When you are a customer in a store and you want to buy something with your credit card, the process is very simple: you walk in, pick something, pay and leave. The online payment system follows the same simple rules, so everything works smooth and without any complications. The complicated part starts when we are talking about B2B payments. Here there are some documents like invoices and quotes to prepare. Additionally, the process needs to be done with involvement from multiple departments and many employees and strict regulations have to be followed. The more important a transaction is, more people have to work to complete it and more money is required.
Let’s say that you are a business which is ready to accept B2B transactions. In that case, think about the logistical aspects. Which system do you take – checks or credit cards? Are these payment methods secure enough? If your system is not organized and safe enough, it can damage your business. Trustworthy and reliable B2B payment systems are based on several details and quality steps that can make a difference.
Audit – a demanding process
B2B payment systems have one big hurdle – the audit. This area covers anything that could convince other business to accept this payment system with yours: IRS investigations, investor or creditor reviews. Audits can cause a business to slow down its activity because of the large number of check-ups and paperwork. If you want details about every payment process, you need all documents connected to transactions, like reports and other details. The process takes a lot of time if you have to deal with paper documents. This can be extremely time-consuming, especially if you’re working with paper documents.
Security is very important
A missed recurring payment or bounced check can trigger a system error and require a rigorous control through all the documents in order to be solved. Of course, this takes a lot of time. Another problem can appear if documents are in paper format and have been damaged, accidentally destroyed or misplaced. In order to prevent this, it is advisable to keep all your documents online using a secure management system. This is a more secure method, because you can use an automatic digital system and give several employees access to it, preventing the risk of damaging, misplacing, stealing or improperly accessing the documents.
B2B payments can also be managed with a virtual terminal that has user access control function. With it, you will have better control over the person who manages sensitive payment information and you will be able to make operations like issuing refunds in the system.
Store all documents issued for a payment
You have the possibility to create and store documents issued during and after transactions with customers. These include invoices, receipts and other information necessary to identify the customer. Make sure that you send the necessary documents to the right person because if you don’t, transactions will fail and you will lose a lot of time searching through documents for solving the issue. Digital storage methods are more reliable, quick to access and safer. Therefore you should update your B2B system and get it online, if you haven’t done that so already.