1. Credit Cards
Credit cards serve as the most convenient payment method for your B2B payments. These payments encrypt your clients’ financial and personal information immediately on processing, making it more secure than more traditional banking methods. In addition, you gain speed in these transactions that is difficult to match.
In addition, our platform has Level 2 and 3 processing built directly into the gateway, which allows you to capture additional line-item details on each transaction. Because of this extra data, this top tier of processing offers significantly lower interchange rates for Visa and Mastercard transactions. Our Level 2 and 3 processing provides a cost-effective way for B2B merchants to accept purchasing, corporate and business cards. Our customized payment gateway is able to identify Level 2 and 3 cards at the time of sale, making the process seamless. Through a built-in template, the required data is populated automatically at settlement and you enjoy significant savings without doing the extra work.
2. ACH Transfers
ACH transfers still operate from checking accounts but process electronically rather than physically. It can still take a few days in some cases. The more time-consuming piece is setting up the ACH account, which involves a fair amount of paperwork and effort to get up and running. Still, it moves more quickly and allows reversals if you have a payment dispute arise.
3. Wire Transfers
Wire transfers usually process in a matter of minutes. You run these by calling the bank, or by completing the process in person at your bank. The main drawbacks of this method come with the expense of completing each wire transfer and the finality of the payment. Further, even if a dispute arises, you will not be able to reverse a wire payment.
4. Online and Mobile
Online and mobile payment platforms are gaining favor for businesses more than ever. Mobile technology in particular makes taking and protecting payment data easier. Many of these platforms not only have broad use among consumers but allow payments through a variety of sources to run through a single platform.
With our payment link technology, merchants get the ability to create and send links to request payments from customers via email or text message. The merchant pre-configures a payment informing the basic details and the elements that should appear on the customer's notification and then sends a request for payment, making the payment as frictionless as possible.
5. Paper Checks
Many businesses still consider paper checks the gold standard for reliable payments. The physical payment method and traditional bookkeeping processes lend comfort to these transactions. However, the downsides of check transactions are far more than benefits it provides; the biggest being the float time for mailed payments. Paper checks may take up to 5 days to clear which can be a huge disadvantage if you need funds urgently.
Another is the ease with which a paper document can be misplaced or stolen with the account information printed right on the front of the check. Of all the payment options, checks are certainly most likely to be used for fraud or identity theft, hence one of the riskiest options to choose.
Conclusion
Your business is unique. There will be differences from one to the next in what payment methods make the most sense. Understand your business and your B2B customers to determine what will work the best for you.
Nuvei makes it easy to upgrade your payment infrastructure to begin accepting payments securely, reliably, and quickly. Get in touch today to sign up!
