Whether your business is in manufacturing, retail, or almost anything else, you’ve more than likely been enlisting the services of a B2B company, and as with most all things in life, there are many great ways to improve your B2B processing. These are the four tips we consider most important.
Use Mobile Apps to Your Advantage
One of the most effective ways to speed up payments is by using mobile payment apps. After all, you’re probably enlisting the help of service persons who are mobile anyway, right? In essence, a mobile payment app is just a miniaturized version of your existing gateway which will allow for credit and debit card payments to be accepted by your salespeople from wherever they may be, all with a simple swipe or by keying in card numbers directly into an Apple or Android mounted device.
Unfortunately, business-to-business mobile payments have been slow to take off, despite the growing consumer trend. Mastercard recently unveiled the first large-scale commercial mobile app called Mastercard Commercial Network App which connects suppliers and buyers with a “Pay Now” option and security features.
An Integrated Processing Solution is Always the Way to Go
An integrated payment processing solution is integral if you’re using invoicing software. With an integrated solution, you can process credit and debit card information directly inside your system, meaning there’s no longer any need to go back at the end of the day to correct your inventory, mark off your paid invoices, or balance the ledger. As you guessed, with an integrated processing solution all of this is completed automatically.
This option is provided by the majority of all modern accounting programs, so take advantage of it if it’s already there. At the very least, investigate the pricing structures, as this can vary somewhat between vendors.
Online Shopping Carts Are Your Friend
Every one of us is buying all manner of things online. This is a great business model that can both automate a great number of sales and lead to a significantly boosted revenue when compared to the old-fashioned format of processing orders and sales over the phone.
There are all sorts of shopping cart options available, each with their own different pricing and functionality options, so some research will be encouraged.
Ensure that Your Gateway or Provider Is PCI Compliant
By ensuring that your gateway or payment processing provider is PCI (Payment Card Industry) compliant, you’re essentially moving some of the burden of protecting sensitive customer data onto them. The vetting process is a thorough one, undertaken by MasterCard and Visa, with the charges then passed onto you by the processor as the merchant utilizing their services.