Getting stuck in outdated e-commerce methods, or even sticking with cash or checks?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 System
Your outdated B2B payment system might be jeopardizing your business growth. Here’s what you can do about it.
While consumers enjoy the benefits of quick, easy and secure payment options, businesses are often held back by the complex security requirements and reconciliation processes of new B2B payment systems. Retailers and vendors in the food and beverage industry struggle even more to update their payment solutions, for fear that they won’t remain compliant with rigid industry regulations.
However, the drawbacks of outdated B2B payment systems are becoming increasingly apparent and detrimental for retailers and suppliers, and it’s crucial to make an upgrade.
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. Meanwhile, modernizing your payment processing will have numerous benefits for both you and your supplier, as well as your end customers who value updated, dependable and efficient processes.
Let’s take a look at how you can approach modernizing your financial transactions using next-gen b2b payment systems.
Increase Your Knowledge Of Modern B2B Payment Systems
In many cases, the main reason some retailers stick to their outdated and inefficient processes is that they simply don’t know what else is out there.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 systems, such as 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 B2B Payment System 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 B2B payment system providers offer additional services through their platform, such as retail analytics and data integration, and inventory consignment management functions.
Choose a B2B payment solution that gives your company complete visibility into your supply chain network from one portal. 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 B2B payment systems 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.