Join 44,000+ Retailers and 3,600+ Vendors. And Growing.

See how iControl has helped thousands instantly improve their financial transactions and margins.


CVS
Walgreens
Riteaid
Applebees
Red Lobster
Benihana
Kroger
Target
Safeway

Mobile Payments

5 Cost Saving Reasons to Adopt Mobile B2B Payment Solutions in 2018

5 Cost Saving Reasons to Adopt Mobile B2B Payment Solutions in 2018


As we head into 2018, mobile B2B payments using EFT are taking shape as the simplest and most cost effective way to optimize B2B payments in the retail supply chain. Have a mobile phone? You can send money to a variety of distributors or vendors in just a few clicks. This means no more employees standing in-line at the bank to make deposits each day. In a networked world, streamlining B2B payments is critical. Mobile B2B payment solutions allow companies to quickly pay suppliers and distributors using EFT payments directly from their mobile phone using a bank account or mobile wallet to make credit card payments.

Mobile B2B payments offers your customers a fast, easy and cash-free way to manage all their financial transactions, whether at home, in the office or around the world. From telephone banking to Internet banking to mobile payment services, the rapidly changing landscape of B2B payments has evolved over the past few decades.

 

The following listed below are the top five reasons why alcohol and food distributors should use mobile payment technology:

 1. Convenience:

Users benefit in a myriad of ways from the convenience and ease of use offered by B2B payments. Imagine events that attract huge crowds. Because of the density of the crowd in the area, many people can leave their wallets at home for fear of losing them and leaving a few dollars in their pockets. However, most of them would take their smartphones with them to take pictures or videos of the event. Now imagine if you belong to those who are present and have suddenly found something interesting in a nearby kiosk. Having a smartphone to pay would definitely be helpful.

 

2. Security:

With the use of technologies for mobile B2B payments, consumers no longer have to assume cash-related security risks or worry about having enough money in their large portfolios, so mobile payments reduce the risk of stealing money. In addition, mobile payment is a secure method of payment. Credit card information is not stored directly on smartphones, but in the cloud. So, no thief could extract the data from your credit card by stealing your phone. By the way, iTunes has the largest database of credit cards in the world.

 

3. Cost Savings:

One of the best benefits of using mobile payments and E-Cash is their ability to help small businesses like yours save money. The competitive mobile payments industry will initially compete for lower processing fees, which is a big advantage over traditional credit card processing fees. In the end, any mobile payment you process will save you more money.

In addition, many mobile payment options have created a way to track and pay bills more easily and even automate payments, so you never have to worry about late fees. The ability to pay your bills on time can save you hundreds if not thousands of dollars over a 12-month period. Instead of money, you will probably save even more money than you would have spent in an ATM.

 

4. Incentive Programs:

One of the biggest benefits of having a mobile payment system in your organization is the ease of integrating incentive and loyalty programs with payment applications. Rather than relying on key tags or punch cards, all their information is stored in a mobile payment application as soon as they make a purchase via their mobile phone. Businesses can use this technology to link payments to a loyalty program that adds value to their customers. You will rather come back and increase your sales.

 

5. More Opportunities:

Mobile B2B payment processing technology allows traders to be more flexible in their operations, resulting in more revenue-generating opportunities. When a card reader is connected to a device, merchants can accept payments outside their location. A trader can expand into new markets by exhibiting and selling at trade shows, farmers' markets or ephemeral stores. Without accepting mobile payments and options such as Apple Pay and Samsung Pay, business owners may not be able to make as many sales as most customers expect to pay with a smartphone card or technology . Mobile card readers allow merchants to make credit card payments from virtually anywhere.

 

 

Conclusion

The era of credit cards, checks and money is decreasing and mobile payments are finding their way into the mainstream. As the business world progresses, it's important to note that 85% of the world no longer carry cash, and more and more of your customers are using their smartphones to process payments for things. Mobile B2B payment solutions offer customers more payment options and increases flexibility for the merchant. Regardless of whether business owners want to test new markets with an ephemeral store or divide the lines in the store, mobile payment processing provides the technology to achieve that.

 

PayApp by iControl is the embodiment of that digital and agile revolution. This mobile B2B payments solution suits all the needs a business can have, be it a store or enterprise level, to ensure payments are done swiftly, securely and easily. To find out more about PayApp or to get started and see for yourself, click here.

Similar posts

Can't Get Enough?

Subscribe to our newsletter to see how you can improve margins through operational efficiency and insights.