The latest technological advancement has turned the world into a cashless society. Gone are the days when you had to make payments in cash. Now you don’t have to carry cash in your wallet. Instead, all you need to carry with you are credit or debit cards and several online payment cards. This drastic change has already made life easier in all the megacities in the past many years. Not only individuals but businesses across the globe have also joined the bandwagon of cashless business deals.
Many business owners use a business line of credit calculator to make an informed decision about the quantum and duration of their loans. However, when it comes to making online payments to your clients, you should always pick the most secure option out there. Let’s take a look at some of the most secure and popular online payment solutions for making B2B payments this year.
- Fundbox Pay
PayPal has established itself as the go-to solution for all the leading businesses and freelancers for making or receiving payments for their services and goods. It is considered as one of the most secure ways of dealing financially with businesses and service providers in today’s world. PayPal is considered the best option for B2B businesses that pay off their vendors or bill their clients through invoices.
Setting up a PayPal account is like a walk in the park. All you need is a bank account that you can link with the PayPal account, a valid email address, and a valid physical address. If you have to make a payment, all you need to do is to click on the “Pay” button. You may also link your credit or debit card with your PayPal account. This utility has rapidly turned it into the industry heavyweight within no time. The best part is that you can easily manage your invoices with PayPal. Moreover, you can also set up schedules for your PayPal payments or invoices. If that is not all, you can even accept payments in installments through your PayPal account.
One of the many things to keep in mind is the fact that when you pay with a credit or debit card, the seller fee is 2.9% plus another fee of 30 cents for each transaction you make. On the contrary, PayPal doesn’t have any such cost involved and you can also make all the payments or receive funds through your smartphone.
For bigger businesses, the company offers PayPal Payments Pro, which allows them to utilize the service with advancing B2B payment methods. Some of its key features include receiving or making payments via phone, mails, and faxes. It also gives them the freedom to set up an online checkout facility for their wholesale customers.
If you run a business that aims at centralizing payments with credit cards, Plastiq is your ultimate solution. Founded in 2012, Plastiq has already made its presence felt in an overcrowded market of B2B payment solutions. It is a known fact that every business has to deal with all kinds of clients and vendors. All of these clients and vendors have their own policies and ways of doing business. Similarly, their mode of payment also differs from each other. This is where Plastiq makes its worth felt. You can easily centralize all your payments with a credit card to your vendors and clients. It doesn’t matter any longer if your clients use an ACH transfer, cheque, wire transfer, or any other mode of payment, Plastiq has got your back.
You can make your payments in real-time without having to worry about its authenticity. Once you make the payment via Plastiq, your credit card will be charged for the transferred amount as well as a 2.5% transaction fee. The charges will show up on your monthly credit card statements. Since you’re making your payments through your credit card, you get eligible for several credit card rewards and cash-backs.
The world has transformed into a global village, given the fact that most of the companies now have overseas business interests. In such scenarios, it becomes difficult for these businesses to handle international payments efficiently. This is where Transpay has made its way into the world of the B2B payment solutions because this cross-border payment solution allows companies to make payments to their international sellers and buyers.
The company has a massive repute as the leading payment solution across the globe as it supports payments to and from over 200 countries. Moreover, it also supports more than 60 global currencies. This facility serves smaller businesses more than the bigger ones. The smaller businesses generally have to incur currency conversion charges, but with Transpay they don’t have to bear any such costs because it has direct ties with global banking systems. On average, Transpay charges are in the range of 5 USD to 20 USD per transaction.
Well, this one comes with its set of provisions. You can get the best out of Quickbooks payment solution if your company uses Quickbooks software for accounting. You all must have heard about QuickBooks which has long been used in the business world for accounting purposes. Its B2B payment solution allows you to email invoices to your customers and to receive real-time notifications when they view or pay the invoices. Its Progress Invoicing feature allows customers to make payments in installments. With QuickBooks, customers don’t get charged for paying an invoice via bank transfer. However, if they pay an invoice with a credit card, a fee of 2.9% as well as 25 cents per transaction will be charged. It is still on the lower side when compared with Square and PayPal.
- Fundbox Pay
Fundbox Pay is the ultimate solution for the businesses that sell or buy on net terms. In fact, Fundbox is a lender that provides business lines of credit and invoice financing to small businesses. One of its many products is Fundbox Pay that is highly recommended for making B2B payments.
This product allows companies to get their payment on the invoice right away. However, buyers get a 60-day period to pay for the services and products they have purchased.
In order to use Fundbox Pay, the companies invite their customers to the service and send them payment requests once the buyers are approved. Fundbox Pay has a 2.9% processing fee, which is very much at par with Square and PayPal charges for credit card payments. The buyers can pay off their amount within 60 days without any interest. However, they still have the option to extend terms for up to a year for a flat weekly fee.
Just like PayPal, Square Cash is another popular B2B payment solution in today’s business world. It works best for the companies that offer an online payment page for their customers and clients. The businesses can easily set up a Square Cash username, which is also known as a cash tag. It allows the customers to make the payments using their credit or debit card. It also offers invoice offers via email, just like PayPal. With Square Cash, businesses can easily keep track of their invoices in real-time. Its charges are pretty much identical to PayPal, i.e. 2.9% with 0.30 USD per transaction.
If your company deals with wholesale buyers, you should opt for the TradeGecko B2B payment solution. It also offers an e-invoicing facility to its customers, just like PayPal and Square. It works smoothly like any online checkout system for the customers and clients.
With TradeGecko, customers pay instantly after placing an order online. It allows you to monitor your account information, balance, status, payments, and history of transactions. The TradeGecko comes with a monthly fee on each transaction that starts at 79 USD for annual billing. It also offers e-invoicing in the 79 USD plan but one has to upgrade to the 199 USD monthly plan for using the payment gateway on checkouts.
The Bottom Line
The advent of the latest technological wonders has made it easy for global businesses to go about their financial dealings. There are a number of B2B payment solutions that global businesses and companies can use to make or receive payments in real-time at an affordable fee. These digital payment solutions not only simplify the business finances but also offer secure checkouts, which is nothing less than a blessing in a world full of hackers and cybercriminals.