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The Key Benefits of B2B Payments Automation

The Key Benefits of B2B Payments Automation

Learn how automating B2B payments can help you grow your business. k: B2B payments automation

4 min read

Writer

https://ghost.scalestack.io/content/images/2022/04/Mateo.jpg

Mateo Bilbao

scalestack

The Key Benefits of B2B Payments Automation

Information about the writer

Sales & Marketing head at Scalestack

In a world of fast transactions, it is key to optimize the processes and systems of your company. For doing that, you need to automate as much as you can all that has to do with procedures, technicalities, and technologies that are used. Making B2B payments is one of the many processes, and you should automate it, as well.

Taking care of every payment and doing it all manually will not only be a surmountable waste of time, but it will also cost you money. That is why it is essential to automate these kinds of services.

This article will cover how to do B2B payments automation, so you can save resources whilst making your business grow.

What are B2B payments?

B2B payments are the transactions that are processed between one business and another.  Put simply, any time one organization invoices another, we find ourselves dealing with B2B payments. Every time there are two parties in one transaction from which both sides are business owners, a B2B payment is taken action.

B2B Payments

Switching to B2B payments automation

B2B payments automation has many advantages. Among them, you can benefit from improved cash flow, increased business revenue, access to wider markets, less processing time, a more efficient workplace, and many other features.

Traditional payment methods like wire transfers and cheques can take days or even weeks to process and can come with expensive fees that these days are completely unnecessary. Automated B2B payments do not just make the process faster and you get to save some more money, but they also make it easier to track and record your transactions without error. While a manual payment process can work well, with the flexibility and efficiency that automation provides, there is no reason at all not to decide to change.

There will probably be some challenges to overcome as you are turning to a new automated system, but with the right process, you will quickly become familiar with how it works and notice the benefits. As processing fees for traditional cheque and credit card payments are higher every day, the sooner your business turns to automation, the more it will save.

Furthermore, doing away with paper bills and traditional payments is simply more sustainable. Your bills and invoices will be delivered electronically, with no need for any physical paperwork or cash to move around. This fact facilitates the whole bureaucracy of paperwork that involves payments.

Challenges of traditional payment methods

As time moves on, things change more rapidly every day. Automated solutions are changing businesses' ways because they offer higher-quality solutions at a lower price. If you still are not convinced that automation is the future, here are some reasons why you should adopt it as soon as possible.

Challenges

1. Paper checks high prices

If you think of all the advanced digital payment options in the world today, the idea of paper checks driving B2B payments looks old-fashioned. The fact is that virtual payments are estimated to cost 90% less to process than paper check transactions, this idea seems even more illogical.

2. Unnecessary waste of time

Time is certainly the most valuable resource in the world. It would be logical to use it on things that are worth it. It happens that establishing an automated invoice processing system has saved companies as much as 64 hours per month, and enabled them to redistribute their employees’ extra time to more strategic and critical-thinking initiatives that ultimately move their businesses forward.

In terms of business, time and money are the most valuable assets. It would be a shame to keep wasting them when there is a better and easily accessible possibility to put those resources to more efficient use.

More advantages of B2B payments automation

If you are yet to be convinced, here are a few more reasons to trust your business with B2B payments automation.

Advantages

More control and less worrying

If you handle automated B2B payments through one digital system, it will make it easier to manage and record your company’s financial data. An automated system means you are less likely to face problems that stem from human mistakes. Everything will be processed and recorded automatically on one reliable, intuitive platform, that will help ensure your business accountings´ accuracy and updates.

The most well-functioning automated B2B payment solutions will let you manage both new and traditional payment methods, from paper cheques to credit cards to cryptocurrencies and beyond. This way, you can keep the customers who are keener to a traditional method, while managing things more efficiently through a digital system.

B2B payments automation also makes it easier for online and remote businesses. You can manage payments from anywhere to anywhere, without needing any physical space. Everything happens on one secure online platform that you can control access to.

Makes growth easier

Automation facilitates growth for businesses by establishing a scalable system that can grow alongside your company, without having to spend unnecessary money, time, and other resources on growing your team.

Furthermore, large companies have a lot of payments to make daily, and if you are using traditional methods, this will mean needing to expand your team and resources. B2B payment automation, on the other hand, is fully scalable, so adding new expenses is simply a matter of pressing a few buttons.

Less administration

If you automate cash collection, you will reduce administration a lot. Automated payments can be integrated with your current invoicing software.

All the assignments associated with making regular B2B payments can be easily avoided by using online automation, with a platform that serves the needs, and growth of your business.

Bottom line

If at this point you are not convinced, I do not know what else to tell you. B2B payments automation is as much a life-saver as a growing possibility.

It cannot be recommended strongly enough that you adapt these new programs to your business. It will make your success much more accessible.