B2B Payments – Problems and Solutions

Due to the convolution and friction, payments are a top pain point for those involved in the B2B space. The process is onerous, expensive, and fraught with fraud. Digital solutions do exist but have historically been too costly and complex to be accessible to all merchants.

Paykings works closely with its B2B clients to ensure they receive the best B2B payment solutions at the lowest rates possible. Our team’s priority is assisting our clients in lower their costs and protecting their data. Call Paykings for a free analysis of your current processing statements to pinpoint potential rate reductions. Paykings will also provide guidance to help find a 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.

Cash Flow and Receivables & Cost of Processing

The 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. These business owners find that the majority of their customers prefer to pay by card but they are reluctant to receive payments this way due to the high fees associated with credit and debit card processing.

Solutions: PayKings can teach you how to effectively lower your rates with:

  • Level 2 & 3 Processing

    Most B2B business owners have never heard of Level 2 & 3 Processing. It is used in B2B payments helping 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. Paykings can teach B2B merchants the required fields to input additional. Most merchants see interchange reductions of 20% to 40% off of standard rates. Read more about Level 2 & 3 Processing

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. The primary reason for this 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. 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.

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Fraud

The number of businesses experiencing payments fraud has steadily risen over the past 5 years. The culprit being is that many businesses still 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 each time you receive and process payments or pay invoices.

Solutions: Here are a few way PayKings can help protect you from fraud:

  • Tokenization Tokenization is the process of replacing sensitive data with unique identification symbols that retain all the essential information about the data without compromising its security. Securely 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 payments without sacrificing data security.
  • Dual-Factor Authentication Dual-Factor Authentication adds another layer of security, by requiring employees who approve payments to enter a unique security code that they receive via text or email every time they release funds. This extra layer of security available for ACH payments has become essential to maintaining the integrity of any B2B payments protocols.
  • 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. 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.

Complexity

In the world of B2B payments, 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 cumbersome; comprising of invoices, long payment terms, various banks, and platforms.

Solutions: The PayKings gateway is a PCI DSS Level I white label platform with robust capabilities to help you connect in the digital payments world

  • ERP Software Connectivity PayKings 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 Vault Securely 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 API PayKings 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 Terminal Easily accept phone-orders and ACH payments through a Virtual Terminal. Customize what fields are required for your users, input detailed line-item information for each order, and capture all required credit card information for your business to business payments.
  • Export to QuickBooks All 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. Simply input the date range of the transactions you want to export, click a button, and your .iif file is generated instantly for import to QuickBooks.
  • QuickBooks SyncPay After downloading a small program to your computer, SyncPay will link with your desktop QuickBooks software (sorry, no QuickBooks Cloud support!) so that you can process B2B payments from directly within QuickBooks, which will funnel to PayKings.View Demo   Download Featured Page

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