Explore B2B payment solutions for easier, smoother and faster payments. Read on to learn what B2B payments are, how you can use them to improve your wholesale business, how they can be used to scale internationally, and more.
There’s a wholesale version of frustrated customers abandoning their shopping carts online.
Make it easy to shop your products online – with an intuitive and seamless experience, and you’ll be more likely to make the sale.
And while thoughts of merchandising may be the first to come to mind, an easy checkout process is just as important.
What Are B2B Payments?
B2B payments are simply the payments exchanged every time a retailer pays for goods from a brand. Traditionally, the most popular payment methods included ACH, wire transfer, traditional paper checks and cash– and they could be expensive, time-consuming or risky (payments were often made via email or over the phone). However, buyers’ habits have changed and brands increasingly insist on using the most cost-effective, secure and flexible ways to get paid.
Use a wholesale eCommerce platform that allows you to accept buyers’ preferred ways to pay, such as credit cards and digital fintech platforms like PayPal and WePay. They’ll help you get paid faster, reduce human error and avoid expensive bank fees for everyone involved. For example, NuORDER allows brands to accept major credit cards from buyers worldwide – it’s a safe, secure and fast way to get paid and it offers greater cash flow flexibility to both buyers and brands.
Instant B2B payments are the future; according to Juniper Research, their global volume is expected to reach $18 trillion by 2025.
How to Transition to B2B Payment Solutions
It’s easy to make the switch to B2B transactions, and the benefits are plenty.
When you opt for a wholesale eCommerce platform with a robust payments offering, such as NuORDER Payments, you’ll experience fewer clicks and less confusion, greater security and speed, reduced human error and the end of expensive wire transfers and fees.
Onboarding and the initial setup is easy and everything will be fully integrated with your ERP for automated B2B transaction authorizations, refunds and collections (such as auto-payments for shipping).
You’ll enjoy competitive, pre-negotiated rates, centralized reporting, B2B payment processing and management and the ability to offer safe digital wallets to buyers. You’ll also get your funds faster with transaction settlements in under 24 hours, and save money with reduced transaction fees.
There are many benefits of moving to the digital arena. Save time, save money and safeguard sensitive information, all while improving the checkout process and adding greater value to your partnerships with buyers.
Offer Flexible Payment Terms
B2B can help tailor the right payments for your business. The easier you are to work with, the greater the odds buyers will return for more.
They’re looking for brands with professional, easy-to-use and secure payment platforms to accept the most modern ways to pay. This extends to flexible payment terms too.
Choose a savvy wholesale eCommerce platform that will let you offer a healthy amount of flexibility. You should be able to offer split payments, collect payment the moment an order has been shipped and more.
Add Ease to International Transactions
Choose a wholesale eCommerce platform allowing instant payments to buyers all over the world.
Your platform should accept credit cards to make it easier to work with global clients, and allow you to accept dozens of currencies to help you offer seamless international B2B transactions.
Also look for a wholesale eCommerce platform that offers payouts in local bank accounts; all of these features make it possible to scale worldwide.
Then there’s the element of trust.
When you offer instant, secure B2B payments, you’ll be more likely to make the sale; establishing trust can be a major hurdle for securing new business or expanding your brand into new regions.
Buyer expectations are changing; B2B payments should be as fast and simple as shopping B2C stores online.
NuORDER is a B2B eCommerce platform and marketplace, connecting retailers and brands and streamlining the wholesale process for virtual, hybrid and in-person market appointments.
The NuORDER platform offers a seamless and collaborative way to do business with interactive and customizable solutions, easy payments, real-time inventory insights, comprehensive data and more for increasingly informed buying decisions.