The world of mobile payments is already taking a flying leap forward this year when you consider one out of every five smartphones already have this capability. Those same reports had mobile payments tripling through 2016 compared to last year. Yet, you may still be waiting to join the fray due to old e-commerce methods you've used for over two decades.
It's easy to get wrapped up in doing the same things after so many years. This can only lead to complacency, and perhaps steady profit losses as a result.
You simply can't avoid the mobile revolution, because far too many customers are on the go. In the B2B payment world, especially, many businesses are always on the move and need to buy products or process payments quickly on their mobile devices.
If you need more proof, here's six reasons to go mobile with your 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––especially if you depend on others to keep it in a safe every night. Checks are even riskier considering they have the potential to bounce if a business may not have enough money in their accounts.
This could result in having to spend extra time sending out notices about late payments. Plus, not having enough cash coming in could place you under financial strain when you need capital to keep things running.
Mobile B2B payments are fast and easy from any location so you're assured you get your money into your own account as soon as possible.
2. Remote Collection Capability
As mentioned above, remote collection becomes so much more convenient through a mobile payment system. It also makes it more convenient to collect because you won't have to drive to a business to request payment.
They can pay while they're halfway across the world on vacation. If they are not at their business location, you can still process B2B payments with your smartphone. More simplified processes also reduce waiting time on getting the payment finalized.
On your business end, being able to reconcile your invoicing and payments online is another benefit of using mobile payments. Through e-invoicing portals, you get automated B2B payment solutions that reconcile statements without you having to do it manually at the end of each day.
With this, you'll save your accounting department headaches when they already have an extensive workload.
4. Eliminating Theft and Loss Risk
Using cash has potential to get lost, yet it's even more apt to get stolen. Having cash lying around could lead to theft by an unscrupulous employee. Or, it can mean a robbery occurring and your cash being gone in an instant.
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. Transferring Funds
Having to physically take your money 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.
6. 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.
Let us help you get mobile payments integrated into your company. Contact us here at iControl to learn more about our b2b payment processing solutions, like PayApp. Click the link below to begin your 90-day free trial, and see how PayApp will help your business run more efficiently.