No business owner sets out to become overburdened with billing, and invoicing. But the fact is that if you don't have a solid payment solution in place, you're likely to become frustrated.
Misplaced invoices, unsafe transactions, complex payment systems, and so many others are some of the challenges that you will face as a growing business owner with no payment solutions to help you scale. All these lead to one situation – a decrease in income, which in turn puts your business at risk.
A Global Entrepreneurship Monitor report highlights that a great number of businesses stop operations within the first five years because of a lack of profits or financial funding.
This can be a nightmare, a nightmare you can avoid if you adopt a good billing and invoicing software, b2b payment solution for your business.
Here are top reasons why you need to integrate a business to business payment solution into your business.
What are b2b Payment Solutions?
B2B payment solutions are tools – software or hardware – that make it easier for you to make, receive and process your payments.
A typical example is Fliqpay which is developed to serve as a cross border b2b payment solution for business owners who attend to businesses beyond their country’s territory.
There are several benefits of b2b payment solutions especially when it comes to processing b2b payments across borders.
Sit back and relax as we discuss the top three reasons to use a b2b Payment Solution for your business.
Top Reasons Why You Should Integrate a B2B Payment Solution Today
B2B Payment Solutions Streamline Payment Processes
Adopting a payment gateway solution for your B2B business makes your payment process easier and faster.
You might not realize how big the difference between handling payment paperwork and using a ‘one-click’ software solution until you try one out.
When you think of it, not using a payment solution means mailing invoices, waiting for feedbacks, visiting banks, getting frustrated by exchangers, etc. All these can take several hours out of your productive time, and weigh your down.
On your clients’ side, not using a payment solution means getting stressed about visiting the bank, having more payment tasks to do, and so much more. All these will either make the client give up and move on to some other vendor, or make the payment late.
On the other hand, a B2B payment software solution offers one-click payment features. Everything is automated and both you and your clients won’t have to drop a sweat.
Digital payment solutions are automated. You have no reason to spend time when you can automate the payment process and invest your time in other productive activities.
A B2B Payment Solution will Improve Your Cash Flow
Starting and running a business can be challenging. About 50% of businesses fold within 5 years of launch. As pointed out earlier, this high failure rate is often attributed to the businesses having cash flow issues.
With a good payment software solution, you can automate your b2b payment processes and easily identify patterns in your cash flow.
This data will help you know where you spend/save money the most and help you make informed and smarter decisions in the future.
A digital payment solution will also enable you to generate reports of your entire payment process. This way, you get information on merchants that are regular with payment and those that pay late, then adjust accordingly.
Besides, payment by digital payment software solutions is usually a click of a button, rather than writing and mailing checks.
This makes it easier for your customers to pay you. You get the money in your account sooner and your cash flow is boosted.
B2B Payment Software Solutions help you secure your Transactions
Although having a simple and fast payment solution is important, having it secure is more important.
One of the great things about digital business to business payment solutions is that they are often secure.
Although there are hackers out there ever posing threats to digital financial products, SAAS products like FliqPay have strong security against hacks. The security infrastructure embedded into most b2b payment software solutions is way better than when you’re transacting via manual ways.
The solutions promise secure transactions and have teams and algorithms that are on standby to block every suspicious activity.
Besides, these digital payment solutions help you reduce the chances of getting duped on your hard-earned money because you track all your transactions automatically.
Besides these top three reasons to use a b2b payment software solution, there is an added benefit.
Have a B2B payment solution helps you simplify your accounting.
A robust software solution for digital payment processing helps you simplify your accounts payable and receivable.
This is a better option for managing a bunch of checks coming and going.
The software can be designed to automatically scan, record, store and track all your invoices coming in and going out.
Thus, no human error required, and less room for human error.
Conclusively, a b2b payment solution can help your business in more ways than you can imagine.
If you’re looking to grow your business beyond borders, then you should adopt a payment solution that’ll grow with you and help make your journey easier.
As a reliable digital b2b payment solution, FliqPay offers you a seamless way to accept cross border payments and scale your business beyond the shores of your country. Fliqpay is safe, secure and licensed by the Financial Transactions and Reports Analysis Centre of Canada.