Three Reasons to Switch to A B2B Electronic Billing and Payment System
Running a small business is never easy. There is a lot to remember when running your company, as handling B2B transactions can be complex. Luckily, a B2B electronic payment system can be the ideal solution.
What is A B2B Payment System?
B2B payment systems make it simpler for small businesses to create, process, and receive payments. They can take several forms, including accounting software and POS readers. Startling statistics show that approximately 50 percent of small businesses close down within five years of opening. Many of these closures are due to poor cash flow. This makes it clear that choosing a B2B electronic payment system is vital for faster payment receipt.
How Can A B2B Electronic Payment System Get Your Business Paid Faster?
A good cash flow can make a massive difference for any small business. No cash flow means you won’t be able to pay your employees, and suppliers may stop accepting your orders. A long payment cycle is the death knell for small businesses since it reduces cash flow exponentially. Worryingly, it can take the average customer as long as two months after invoicing to make a payment. During that time, a small business can quickly run out of money and have to shut down.
A digital B2B payment solution can reduce that long payment cycle by at least half. A B2B electronic payment system allows customers to pay more rapidly and conveniently, resulting in shorter payment times. Not only does this boost cash flow to ensure a small business’s survival, but it also helps to support company growth. Faster payments mean more opportunities to invest in the business’s current needs.
An Improvement To The Process Of Receiving Payment
B2B payment solutions, such as those offered by Card Systems, allow small businesses to save time and effort. There is no more messing around with manual payments and checks. There will be no more need to mail invoices or wait for customers to reply. There’ll be no need to take a pile of paper checks into a bank and wait for them to clear.
Customers are more likely to make payments when a company implements an electronic payment system. There will be no need to write a check and mail it manually. Receiving those invoices couldn’t be easier with a fast-online payment solution or recurring payment options. Automating the process frees up business owners’ time to focus on other elements of their companies—like growing their business!
Additional Security Thanks To An Electronic B2B Payment Solution
While ease and speed of receiving a payment are vital, security is more important. Card Systems offers extremely safe online payment solutions for business owners’ peace of mind. With full PCI, HIPAA, and SSAE-16 compliance built-in, there is no cause for concern about sensitive data/
This is good news for business owners. Mail theft is still rising, especially in major cities. Paper checks are, therefore, a risky option. An electronic payment solution eliminates this worry.
Switching to a digital B2B payment solution is the best option for most small businesses. Card Systems’ solutions can make a huge difference by offering a fast, secure, and streamlined way to receive payments. The result is more significant revenue, better business focus, and a worry-free way of receiving payments. Thanks to better cash flow, small businesses can stay afloat, thrive, and prosper.
