The current state of the economy likely has your B2B business looking for ways to reduce costs, identify efficiencies and remove any potential barriers to sales. If your B2B business is not efficiently processing payments online, now is the time to take action. As the world has moved to working from home, you can’t rely on physical payment methods to keep the cash flowing for your business. The technology you use for processing payments can be key to accelerating cash flow. Check out these resources to help you learn more about how choosing the right payment solution can help you through in the short term as well as grow in the future.
If you’re at the helm of a business-to-business company, payment processing may not be at the top of your list of concerns. One of the primary benefits of the right online payment system is that it speeds up the B2B payment process, helping to solve cash flow issues frequently faced by small- and medium-size companies. Learn more.
Does your B2B company collect payment for goods or services via a traditional, printed and mailed, 30-day invoice? You may be so accustomed to your invoicing practices that you haven’t stopped to consider how they might be updated and improved. You can actually save time and get paid faster with online invoicing — even if your business doesn’t have a website. Companies of all sizes, online presence or not, can take advantage of the benefits an electronic B2B billing system brings. (And it’s easier than you think to get started!) Keep reading for four benefits of online invoicing and why it’s time you should make a change.
Additionally, automating your accounts receivable reaps a number of benefits, including helping you to get paid faster. With AR automation, you streamline processes, improve internal alignment, reduce errors, and increase customer satisfaction. When combined with the right payment processing technology, customers can open an automated email, click one button to view the invoice and then pay it off with a variety of payment methods. They can even set up automatic payment processing rules so that invoices are never overdue.
Customer churn is one of the primary reasons SaaS companies fail. Unlike many industries, if software companies grow at only a 20% rate, they have a 92% chance of ceasing to exist within a few years. That means that you need to figure out how to obtain a predictable and recurring revenue source. Typically, SaaS companies do this by implementing recurring revenue models. But the nature of SaaS subscriptions and recurring revenue models means that payments processing can be tricky — especially for companies with customers from around the world. Find out what can you do to improve the payments experience, reach more global customers, reduce the operational headache associated with multiple payments providers, and ensure sustainable growth.
Payments is one area of your business that could be full of opportunities for savings. To make the payments process as simple and as cost-effective as possible for both your customers and your employees, you must discover exactly where your investments lie, and why. Find out how much you might be spending on payment gateway integrations, specifically, and where you could take advantage of opportunities to save.
And this is even true for more complicated online business models, like marketplaces. As you know, payments for marketplaces can be challenging — with split transactions, payouts to multiple vendors, potential chargebacks and a lengthy onboarding process — and they become especially complex when you begin to operate in multiple regions around the world. But the truth is, marketplace payments don’t have to be so cumbersome (and expensive) for your business. The right payments provider can smooth out the kinks in your global marketplace payments process and, as a result, help you minimize costs and maximize profits.
You can now get everything you need to process payments with just one payment gateway integration, simplifying the payment process dramatically. At BlueSnap, we’ve found that more than 80% of our new customers were managing either multiple payment gateways, numerous platform integrations, or inconsistent checkout flows. Consolidating numerous payment solutions into one has many benefits, including cost savings, operational efficiencies and more. Learn more about all the benefits of payment consolidation.
The right payments solution should be alleviating your development team’s workload, not adding to it. Be sure the technology you choose works with the platforms and tools you already use. This will help to eliminate technical debt and increase your time to market with updates and enhancements to improve your customer experience and increase sales. Learn more.
Stop the Leaks with the Right Fraud Detection & Chargeback Management
Digital payment fraud won’t ever go away, but you can reduce the impact it has on your business by employing a more sophisticated fraud-fighting strategy — one that minimizes both criminal attacks and unnecessary declines. Additionally, chargeback management, while not always related to fraud, is important for recovering revenue and sustainable business growth.
Payment analytics can help you minimize your costs and maximize your reach to improve your business’s overall performance. Payment analytics can provide insight into how your products are performing in different regions and how different payment types and currencies are contributing to your revenue. Having those insights at your fingertips will allow you to hone your sales strategy. Learn more.