9 reliable B2B payment solutions for small businesses

July 13, 2020

The best B2B payment solutions for small businesses

Did you know that even though electronic transfer methods are growing, checks still dominate the B2B payment landscape? Yep, those papery things are still around and thriving. Actually, in the USA, almost half of the B2B payments are made 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 online B2B payment solutions?

B2B payment solutions are used by businesses to send money to other businesses. These payments can be made in person, online, or over the phone. There are many different types of B2B payment solutions, however, recently the ones that are stealing the most attention are B2B payment platforms.

They are software programs that help businesses process their payments without having to go through any third parties or other intermediaries. With these systems, you can receive payments from customers and then send them in bulk to your bank account or other accounts at the end of each day or week.

The best B2B payment solutions online

While B2C payments have always been favored, and thus more developed, many high-end B2B payment platforms have appeared in recent years. Although many of them established themselves as industry leaders they haven’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 lengthy research to 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 that allows you to swiftly organize invoices, schedule them or even arrange installment 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. 

Price: PayPal only charges you a fee of 3.49% +$0.49 per transaction.

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.

Price: Transactional. For every payment made through their platform, their pay-as-you-go plan charges a 2.9% + $.30 cent fee.

Fundbox Pay

Fairly new on the market and also different from the rest, Fundbox Pay offers credit and payment solutions to small businesses and it’s 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 in 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.

Price: They have different fees based on a few different factors, hence it is best to use the calculator on their website to calculate the fee of the exact amount you need.

Square

Another big name between B2B payment solutions. 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.

Price: A fee is charged per transaction. 2.6% + 10¢ is the cost for every tapped (mobile payments), dipped (chip cards), and swiped (magstripe cards) payment.

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.

Price: You have three options to choose from. One for starting a business, second for running your business, and third to grow your business, so you can choose the one that’s most suitable for you.

Plastiq

When it comes to centralizing 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.

Price: There are both free and paid subscriptions, and speaking about the transactions, it’s free for ACH bank transfers and checks disbursement, 2.85% for card payments, and $5/$39 for wire transfer disbursement: domestic/international.

TradeGecko

Like 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. Using TradeGecko’s B2B payment solution, you can automate your B2B payment process and focus on offering your customers a great customer experience.

Price: Transaction fees they charge on every transaction and a monthly fee starting at $39 and up to $599, depending on which of their four plans is your choice.

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.

Price: A flat $15 fee is assessed for each chargeback. Transaction charges depending on paying option.

Chargify

Chargify is a subscription billing service for B2B SaaS companies so you can evolve your billing alongside your business. This is a B2B payment solution that integrates with all your favorite systems, offers invoices for customer-initiated payments, automatically collect on their behalf, and more. 

Price: Paid subscription starting at $599 and up to $3,499. Moreover, they offer a plan with configurable functionality tailored to your business needs, for which you can ask to get a quote on their website.

Conclusion

In the end, choosing the best B2B payment software for your business comes down to a few critical factors such as budget, needs, and software compatibility. However, bear in mind that there might be hidden costs and fees, so be sure to read the fine print before committing to a payment software solution. 

More must-read stories from Enterprise League:

Related Articles