As customers, we’re old to effortless credit card transactions when e buy our groceries or pay for a meal. But in the B2B companies, we work for, we suffer through inefficiencies and high processing costs without question.
If clunky and expensive credit card processing is weighing down your team, it may be time to look into a payment integration provided by the right cloud ERP software. Here are the top three reasons you should be using a credit card incorporation to process your payments.
B2B credit card processing is more complicated than B2C credit card processing. manufacturer, distributors, and wholesalers typically don’t interact with customers face-to-face. Instead, they take credit card orders online, through the mail, or over the phone. These remote transactions require a lot of data entry (plus double data entry) and switching back and forth between your accounting software and virtual terminal. Altogether, it adds up to a lot of lost time.
payment integrations allow you to accept credit cards inside cloud ERP without ever having to switch to another program.
These features mean a lesser amount of time spent on double data entry and invoice reconciliation, less potential for human error, and more time spent on more important tasks.
Credit card processing fees are higher for B2B companies than B2C companies, in large part due to the greater risk associated with B2B. Remote (or card not present) communication have a statistically higher risk of fraud than in-person transactions, and corporate cards with large spending limits can do a lot of damage in the wrong hands. To account for this greater financial risk, banks set higher processing fees for B2B.
Credit card integrations container significantly lower these transaction costs for B2B companies. Integrations automatically pull transaction details from and supply them at the time of the transaction. This additional information better guarantees the security of B2B transactions and results in lower processing fees.
Collecting payments from your customers doesn’t have to be a disruptive or prolonged process. Payment integrations, made possible through cloud ERP software, enhance the payment collection experience for both you and your customers.
Online invoicing portals improve the collection experience by making it easy for customers to pay. You start by uploading customer invoices to a secure online portal straight.
Customers can use any smart device to log in to the online portal and pay down their invoices at their own convenience.
If your payment acceptance process seems complicated and costly, then it’s definitely time to consider integrating your credit card processing. Payment integrations along with accounts receivable software can save you some serious time and money and improve the payment experience for your customers.