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B2B Payments – Why card payments are no longer just for consumer businesses

March 20, 2017 8:45 am

Our experience of technology as consumers has raised service expectations in the business world. It would be hard to imagine an online retailer that didn’t accept card payments and paying with a card for even the smallest purchase in shops and restaurants is now the norm. The business sector is starting to wake up to the fact that even in the B2B sphere, there are significant advantages to accepting card payments.

Improved Customer Service

Offering card payments simplifies the process of making a sale and makes it much easier for businesses to engage. Compared to a lengthy process of purchase orders and invoices, card payments offer a simple way to begin working with a new customer that is not onerous on either side, and that means you can focus on the building the relationship rather than processing all the paperwork.

Faster Payment

In contrast to a 30-day invoicing cycle, payments are accepted immediately; not only is this great for cashflow, it also means there is less need for a credit control function within the business to chase up outstanding payments.

Operational Efficiency

Card payments drive down costs throughout the procurement-to-payment lifecycle and much of the financial reporting can be automated. Your clients will also benefit from not having the additional work associated with issuing a cheque and reconciling an invoice.

Traditional cheque and even BACS payments are becoming outdated and electronic payments via credit cards and online accounts are becoming the norm. To remain competitive, a range of payment methods that offer both security and convenience to customers are now vital.

For further information on how South Coast Payments can help B2B organisations improve their payment processes, give us a call on 02392 489911.