The 21st century gift of the internet has simplified B2B digital payments for businesses that are ready to do borderless transactions. Do not overthink about how you will pay or get paid by customers from another country or continent. Let us assume that you are an ambitious entrepreneur from East Africa and your target is only East Africa. Do you really think that is big enough for the growth of your business? You need to think beyond those borders. I am going to show you why you should invest in B2B payments. Learn about 6 B2B payment trends here. Most popularly used digital payments include credit cards, wire transfers, PayPal, ARC(Automated clearing house), Skrill, Venmo, and many others. The internet has made the world borderless when it comes to payments between businesses and customers. You can reach the other side of the world in a blink of an eye. Think about selling your products to international markets because you can easily receive payments. When it comes to expanding your brand abroad, B2B payments appear as the safest and quickest means of money transfer across borders. Seamless and on-time payments will form a robust, trustworthy and long lasting relationship with your partners, merchants, suppliers and customers. This is why you should invest in B2B digital payments.
More options mean faster payments
Research shows that businesses that provide more payment options to customers stand a chance to make more sales than businesses with a single payment mode. B2B digital payments will give your customers variety of ways to pay you easily. This will increase your cash flow.
Convenient customer experience
B2B payments allow customers to use self service platforms in order to pay invoices from anywhere at anytime. The greatest need for any customer is the option of freedom with excellent service. Allowing them to make a choice at their own convenient time. Some customers get time late at night. That is when they execute their online payments.
Bill and Melinda Gates foundation released a special report in February 2015 entitled ASSESSING RISK IN DIGITAL PAYMENTS. The report pointed out fraud as one of the major risks involved in digital payments. However, B2B digital payments use authentication procedures to avoid such risks. Digital payments have low risks since it is difficult to tamper with these secure gateways. The payment will only be executed if you allow it.
Easily traceable records
Another reason for you to invest in B2B digital payments is that digital transactions are easily traceable in case the customer bumps into any challenge of losing hard-copy records like invoices and receipts. You do not have to worry about the records of your payments. You can also share or forward records of completed transactions to your customers to avoid any confusions.
Speed is key to business growth. Traditional methods of payment like cash or cheque have long and costly processes which slow down business. With digital payments, instant execution of payments is done with just a click of a button. Payment is made and notifications are sent via email to your customers.
Traditional payment methods like cash and cheque have decreased since digital payments make the execution of borderless transactions easy. The rise of cryptocurrencies has also made digital payments more popular and widely used. Merchants and customers can now pay with Bitcoin, Ethereum, USDT, or any other coin. Major companies in the world now accept crypto-payments for the purchase of various products and services. Companies like Coca-cola, Starbucks, Tesla, Microsoft, AXA insurance, Pavilion hotels, Amazon, and many others accept payments using cryptocurrency. If you really want to take your business internationally, B2B payments will help you achieve that goal. Digital payments give you access to security, faster payments, and premium facilities. Don’t think twice about this; invest in B2B digital payments.