As a business selling primarily to consumer, you might not necessarily be aware of B2Bpayments. B2B stands for business to business, which complements B2C i.e. business to consumer which includes payment transaction trends merchants are more than familiar with.
Now you may think payment processes for B2B and B2C may be similar, but that’s not it. Transactions happening between two businesses vastly vary and are far more complex than a merchant simply accepting payment from a consumer. The B2B transaction process is expensive, unsafe and clunky involving multiple banks, phone calls, long waiting periods and so on.
The B2B payments market is burgeoning with opportunity.
According to McKinsey Global Payments Report 2018,“The 11 percent growth generated by payments— which topped $1.9 trillion in global revenue—is the largest annual increase we have measured in the past five years. The milestone of a $2 trillion global industry is set to be surpassed two years sooner than expected.”
Although delayed, business to business transactions are becoming quicker and simpler with the adoption of digitalized payments.
Obtain Cost-Effective B2B Credit Card Processing & Merchant Account Solutions For Your Business
Setting up a B2B merchant account is slightly different than your regular merchant account.
Although payment methods available for both consumer and business transactions are the same, only difference being that the chosen options should fit your business appropriately.
B2B credit card processing transactions often happen via specialized cards such as corporate or business cards. Security, low fees and easy payments are the top requirements concerning B2B payments.
Credit Card Processing for B2B merchants can be expensive but the costs can be reduced significantly if you manage to take advantage of the lower interchange rates available. Enhanced payment technology and in-depth information can get you qualified for level 2 and level 3 credit card processing.
Acceptance of level 2 and level 3 processing by merchant account providers can reduce your processing fees and increase profit.
A customized B2B merchant account providing efficient and secure credit card processing services with additional features such as an integrated payment gateway, mobile payments, recurring billing solution and acceptance of all corporate cards including level 3 payments can help in seamless business transactions.