By Jamie Cardenas, Senior Account Executive, i3Verticals —
In today’s B2B e-Commerce marketplace, buyers want a B2C purchasing experience. This means that B2B suppliers are increasingly embracing digital payment methods (from e-catalogs to online checkout) to meet these needs.
Corporate buyers expect to purchase against an account for larger transactions. This requires additional work, like purchase orders, negotiated payment terms and invoicing. Paper checks are still the preferred method to pay these high-volume invoices, but the shift to virtual corporate cards is quickly emerging. Unlike regular credit cards, corporate cards are good for one-time use with an assigned specific amount that makes them more secure.
Going digital with B2B payments makes it easier to send, receive and process money for all companies, especially in the e-Commerce arena. It improves cash flow, guides merchant relationships, facilitates payments and drives growth. Simple automation streamlines operations and encourages employees to focus more on creative tasks. Using B2B payments in the e-Commerce industry facilitates:
- International payments: Customers can buy goods from anywhere in the world and pay conveniently without ever leaving their house.
- Invoice factoring: This allows companies to access cash immediately when they need to pay bills and improve cash flow.
- Real-time credit risk processing: E-commerce business owners can assess customers’ credit risks based on past records to determine how much to lend
and a suitable interest rate to avoid losses. - Early payment discounts: Customers get a discount and build business credit, while businesses improve cash flow and the availability of working capital.
Jamie Cardenas is a senior account executive with i3Verticals. i3Verticals is an AEM member company and provider of comprehensive software solutions with expertise across multiple industries. For more information, visit www.i3verticals.com.
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