31 Jan Businesses get more value from B2B Payment solutions like Collect
More businesses are moving away from traditional B2B payment solutions to more innovative options.
B2B commerce has been slow to adapt to a changing world with traditional methods like cash, cheque and direct debit payments remaining the standard approach worldwide. However, with the benefits of adopting digital payments becoming more apparent to businesses, sole traders and companies are making the switch.
The B2B digital payments industry stands on the cusp of an unprecedented global transformation in how businesses complete transactions with each other and Collect, BOIPA’s secure B2B digital payments solution, encapsulates all the positives associated with this growing payment preference among businesses.
Collect: How BOIPA’s B2B digital payment solution works
BOIPA Collect offers a secure payment environment for businesses to request payments by sending a payment link by text and / or email in 4 simple steps.
Businesses create the link on their easy to use payment page and their client can complete payment through a user-friendly payment screen. Collect also allows businesses to accept payments over the phone through its virtual terminal functionality.
Streamlined B2B Payment solutions: Collect’s simple 4 step approach to receiving payments securely via email or text message
1
Generate a ‘Collect’ email or SMS message which is delivered directly to your customer’s inbox or phone.
2
When they are ready to pay, they are taken to a secure payment page to ensure their details are safe.
3
Your payments are processed through your own merchant account and are in your bank account the next working day
4
All of the payments you have collected or are still due are recorded in your Collect real time reports
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The business benefits from B2B digital payments
Businesses are getting paid more quickly through B2B digital payments like Collect
Digital payments clearest benefit is its ability to make it easier to pay and be paid.
“Collect has increased the speed in which we can recover payments from our clients” Malone Accountants
Pay by link transaction options remove the hassle from recovering payments by making it easy for a business to complete a secure transaction on their desktop or mobile device. This saves clients visiting a bank to lodge cash or cheques into a provider’s account or complete bank transfers. Cheques may take up to 4 days to be cleared.
While, all of these approaches can become obstacles to completing business transactions with busy clients struggling to make time to complete these payment errands, offering clients the opportunity to pay through a secure link, potential delays in collecting payments are reduced.
Additionally, the added support of a virtual terminal feature gives customers more options to pay over the phone.
From a payment processing perspective, there are benefits too. When a client pays through Collect, payment is settled into the merchant’s account the very next day.
BOIPA Collect reduces administrative costs involved with requesting payments
Collect’s intuitive platform, along with BOIPA’s customer support, reduces the time businesses spend recovering payments each month. Merchants are able to request payments as soon as they are set up with their own payment platform.
The ability to send adhoc, recurring or bulk payment requests and reminders depending on the business’ needs greatly reduces the administrative effort involved in invoicing customers and issuing receipts once payment is confirmed. Business owners and their staff can then concentrate on what they do best instead of payment administration.
BOIPA’s Collect is competitively priced too. It offers tangible cost savings to businesses by reducing the costs associated with traditional B2B payments.
Real time reporting and integration allows business better opportunities to plan and manage cash flow
More businesses are beginning to tap into the benefits from payment data to report and plan. Centralised visibility of all payments and the ability to track status can’t be easily done through traditional payment avenues.
Data from payments can be invaluable in supporting business planning with better payment forecasting allowing for more manageable cash flow. As soon as a customer pays through Collect, businesses will receive notification. Collect’s integration with some of the main accountancy software packages also offers one click payment and clearer payment consolidation.
Personalised and transparent payments capability
Collect allows businesses to communicate with their clients when requesting payment through its custom messaging features. While this adds a personal touch, it also removes any client confusion on what they are being charged for.
This is important for subscriptions or recurring payments. If a customer doesn’t recognise a debited payment from their account, the potential of a chargeback dispute is increased but payment solutions like Collect can save the business a chargeback fee and losing a customer.
Chargebacks stemming from friendly fraud are a growing concern for businesses. However, the ability to send clients a personalised message at the point of payment presents is an opportunity to prevent them from happening.
Find out more on Collect and speak to one of the team about how it can support your business here.