, long payment terms, various banks, and platforms.
B2B Payment Solutions: The PayKings gateway is a PCI DSS Level I white-label platform. It has robust capabilities to help you connect in the digital payments world.
ERP Software ConnectivityPayKings is able to connect to all B2B business process management software, allowing the organization to use the integrated payment applications to manage the business and automate many back-office functions.
Customer VaultSecurely store your customer’s sensitive credit card data, directly on PayKings’s servers, with true payment tokenization. Once you have your customer’s data, you can easily create recurring payments, send an invoice, or report upon that customer’s previous business to business payments – without sacrificing data security.
Open APIPayKings offers a truly open API, so that you can build the solution your B2B organization needs. See all details and full documentation of the API.
Virtual TerminalEasily accept phone-orders and ACH payments through a Virtual Terminal. Customize what fields are required for your users. Next, input detailed line-item information for each order. Moreover, you can capture all required credit card information for your business to business payments.
Export to QuickBooksAll PayKings accounts include the ability to quickly and easily download your transactions into a Quickbooks-readable file (or .iif file). PayKings has a handy export-tool that readies your data. Then, simply input the date range of the transactions you want to export. Lastly, click a button, and your .iif file is generated instantly for import to QuickBooks.
QuickBooks SyncPayAfter downloading a small program to your computer, SyncPay will link with your desktop QuickBooks software. Next, you can process B2B payments from directly within QuickBooks, which will funnel to PayKings.
*Credit card data is stored by Network Merchants, LLC.