Solving B2B Payment Challenges with Flexible Solutions
Payments are what keeps a business running, but B2B payments pose unique challenges. Today, we’ll explore some of the common challenges surrounding B2B payments, as well as effective solutions to streamline B2B payments.
B2B payment challenges
In comparison to B2C retail payments, B2B payments have their own issues. The most common issues include:
- Lack of payment options
- Lack of transparency
- High transaction fees
- Invoice inefficiencies
- Payment delays
Lack of payment options
Limited payment options can pose a barrier to B2B payments. If your customer prefers to pay with a card, but you only offer ACH, payment issues could arise.
Lack of transparency
A lack of transparency in billing can be an issue when more stakeholders are required to approve payments. If it’s difficult for an executive to understand the fees, taxes, and other elements of the invoice, payments could be delayed.
High transaction fees
High transaction fees can be off-putting and frustrating for clients, especially clients who are already stretching their budgets to work with you.
Invoice inefficiencies
An invoicing process that relies heavily on manual work and follow-up can cause B2B payment issues, including late payments, missed payments, and other issues.
Payment delays
Any of the issues above can cause payment delays, as can inefficiency on the part of your client. Around half of invoices are overdue, which causes payment and revenue recognition issues across the board.
Addressing B2B payment challenges
There are a number of ways to address these challenges, but the use of a B2B BNPL (buy-now-pay-later) platform casts the widest net, tackling all these issues and more in an intuitive, seamlessly-integrated platform.
Here’s how a B2B BNPL can help:
- Offer flexible payment options
- Provide full transparency
- Make transaction fees clear
- Improve invoice efficiency
- Streamline payments
Offer flexible payment options
A B2B BNPL like Capchase Pay offers flexible payment options in two ways:
First, Capchase Pay offers flexible payment terms, so your clients can select a monthly, quarterly, or custom payment schedule.
Second, Capchase Pay offers multiple payment options, so your clients can pay with card, ACH, check, or another way.
Most importantly, Capchase pays you full ACV upfront on day 1, so you can power growth with cash while your customers pay in their chosen installments. Capchase manages billing and collections on your behalf.
Provide full transparency
Capchase Pay provides full invoicing and billing transparency for both vendors and their clients, so all parties can feel confident that they understand all fees.
Make transaction fees clear
Capchase Pay’s commitment to transparency helps keep vendors from surprising clients with unexpected fees.
Improve invoice efficiency
Invoice efficiency can be improved through the automation of key invoicing tasks. Capchase Pay provides automated custom reminders, invoicing, and follow-up communications. If additional action is needed, the Capchase team manages that on your behalf, freeing up your team for more important tasks.
Streamline payments
Simplifying B2B payments is a core element of a B2B BNPL, and Capchase Pay makes it easy for your clients to pay. With reduced friction, payments can become more timely and improve cash flow, forecasting, and revenue recognition.
Getting started with Capchase Pay
Implementing Capchase Pay is easy. Ready to get started with our win-win platform and provide your customers with a seamless custom checkout flow while also collecting full ACV upfront? Discover Capchase Pay!
