Your outdated B2B payment system might be jeopardizing your business growth. Here’s what you can do about it.
The Reason Why We Love Mobile Payments
To avoid being left behind, companies are quickly switching to mobile-based payment processing for their B2B transactions. Here's why we support the revolution.
With payment technology becoming more and more prevalent and accessible in our day-to-day lives, B2B mobile payments are beginning to take hold in a big way. In order to avoid being left behind in the race to mobilize for increased efficiency, companies are quickly switching to mobile-based payment processing for their B2B transactions.
Indeed, there are many reasons why mobile payments are beneficial, and these reasons can vary depending on whether you are a retailer or a supplier. In order to lay out and define the benefits of mobile payment processing for these two trading partners, the following summaries walk us through the necessary steps in order to process a mobile payment from each perspective.
Mobile Payment Processing for Retailers
You are a busy retailer. You manage one or more retail locations and are responsible for most daily operations, including the front end checkouts, individual departments, customer interaction and the behind-the-scenes operations to ensure everything runs smoothly. In the midst of all this activity, you must pay for your supplier deliveries at the back door.
Paying with cash can be risky, and checks or money orders can be cumbersome. In addition, attaching these payments to the supplier delivery and tracking them for reconciliation can make for a considerable amount of book-keeping. Instead, move into the foreground of B2B transaction processing with a mobile payment solution, and adopt the following easy process:
- Receive a payment request. A payment request will arrive automatically on your phone upon delivery of your ordered items. No delivery of a paper invoice, and no invoice filing.
- Approve or deny payment. This allows you the choice to withhold payment if the items you receive are not satisfactory.
- Pay online using a pre-established payment method. Your payment method of choice might be a credit card, ACH withdrawal or even payment by check image that would deduct the money directly from a business checking account.
- Receive payment receipt online. Again, no need to file papers unless you choose to print your receipt.
- Reference all past invoices from each supplier with e-invoice archiving. Here, at the touch of a button, you can retrieve data from your past invoices and receipts, all on your mobile device. This means you can reference orders in question from anywhere - no need to check those file drawers in your office.
Mobile Payment Processing for Suppliers
You're a supplier with warehouses full of stock. Retailers are ordering from you left and right, and you have to keep the orders straight. There is pressure to select items ordered and then deliver them in a timely manner to the correct destination. While your employees accomplish these things, you must make sure the book-keeping is straight. You have invoices to file, checks to deposit, and credit cards to run for payment.
With a mobile payment process, you could accomplish all of this from anywhere on your phone with a few taps of a button in the following steps:
- Send e-invoices to your retailer clients. Create e-invoices from your mobile device and upload them one at a time, each one to the correct retailer. Then, send your retailers notification that the invoice is posted.
- Wait for your retailer clients to approve or deny payment. Payment processes quickly and easily for all your retailers. In addition, if there is a payment dispute, you will deal directly with the retailer in question, instead of making your delivery person the middle man.
- Receive notification of the status of payment for each retailer client. This allows you to easily keep track of who has paid and who hasn't.
- Payment confirmation. When a retailer has paid their bill, you will receive a notice, along with a copy of the paid e-invoice. No need for cumbersome filing.
- Archive e-invoices. With the e-invoice archive, you can reference invoices quickly and easily from anywhere on your phone. You can even send late payment notices to clients.
As you can see, mobile payment processing is a win-win for retailers and suppliers, saving both time and money spent managing files. It's time to process B2B payments more efficiently and mobile payment processing is the way to go. Click the link below to see how PayApp™ by iControl can help your business.