A Comprehensive B2B Payments Guide That Will Help You Automate Your Payments
in No Time!

By ClearCycle Team

With the automation of payments, B2B businesses across the world must now alter their payments processes in order to keep up with the times. While this may seem like the next step for your business, it can be fairly challenging to find the right payment partner for your needs, simply because there are so many service providers in the market.

Additionally, there are also many different types of B2B payment methods that you must consider before picking a specific one. In this article, we’ll take you through these methods, along with B2B payments systems that you can explore.

1.Wire Transfers

Wire transfers are often associated with B2B payments the most, primarily because it is an older form of payments, and therefore, the most easily understood. Wire transfers can ensure real-time payments, which is why they are often believed to be the most convenient out of all the methods. However, it’s important to note that different banks have their own daily cut-off times that can lead to a slight delay in receiving the payment.

B2B organizations can choose between cash and digital forms of wire transfers. The former entails transferring cash to a specific cash office where an authorized person can collect it from, while the latter entails a digital transfer of funds. In today’s times, the latter is more convenient.

2.Virtual Payments Platform

Virtual payments platforms have grown in popularity over the last decade, primarily because these payments do not rely on banks (which means that they do not have to adhere to banking hours). Like wire transfers, virtual payments allow real-time transfers, which means that businesses do not have to wait for a few days or hours before receiving the funds transferred to them.

Additionally, one must note that many virtual payments platforms are available in the form of apps, making them incredibly accessible. B2B organizations that require the frequent transfer of funds can benefit from this greatly.

3.Business Credit Cards

Business credit cards are another method used to facilitate B2B payments. Through this, organizations can use business credit cards to send funds to the required party, while also meeting their invoicing demands with ease. One of the biggest benefits of using business credit cards is that all payments can be tracked at the end of the month as electronic statements are sent to the registered owner of the card or business.

This is an extremely good option for organizations are rely on employees who must travel or take clients out to dine. Business credit cards can help organizations establish a formal expense account that can be tracked and monitored as and when needed. A single-use number generated for the card can be shared with pertinent employees, who can then use the card just once. As these single-use numbers are generated for a specific amount, the charges appear on the same statement and can therefore be tracked. Such single-use numbers also prevent cyber theft.

4.ACH (Automated Clearing House)

An Automated Clearing House Network can also be used in order to facilitate B2B Payments. The term ACH payment refers to an electronic payment that is made between two bank accounts. These accounts are typically connected via routing numbers. ACH transfers are highly secure and offer cost savings too. In fact, many banks do not charge a transaction fee, while other banks may charge a very nominal fee. However, it is important to note that this method does not offer real-time payments.

All payments made via this system appear in the account statement at the end of the month, which makes them easy to track. What makes ACH systems so popular amongst B2B businesses is that they can be easily integrated into any existing business enterprise system that the organization may be using. As a result, automating the payments and ensuring that they occur accurately and on time, is quite simple.

While considering this method, it is important to note that such payments occur in batches. Depending on the banks involved, you can expect the payments to occur in multiple batches per day – which means that there can sometimes be a short delay between payments while the system waits for the next batch to be transferred. This also means that there is a daily cut-off time involved, and all parties must initiate the payments before the same.

What digital payments system should you use for your B2B payments?

There are many different digital payments systems that you can choose from. Some of these include:

  • Stripe: This system is ideal for smaller businesses that have fewer invoices to process every day or monthly.
  • Netsuite: This system offers data and analytics so that businesses can understand more about the way their customers think.
  • Braintree: This system is known for being one of the top solutions for subscription-based payments, making it a good option for SaaS companies.
  • Chargify: If you already have a system in place and just want to gain more control over the payments processes, this system is for you.
  • Recurly: Recurly can help you with cash flow management, and is known for being good for subscription-based payments.
  • Cleverbridge: This system has customizable tools and is known for being quite simple to use.
  • DigitalRiver: This is basically an enterprise solution and is quite suitable for big brands.
  • Apttus: Apttus can help organizations easily visualize the sales process and optimize the same.
  • ClearCycle: ClearCycle offers a broad spectrum of services that can help you manage all your business processes. From automating your accounts payables to facilitating easy and quick transactions between B2B companies, this platform can do it all. ClearCycle is the ideal platform for those who need help with cash flow management along with float management. With enterprise-wide management controls, access to pertinent data, reduced payment costs, and high operational efficiency, ClearCycle is all you need to help your business grow.

With digital payments becoming the norm, it is essential to identify the right solutions for your needs. Conducting comprehensive research can help you find a platform that not only meets your needs, but is also easily usable once you start scaling up operations.


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