Getting stuck in outdated e-commerce methods, or even sticking with cash or checks? All of these have gradually become archaic in an era where mobile...
How To Modernize Your B2B Payment Processing System
Your outdated B2B payment processing system might be jeopardizing your business growth. Here’s what you can do about it.
While consumers enjoy the benefits of relatively simple payment requirements—allowing for numerous quick, easy, and safe payment options—businesses are often mired by the complex security requirements and reconciliation processes of new payment systems. But as the drawbacks of outdated B2B payment processing systems are becoming increasingly apparent and detrimental for retailers and suppliers, it’s crucial to make updates.
For example, the time it takes for checks to clear quickly adds up and slows down activities throughout the supply chain. This increases your overhead and running costs. Modernizing your payment processing system will have numerous benefits for both you and your supplier, as well as end customers who value updated, dependable and efficient processes.
Let’s take a look at how you can approach modernizing your payment processes using next gen b2b payments.
Increase Your Knowledge Of Modern Payment Solutions
In many cases, the main reason some retailers stick to their outdated and inefficient processes is that they simply don’t know what else is out there.
The key to understanding the needs of your company, and how modern technology can support those needs, is to take a step back and consider your wider business environment and industry as a whole. The increased speed, simplicity, and security offered by modern b2b payment processing solutions, such as the award-winning PayApp by iControl™, raises the bar in terms of what’s expected from the modern supply chain. If key competitors update their processes and you don’t, it’s only a matter of time before they start attracting your customers, suppliers, and possibly even employees.
There are many great resources available online to get you up to speed with the state of modern B2B payment processing technology. Our blog is a great place to start, as well as our ebook, “The Mobile Revolution: How Mobile Payments Are Redefining B2B Transactions” (which you can download for free here).
Find A Modern Payment Solution That Suits Your Business Requirements
With so many options out there, it’s important to shop around for a high-value payment solution that addresses the specific needs of your business and supply chain. For instance, some mobile B2B payment solutions providers offer additional services through their platform, such as retail analytics and data integration functions.
Choose a solution for mobile b2b payments that gives your company complete visibility into your supply chain collaboration from one portal—regardless of your business type or industry. This kind of visibility will help you control how products and payment transactions flow from your supplier, through your business, and into the shopping carts of your end customers.
Modernizing mobile B2B payment processing is vital for any retailer or supplier who wants to remain competitive in today’s digital business environment. If you want to learn more about how iControl can help you update your processes with our enterprise payment solutions, don’t hesitate to get in touch.