Payment Processing

5 Reasons You Should Add Online Payments to Your B2B Commerce Strategy

Steve Bagley
Group Executive (Business to Business)

Most businesses that sell on a B2C basis know they need to offer online payment options. This trend does not stop there; B2B sales offer big opportunities to businesses that offer online payments. If you conduct business-to-business transactions, expand your online payment options to offer the flexibility your B2B customers are coming to expect, and you get paid in days, not weeks or months.

1. Gather More Data

When you process online card transactions, you can collect more information from payments than you can with typical invoice scenarios using checks. This helps both your B2B customers and your business. For the former, it creates added security in knowing that their payment information will be more difficult for a bad actor to use. Enhanced security features including Tokenization on Nuvei’s platform provides peace of mind. For you, it means more information on your customer, allowing you to both protect the payments you process and improve your marketing efforts.

Nuvei also enables level 2 and level 3 processing via our proprietary payment gateway. Level 2 and 3 payments provide additional data, such as sales tax amount, zip code, tax amount and ID, item commodity code and more. This also allows you to dramatically reduce your interchange rate fees associated with payment processing.

Volume purchases thus make more sense for B2B customers under those parameters. Nuvei’s gateway makes it easy for you to upgrade your processing capabilities to include level 2 and level 3 payment processing. Not only do we help you transition to accepting these payments, but we implement autofill technology to meet the level 2 and level 3 enhanced data requirements to ensure you get the lowest possible rates for accepting credit cards.

2. Expand Your Potential Customer Base

Online payment capabilities expand your customer base. You can market and ship to anywhere, from across the country to around the world; why should you limit your sales to your local region? Online payments allow you to cater to demand coming from anywhere in the world. You open yourself up to more potential sales and dramatically improved revenue.

Nuvei’s payment gateway allows you to reach customers on any device, at any time, from any location, so you can grow your business faster.

3. Offer More Options

Businesses today are savvier than ever before. They are looking constantly for ways to improve their operations, including their procurement functions. For those businesses that conclude online purchasing is superior to sending procurement officers or mailing checks for purchases, organizations that fail to offer online payments fall out of the picture. If you can offer online payments, you open the door to strengthening customer loyalty.

Nuvei makes it simple for you to accept more payment types. You can provide every customer a familiar way to pay, removing payment barriers for truly frictionless transaction experiences. From accepting all major credit cards, PIN debit, ACH, Apple Pay, Google Pay, to numerous local and alternative payments, we provide a wide variety of technology-focused solutions at extremely competitive processing rates.

4. Make Life Simpler

Online payments that connect to your accounting software streamline all of your administrative processes. For B2B customers, it means simplicity in the procurement experience; they can save time and cost by buying from a trusted vendor online. For you, it automates business functions and saves time and labor costs that you would otherwise have cutting into your margins. Efficiency matters; online payments creates it for everyone involved.

5. Improve Customer Service

Finally, whether you are in B2B or B2C sales, customer service means everything. Customers have options for their goods and services; if you don't give what they want on all levels, they will go elsewhere. Offering online payments with a partner who provides expert technical support gives you more opportunity to focus on the other elements of taking care of your customers. The better you care for them, the more revenue they will bring for you.

Online payments aren't just for B2C sales. Even if your B2B customers prefer to pay by check or cash, offering online options gives you flexibility for both current and new customers. For most businesses, there is almost no good reason not to offer this option.

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Steve Bagley
Group Executive (Business to Business)
A seasoned sales executive with over 25 years of financial industry experience with an incredible depth of payments knowledge.

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