Thanks to the rise of technology, the B2B payments industry is booming - and showing no signs of slowing down anytime soon. According to researchers, there will be more than $111 trillion in B2B payments made in the next four years. With so many new B2B payment solutions to choose from, you might be wondering where to start. Well look no further, let's delve into how to choose the right one for your business.
What are B2B payments?
B2B, also known as ‘business to business’, payments refers to the exchange of currency for goods or services between businesses. B2B payments don’t involve consumers - but rather businesses, such as retailers, scaleups and wholesalers.
International B2B payments, like those that 3S Money facilitates, are the same; however, they mainly involve B2B payments that are being made across the globe.
Types of B2B payments
There are several B2B payment options available to businesses. Some of those include:
- Bank transfers
- Credit and debit cards
- Electronic Funds Transfer (EFT)
- Payment gateways
- Traditional and online banking services
- Payment processing software
With so many B2B payment options available, finding the right solution for your business can be difficult - but it doesn't have to be. Keep reading for our step-by-step guide on how to choose the right one for your business.
Factors to consider when choosing your B2B payments solution
There are lots of factors businesses should consider when choosing the right B2B payment solution. Let's dive into our top factors to consider:
Flexibility and scalability
Flexibility and scalability should always be considered when choosing your B2B payment solution – especially in a rapidly developing financial world. Not only that, but for enterprise-level businesses, operations may be constantly evolving. This means you’ll need to be ready to adapt – and so will your payment solution.
Scalability also ensures that the solution can grow alongside your business as it expands. 3S Money offers bespoke, scalable payment solutions to suit the needs of each business. Get started with an International Business Account today.
Terms and conditions
Evaluating the contractual agreements of your B2B payment solution is key. Service-level agreements (SLAs), and other relevant conditions should be taken into consideration when choosing the right solution for your business.
Costs and expenses
Whatever the size of your business, margins are important. That's why evaluating the costs associated with each of your payment solution options is advised. You should be thinking about setup fees, transaction fees, subscription costs, and any other relevant expenses when making your decision.
User-friendly interface
Does the platform have an intuitive interface? User-friendliness is an important factor to consider, as an intuitive platform means your employees can efficiently use the solution without complications or significant training.
Security and compliance
When choosing your B2B payment solution, it's important to review the security features, such as encryption and fraud protection. Compliance with industry regulations and data protection laws is also important.
3S Money is FCA, DFSA and CSSF regulated – so our clients with International Business Accounts can feel confident knowing their funds are secure.
Customer support
Customer support is high on the list when it comes to the factors to consider. 3S Money prides itself on providing unparalleled customer support via dedicated client managers who are on hand to help with troubleshooting whenever required. Read our customer stories to learn more about the clients we’ve helped first-hand.
Integration with systems
Last but not least, integration. Exploring how well your business payment solution can integrate with your business' existing systems (and future systems) is important. Consider its compatibility with:
- Accounting software
- ERP systems
- e-commerce platforms.
The more integration capabilities, the more streamlined your business operations.
Making the final decision
Once you’ve considered the factors like cost and user-friendliness, it’s time to make your final decision. Here’s a step-by-step guide on what you’ll need to do:
1. Conduct research for solutions.
You’ll want to have a sound understanding of your payment solution's key features and capabilities - and whether it's suitable for the specific needs of your business.
You’ll want to have a sound understanding of your payment solution's key features and capabilities - and whether it's suitable for the specific needs of your business.
2. Request proposals and quotes.
Once you’ve identified potential solutions, it’s time to reach out to providers for detailed proposals and quotes. Ideally, you’ll want to compare solutions and see which one aligns better with your company’s needs. Learn more about 3S Money pricing.
Once you’ve identified potential solutions, it’s time to reach out to providers for detailed proposals and quotes. Ideally, you’ll want to compare solutions and see which one aligns better with your company’s needs. Learn more about 3S Money pricing.
3. Try all the demos and trials!
Demos give you a great opportunity to see the interface and functionalities in action - and more importantly, whether they’ll align with your business. Trials take this a step further, allowing you to use the solution within your business's environment.
Demos give you a great opportunity to see the interface and functionalities in action - and more importantly, whether they’ll align with your business. Trials take this a step further, allowing you to use the solution within your business's environment.
4. Create an implementation plan.
It’s always a good idea to create a plan that outlines the steps and timeline for deploying your chosen solution within the business. This includes considerations for things like data migration, employee training, integration etc.
It’s always a good idea to create a plan that outlines the steps and timeline for deploying your chosen solution within the business. This includes considerations for things like data migration, employee training, integration etc.
5. Monitor and evaluate.
Lastly, once you’re all up and running, tracking key performance should be the next priority. Key performance indicators (KPIs) should be set to measure the solution's impact on efficiency and cost-effectiveness overall.
Lastly, once you’re all up and running, tracking key performance should be the next priority. Key performance indicators (KPIs) should be set to measure the solution's impact on efficiency and cost-effectiveness overall.
We've covered a lot in this blog- from delving into the types of B2B solutions available and the key factors businesses should consider when choosing their B2B payment solution. With our step-by-step guide, you can be confident when choosing the right B2B payment solution for your business.
Enter new markets with 3S Money
3S Money is a business banking solution offering bespoke services that suit the needs of each business - including international payments. Ready to enter new worldwide markets? With a 3S Money account, you can accept payments in over 65 currencies across over 190 different countries. Get started today.
