3 reasons B2B companies need a complex payment services provider
Is the B2B payments sector broken? We don’t think so, but it could be streamlined to make the lives of smaller business owners a lot easier. Working with an experienced payment service provider can help businesses to better navigate the complexities provided by B2B payments, giving them more time to focus on building their business and forging stronger client relationships.
Many may be surprised to hear that B2B payments can be so tough to tame. As a complex payment services provider, some of the issues we often see relate to payment speed, problems with payment security, international payments, regulations and compliance, insurance, credit protection and much more besides.
Just one blip when it comes to a B2B payment can affect other areas of the financial chain, delaying businesses receiving crucial working capital to keep things running smoothly. Working with a payment service provider can help to streamline the overall B2B payments process.
How can a complex payment services provider improve B2B cashflow?
Working with a payment service provider experienced in the B2B space can help company owners to discover new solutions that will streamline the B2B payments process and generally make their lives easier.
So, what are some of the main problems facing B2B companies who regularly have trouble collecting their invoices? Common issues include:
- Speed: As mentioned, payment speed is one of the biggest problems facing B2B companies. Suppliers sometimes like to hold onto their capital as long as they possibly can, which impacts the cash flow of those invoicing. It can be hard to juggle and keep on top of numerous late payments too and it could damage professional relationships. The more prompt a B2B payment, the better for all concerned, which an experienced payment provider can help with
- International payments: The internet has made global cooperation with B2B suppliers easier than ever before. It’s also made invoicing more difficult amongst certain industries, especially for companies operating from specific territories. Borders can be blurred thanks to the internet; as an example, factors such as Brexit can also muddy the waters for many. A payment service provider can help you to better understand international payment regulations and compliance
- Digital alignment: The financial technology (fintech) sector has provided apps, digital platforms and other connected services designed to make B2B payments easier than ever before. Despite this though some brands still feel tied-to and stuck with what their traditional banks are offering. Banks often lag behind and many SMEs especially feel there are certain service gaps that banks struggle to fill. A payment service provider can help you to align your services with new digital solutions to streamline the entire B2B payments process both internally and externally
These are just some of the most common pain points facing B2B companies today when it comes to collecting payments from service providers. Fibonatix will work with you to overhaul your B2B payments process to achieve a better flow of capital and modernise your payment systems.
Contact Fibonatix’s expert B2B financial consultants today to find out more: email@example.com
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