Your outdated B2B payment system might be jeopardizing your business growth. Here’s what you can do about it.
5 Reasons to Implement Mobile B2B Payments
The world of mobile B2B payments is making leaps and bounds. Learn how they benefit retailers and suppliers in the food and beverage industry.
The world of mobile B2B payments is making leaps and bounds. Just in the next 3 years, mobile payment usage will grow by 26.63% and overtake cash and card payments —a trend that is only being accelerated by the pandemic.
Despite this clear movement in payment methods, many in the food and beverage industry are still waiting to join the fray due to old e-commerce methods that have become ingrained in their business operations. Unfortunately, this can lead to error-prone payment processes that eat up time and money, leading to steady profit losses as a result.
If you need more proof, here are five reasons to start using mobile B2B payments as soon as you can. When you do, you'll tap into a buyer demographic that's more apt to stay loyal thanks to your convenience and security astuteness.
1. Consolidated Electronic Payments
Have you grown tired of having to deal with cash and check payments that may bring potential cash flow problems to your growing B2B business? Cash can easily get lost or stolen. Meanwhile, checks pose risks of bouncing if a business does not have enough funds in their accounts.
This could result in suppliers having to spend extra time sending out notices about late payments. Plus, not having enough cash flow could place you under financial strain when you need capital to keep things running.
Meanwhile, retailers may have to deal with financial penalties and other challenges if they’re payments are not compliant and on time in the food and beverage industry.
Fortunately, mobile B2B payments are fast and easy from any location, so both parties can rest assured that their payment processes are up to date.
2. Remote Collection Capability
As mentioned above, remote collection becomes much more convenient through a mobile B2B payment system. Suppliers no longer have to drive to a business to request payment. Retailers can pay while they're halfway across the world on vacation. It’s a win-win for both parties. More simplified processes also reduce waiting time on getting the payment finalized.
Being able to automatically reconcile your invoices and payments online is another benefit of using mobile B2B payments. With this capability, you'll save your accounting department from having to do it manually at the end of each day.
4. Eliminating Theft and Loss Risk
Cash always has potential to get lost or stolen. Having cash lying around could lead to theft by an unscrupulous employee. Physically taking money to pay for received goods —or to a bank to transfer to your account —is just as risky. That cash could get stolen during transport, or other unforeseen circumstances may occur.
Internalizing all funds online keeps it safe, especially with proper security and monitoring in place to assure no cyber thievery. Mobile B2B payments prevent you or your employees from having too much cash on hand where risk is always prevalent. When your funds are safe in your account, nothing prevents it from getting taken unexpectedly.
5. Fund Availability
A mobile B2B payment platform assures you'll have money immediately available for whatever purpose. When you have to pay your own expenses, there isn't any fear of getting behind because you're still waiting for late payments from businesses. In addition, when you need money for investments, you won't have to put it off because your funds are too low.
Leverage Mobile B2B Payments with iControl
Let us help you get mobile B2B payments integrated into your company. Contact our team at iControl to learn more about our b2b payment processing solutions, and see how they can help your food and beverage business run more efficiently.