B2B businesses challenged with receiving payments on time need to adopt new ways for payment acceptance.
Picture this. You are sitting in your office sorting through mail, looking for incoming payments. You hope that there are at least a few checks in those envelopes to keep your business cash flow positive. However, you only find junk mail or non-payment correspondence. The next day, you go to the mailbox and look again. And this continues, day after day.
The slow adoption by B2B businesses of additional payment acceptance methods and lack of automation in the accounts receivable process is causing negative impacts on cash flow – impacting inventory, employee payroll, loan payments and more – resulting in highly manual work.
As a business owner in today’s changing world, impacted by a global COVID pandemic, new ways to do business must be implemented. The status quo is no longer acceptable or competitive.
Here are a few suggestions for B2B businesses payment solutions that will positively impact cash flow, resulting in a healthier bottom line.
- Offer more modern payment acceptance solutions. Many B2B businesses cut checks for payment. However, companies are starting to use corporate credit cards or Real-Time ACH for payments, providing immediate satisfaction of the invoice well within payment terms. These solutions are becoming more popular as businesses try to reduce manual check issuance and reconciliation.
- Automate invoicing & payments workflows. Manual processes cost time and resources. In today’s world, with all of the uncertainty, these resources should be repurposed for true business growth initiatives. A platform that automates business customer credit checks, invoicing via email/text and payment acceptance, within agreed upon payment terms, have positive, quick impacts on cash flow. In addition, this solution is ideal now with more employees working at home.
- Add a payments option to your website. Don’t wait for a check when your B2B customer can go on your website and make a payment immediately. These secure online forms should be PCI compliant and provide security for the customer as well as the business – check with your payments provider to ensure it’s safe before implementing this option.
There is no better time than now to reevaluate all business processes, including B2B customer payments. As a business owner, you’ll thank yourself when you have payments rolling in and additional time to focus on other, more important business initiatives.