Top Digital Payment Solutions: B2B Guide

When businesses consistently make prompt payments through automated systems, they become preferred customers. This b2b payment automation reliable payment history can open doors to negotiating better terms with suppliers and vendors. Many suppliers offer early payment discounts, which become more accessible with efficient payment automation. These discounts can lead to substantial savings over time and meaningfully impact the bottom line. Thanks to electronic invoicing, QuickBooks lets your customers make payments online directly through a link in the invoice using credit cards and various other payment methods.

• Instead, payment platforms will route invoices through the necessary channels for review and approval.
• AP automation software matches payments payments with corresponding invoices, reconciles discrepancies, and generates reports.
• Reportedly, over a quarter (27%) of customers exceed their payment terms, which often leaves businesses in a state of financial limbo.
• Sales prospecting tools provide insights into these segments and customers that can make a difference in your sales campaigns.

Streamlined payment workflows

• In a world where innovative B2C payments are the norm, why should B2B payments be any different?
• “The ability to send an invoice and receive payments with QuickBooks means we don’t need to chase people for payment. They can pay online through a link. It’s easy.”
• Digital payment portals often come with automated tools for extra speed and convenience.
• Chatbots can help save your customer support team time, so they can assist other customers with more urgent matters.

You can accept payments online or in person using a mobile device or by sending invoices. A dedicated business-to-business (B2B) payment solution allows qualifying merchants to receive significantly lower processing fees and discounts for high-volume transactions. Aside from low, competitive rates, B2B businesses also need payment solutions that handle big-ticket sales, invoicing, and various payment types. Partnering with other organizations, whether purchasing raw materials, buying access to software, or outsourcing business functions, can help you increase your company’s profits. But with these relationships come challenges, many of which relate to vendor payments. The good news is that the entire business-to-business (B2B) sector is shifting as a whole.

• If you compare credit card rewards to these cash rebates, you’ll discover that cash rebates can actually double your cashback earnings.
• Being able to connect ZoomInfo with marketing and sales automation platforms, your business can gain up-to-date and accurate, valuable data insights.
• The broad acceptance of cards and the potential for rewards make them attractive, although they typically incur higher processing fees, which can accumulate significantly for large transactions.
• By automating business payment processing, companies can achieve substantial cost savings.
• When you employ a payment automation solution, you can offer digital payment options to vendors via credit cards, ACH payments, and virtual card payments.
• If you’ve been in accounting or finance enough years, you probably remember a time when accounts payable involved mountains of paperwork, manual data…

CRM Integrated Marketing Automation Platforms

It also includes automatic prorated billing for customers who change subscriptions mid-month. B2B payment automation is the process of using technology and software to streamline invoice processing, payment approval, and payment delivery to vendors or suppliers. Automating this process addresses and minimizes many common challenges that organizations face with B2B Accounts Payable. Our automated unearned revenue invoice processing uses AI to capture accurate invoice details, match them to POs, route for approval, and avoid duplicate bills.

Improve cash flow management

• Accept payments online, in person, and around the world with a payments solution built for any business—from scaling startups to global enterprises.
• This includes sending and receiving payments, as well as managing invoices and reconciling accounts.
• The platform should be customizable and scalable to adapt to an organization’s evolving needs and preferences.
• Automatic payment reconciliation enables a business to upload an electronic version of a bank statement and automatically reconcile it.

These tools allow businesses to access and manage data from anywhere, making them ideal for remote or hybrid work environments. This guide explores the essential B2B software solutions every business needs to weather economic challenges while staying agile and efficient. Centralized vendor managementWith Stampli Advanced Vendor Management, suppliers can enter their banking information, choose their payment type, and check payment status via an online portal. Payment agnosticPick the electronic payment type you and your vendors prefer.

By automating these processes, businesses can optimize their B2B payments and significantly reduce manual intervention and potential errors. Digital transactions are already staggering in scale, with estimates projecting a total value of $11.55 trillion worldwide in 2024. This figure is set to climb even higher in coming years, underscoring the critical importance of digital payment solutions. Companies that have embraced digital payment platforms are reaping benefits such as faster cash flow, reduced processing costs, and improved customer satisfaction.

After that, the entire payment process will be completely automated, limiting the requirement for hands-on attention from employees. Data will be extracted automatically, reconciliation will be immediate, and batch approvals only require a quick confirmation. Law Firm Accounts Receivable Management Streamlining B2B payment automation will ensure your vendors get paid on time, every time.