Posted by B2B payments stand for business-to-business payments, and they happen between two merchants. It represents a larger opportunity owing to the size and volume of transactions, but still, it needs to catch up in terms of advancements. It is estimated that paper cheques are still the favored mode of transaction when it comes to B2B payments.
In this article, we have listed some of the best and most reliable B2B payment solutions for SMBs. These payment solutions are known for their effortless invoicing, seamless software integrations, and secure transactions.
The 9 Best B2B Payment Solutions for Small Businesses
PayPal
PayPal is an industry leader when it comes to B2C payments and is also a favorable mode of B2B transactions. It is best suited for international transactions as it is supported by 200 countries. PayPal also supports recurring payments and subscription models. It can be integrated into the internal software of organizations with the help of APIs.
PayPal has an advanced invoicing feature and also supports the Buy Now, Pay Later option. Also, it can be integrated with many e-commerce platforms to support multi-vendor payments for small-scale businesses.
Stripe
Stripe is best suited for international payments, as the platform supports over 35 currencies. The platform is a great choice for SMEs because of its versatility in supporting small transactions and large payments. Stripe can easily be integrated from software to point-of-sale devices. Moreover, it works on the pay-as-you-go model, so you only end up paying for this platform based on the value of the transactions made.
The Stripe platform also allows merchants to receive payments from bank transfers and cards. Additionally, it has advanced billing systems and offers several payment gateways.
QuickBooks
QuickBooks is a household name for small businesses because of its accounting software. Parallelly, QuickBooks is also a great B2B payment solution platform. The payments made by QuickBooks integrate with your accounting records, making billing, invoicing, and taxing easier for businesses. Now that is easy bookkeeping for businesses, the biggest pro point of using QuickBooks.
QuickBooks also allows merchants to pay you in installments. However, regardless of QuickBooks being a very powerful platform, it lags when it comes to international payments.
Square Payments
Square payments are another powerful tool that enables small businesses to scale new heights through easy payment processes. Here, you can send custom invoices to your B2B customers and track their payments on the same dashboard.
A few shortfalls of using Square Payments are that they do not support bank account-linked payments and that cross-border transactions are limited. Also, they allow credit or debit cards only for the transactions.
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Plastiq
Plastiq is a relatively new entrant but is a powerful tool when it comes to centralizing your B2B payments. Plastiq has three different products that cater to the unique needs of businesses in various industries. They are Plastiq Pay, Plastiq Connect, and Plastiq Accept.
The platform addresses a pain point for many merchants: all of their vendors might have different preferences when it comes to making payments. Some would prefer credit card payments, while others might prefer bank transfers. Plastiq covers them all.
Braintree
Braintree is a part of PayPal, which is known for its recurring payment solutions. It is a perfect choice for businesses that have a subscription-based pricing model. With the help of Braintree, businesses can also apply reward points, discounts, and promotional pricing to their models. Also, it can be easily integrated with the PayPal payment platform without any additional charges.
There is absolutely no monthly fee for the usage of Braintree, and it also comes with a basic fraud prevention tool to manage fraudulent financial activities.
GoCardless
GoCardless is a great platform when it comes to bank payment & B2B transactions. Businesses can track all their payments with the help of a single dashboard provided by GoCardless. It can also be integrated with more than 350 business software and accounting platforms, which makes GoCardless easy to adopt. It is also an effective tool for small businesses that deal in international transactions.
PaymentCloud
PaymentCloud is the perfect payment platform for high-risk, small-scale merchants. The transactions can be made through conventional modes, and they can also be integrated with e-commerce platforms. You can also accept payments in cryptocurrencies on PaymentCloud, which makes it future-ready for your business.
Stax
Stax works on subscription-based pricing, which means you have to pay a monthly fee and you can access any payment method.
The processing fee for Stax is much lower and very competitive compared to other B2B payment platforms. So, businesses that have large amounts of transactions happening monthly are best suited for Stax, as they can save a lot of money.
Although one of the constraints of using Stax is that it doesn’t support cross-border transactions.
Conclusion
Choosing the right B2B payment solution for your business boils down to many factors. Major factors like the number of transactions, frequency of these transactions, geographies of your B2B customers, support for various modes of payment, and business software you need to integrate with affect your selection.
Understand the needs of your business and make the right choice so that the application not only helps your small-scale business work flawlessly but will also save you a heap of money.
Author’s Bio:
Harikrishna Kundariya is the Co-founder, Director, & Marketer of eSparkBiz Technologies – an excellent Software Development Company. Also, a notable IoT, ChatBot & Blockchain-savvy Developer.