If you work in the B2B sector, you know that it has its unique elements and processes. Larger volumes, greater risks and a higher number of stakeholders — all these factors distinguish a B2B transaction from its typical B2C counterpart. Follow these tips to make sure your B2B payment processing goes smoothly and safely:
Digitize Your Payment Processing
Technology has made great strides in the past few decades, so there’s absolutely no reason why you shouldn’t incorporate a digital experience into your day-to-day B2B payment processing. More so, it can help improve the speed and security of your transactions.
In fact, one of the entities leading the efforts to digitize B2B payments is the B2B Payments Directory Association (BPDA). Recognizing that paper checks are an outdated method of settling transactions, it aims to create an online directory with information organizations need to facilitate an electronic payment.
From online invoicing to real-time transaction insights, digital payments come with numerous advantages that paper simply cannot match.
Pay Attention to Payment Security
Payment security is a key element of payment processing that shouldn’t be overlooked, no matter what type of industry you’re in. Considering that B2B transactions can have especially high stakes, it’s important to take precautionary steps to protect both your data and the reputation of your business.
Start by confirming that your organization is PCI compliant. This typically means completing an annual self-assessment, but can also involve an audit by a Qualified Security Assessor (QSA), if necessary. Along with that, ensure that you use encryption and tokenization for safe storage, handling and exchange of data.
Finally, if you accept credit cards at your business, check which level of credit card processing your organization falls under. This will let you know what payment information to provide, which can lower both fraud and costs associated with your payment processing.
Choose the Right Payment Gateway
Of course, you need a payment gateway to accept B2B payments online. And not just any gateway — one that will properly integrate with you current platform and help your business grow. Learn how to make the right choice and explore what else TransNational Payments has in store to support your B2B payment processing needs.