Integration of online services is an important part of the business. They significantly speed up all processes, creating conditions for a quick reaction to changes in the market or customer requirements. Payments play a key role in the sale of products. What are the options for B2B transactions?
Features of B2B
Payment processing is a system for obtaining the final result when performing one or more monetary transactions in any way other than cash or check settlement. Services for the provision of payment instruments can be obtained from special companies, for example, on the website https://corefy.com/ that specializes in payment orchestration. Companies in relation to customers are divided into two groups:
- B2B – work with other companies to supply business tools;
- B2C – work directly with consumers.
Payment options are divided into following main types:
- Cash settlement is an old method that is still valid. It is mainly used in retail trade. For a large trade turnover, this is an extremely inconvenient choice due to the fact that the payment process takes a lot of time and requires additional work.
- Checks are also a long-standing method that is gradually being phased out. At the same time, it is better than the previous method due to the replacement of a large amount of paper money with one check, but there is still a high risk of fraud.
- Automated Clearing House (ACH) which is a digital check payment option that originated in the United States. Many companies use this method to work with business partners.
- Plastic cards. Banks or other payment agents issue cards that can be used for payments.
- Bank transfers – they require registration of the possibility of transferring through a bank. They are usually used for international or especially large payments, since the transfer amount is not limited. They are performed according to special requisites.
- Electronic wallets. In addition to land-based banks, there are online payment systems in which both buyers and sellers can register to receive money through a specific settlement system.
- Cryptocurrency is a relatively new but very promising method of payments. Transfers are instant, there are no restrictions on the amount, the interest is low or none at all, but the currency itself is unstable.
The choice depends on the amount of working capital, the required speed and security. For more information about the calculation methods, contact the companies specializing in this matter. A competent explanation can be found at the link https://corefy.com/b2b-payment-processing where it is easy to find a ready-made solution for your business.
Criteria for selecting an option for transactions
To find the best option, you need to compare the payment providers by the following parameters:
- payment options;
- tools for the analysis and collection of statistics.
The presence of these points or the ability to connect them will greatly facilitate your business. The wrong choice will lead to wasted time and money and will make you look for a more suitable provider to expand opportunities.