10 reliable B2B payment solutions for small businesses

July 13, 2020

List of B2B payment solutions for SMEs

Did you know that in 2020 checks were still one of the most used B2B payment solutions? Yep, those papery things are still around and thriving. Actually, in the USA, almost half of the B2B payments are done by depositing checks.

On top of not being eco-friendly, checks are neither financially nor time-friendly. Of course, there are also other B2B payment methods: wire transfers, cash or credit cards. Speaking of which, they are not the most convenient methods. And since disruptions in business to business payments can affect buyer-supplier relationships, it’s imperative to find a better way.

So then what other B2B payment solutions are out there that won’t cost you a fortune, are safe to use, and don’t involve going to the bank or spending hours managing them?

Online B2B payment solutions.

What are the best B2B payment solutions online?

While B2C payments have always been favoured, thus more developed, many high-end B2B payment platforms have appeared in the recent years. Although many of them established themselves as industry leaders that hasn’t prevented new B2B payment solutions to enter the market and introduce new technologies.

So to save you the trouble of figuring out which way to head with your B2B payments, we made a lengthy research find the best business to business payment options. Check the list: 

Paypal

 

Known mostly for B2C payments, Paypal is also a key player on the B2B side. 

If you decide to go with Paypal B2B payment, you’ll be able to send tailored invoices to your clients via email. They have an easy-to-use interface which allows you to swiftly organise invoices, schedule them or even arrange instalment payments. In addition to that, you can also opt for a payment gateway if you have an e-commerce site.

Moreover, the client gets to choose between paying with their own PayPal account, bank account, credit or debit card. 

As for fees, PayPal only charges you a fee when the transaction is done.

Stripe

 

Stripe does feel more like a backend utility but its popularity really speaks about its functionality. It offers billing, payment gateway and merchant account. Also, it’s extremely practical because, in general, it’s the ‘default’ CCPP for most web-builders.

However, if you are a big B2B player and checkouts often surpass $50k, this is not the best B2B payment method for you.

Fundbox Pay

 

Fairly new on the market and also different from the rest, Fundbox Pay is the perfect choice if you deal with clients who always ask to extend deadlines

It gives the buyer the opportunity to pay an invoice right away even if they don’t have the money on their account. The first 60 days are interest-free which is extremely helpful since SMEs don’t have big cash reserves. On the other hand, the vendor gets their money on time.

Everybody wins.

There are flat fees involved which are transparently disclosed so you know exactly what you agree to.

Square

 

Another big name. Square makes sending, managing and tracking invoices easy. However, unlike other B2B payment platforms, they only allow payments with credit or debit cards. Additionally, their famous Square Cash service is available for B2B payments as well.

Just like their competitors, a fee is charged per transaction.

QuickBooks

 

Although they are worldwide famous for their accounting software, QuickBooks also offers a B2B payment solution, and a good one for what it’s worth.

You can easily send invoices to clients, arrange installments and get notifications. If they pay by bank transfer you’re charged $0. But when they pay by credit card, you’re charged 2.9% plus 25 cents per transaction, which, in fact, is slightly less than the competitors.

Plastiq

 

When it comes to centralising all your B2B payments, Plastiq is the best. With this B2B payment platform respecting different vendors’ preferences is no longer an issue. Your supplier prefers credit cards, but your distributor takes only wire transfers? No big deal. Plastiq will sort this out for you.

Due

 

With lower rates than other better-known B2B payment solutions, and a time tracking feature, Due is perfect for business who track worked time. 

Due has a neatly designed payments dashboard that helps you keep track of all your payments. Moreover, they offer electronic invoicing, a digital wallet, mobile payments, project management.

Transpay

 

Decent international B2B payment solutions are hard to find. And banks are infamous for charging a fortune for this type of service. So this is when Transpay comes in handy. 

Their transaction fees are 90% lower than those of banks. In addition to that, they operate in over 140 different countries and 60 currencies. In essence, if you run an international business of any size, Transpay is the ideal choice for payments.

TradeGecko

 

Similarly to B2C online checkouts, TradeGecko offers a payment gateway for wholesale buyers. No invoices. Although, if you prefer invoices they do have a classic e-invoicing option.

Regarding fees, they charge on every transaction plus a monthly fee depending on your payment plan.

Braintree

 

If you have a SaaS company with a subscription business model, Braintree is what you need. Of course, that’s if you’re cool with charge-per-transaction fees.

Their checkout experience mimics B2C gateways and their seamless operations. This way you’ll be able to attract and retain more B2B customers. Also, it gives you an opportunity to accept cryptocurrencies, Venmo, Apple Pay, Android Pay, etc.

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