Personalizing B2B Payments Elevates Buyer-Supplier Relationships, Driving Profits and Elevating Relationships

Legacy B2B payments have not changed much in decades. In fact, an estimated 81 percent of companies are still paying with paper checks — that’s four out of five companies in the U.S. In addition, approximately 40 percent of all B2B transactions are still being made with paper checks.

Problem: Increased Risk of Fraud and Inefficiency of Paper Checks

Paper checks are cumbersome, carry an increased risk of fraud, are inefficient, and can be rife with input errors. Moreover, it ties up valuable capital in manual processes and invoice reconciliations between buyers and suppliers. This is particularly true for large enterprises that process hundreds or thousands of invoices, many with multiple line-item details.

Solution: Personalized Digital Payments with Virtual Cards

Providing a more streamlined, digital, and automated B2B payment experience is a great way to stand out amidst the competition. Virtual cards offer the most effective way to personalize the B2B payments experience, enabling buyers to extend their payment periods while enabling suppliers to receive payments more quickly — a win for both sides. Virtual cards deliver more convenience, higher security against fraud, and a smooth, integrated back-office process.

Benefits of Digital Payments Solutions:

1. Reduced Costs through Integration. Since the B2B payments experience involves integration of both accounts receivable and accounts payable, helping companies to streamline, automate and digitize processes, such as by using virtual cards, results in reduced costs and a smoother B2B payments experience.

• Increased Profits and Partnerships. Moving to personalized digital payments, including virtual cards, helps create a more profitable and loyal B2B partnership base by giving them what they want, including client-specific portals with the ability to view transaction history, download invoices and make payments.

• Elevated Buyer-Seller Relationships. Personalized virtual card payments can drive buyer-supply relationships by catering to each client’s specific needs. Using data analytics to understand each client’s unique payment patterns and preferences can help predict future payments and enable tailored recommendations.

Powerful Motivations to Move to Digital Payments

Moving away from paper checks and cumbersome legacy systems while embracing digital payment platforms empowers organizations to enhance their overall customer experience and achieve cost savings. While the competition continues to lose business and revenue, buyers and suppliers embracing new digital payment forms will instead be poised for greater success.

Want to get started with digital payments today?

Let PayNation help you streamline your payments, both AP and AR, more quickly. We offer transparent, low and competitive fees with no hidden or registration costs.

Join PayNation Today!

Whether you currently have a payments processor or are new to B2B payments, connect with PayNation today and provide your buyers and suppliers with the digital payments support they need for the cutting-edge payments solutions of today.

With competitive rates, a wide range of B2B products and services, excellent customer service, and an easy-to-use platform, PayNation can help increase your profitability and grow your business.

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